American Battery Technology Company (OTCMKTS: ABML) started seeing gains ever since the start of 2023. Previously, the firm’s stock reached an all-time high in early 2021, skyrocketing to nearly $4, only to start a two-year-long correction that brought it back to $0.40 in the final days of December 2022. However, the turn of the year brought a solid but steady run up the charts, bringing new shareholders in and capturing the market’s attention.

After a very negative Q4 in 2022, the company needed a break, and 2023 seemingly provided it. The share price rose with minor corrections throughout January 2023, from $0.40 to $0.72 by February 1st. The growth continued for about a week into February, when the correction occurred, starting on February 7th. The sudden drop has taken the ABML value down to $0.59 when things took an unexpected turn.

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New reports, emerging in the final days of February, revealed that one of the largest known Lithium deposits in the US was identified at American Battery Technology Company’s Tonopah Flats property. The revelation made ABML explore, and in the past week, the stock price skyrocketed from $0.60 to $1.37, breaking all the resistance that kept the price down for the past ten months. ABML’s momentum finally weakened after it approached $1.40 per share, causing a slight correction that took the value down to $1.17 at the time of writing, although still leaving it 82.76% higher than five days ago.

American Battery Technology Company (OTCMKTS: ABML), formerly American Battery Metals Corporation, is a battery recycling tech startup founded in 2011 in the US. The firm employs hydrometallurgical processes to recycle batteries and uses a targeted extraction system to extract raw materials. In 2021, the company was granted a $2 million contract from the US Advanced Battery Consortium, in collaboration with the US Department of Energy to commercialize its lithium-ion battery recycling system, initially introduced in 2019.

The following year, in October 2022, the company was also selected for a $57 million grant offered by the Department of Energy, which tasked the company with designing, constructing, commissioning, and operating a state-of-the-art commercial-scale facility the first of its kind. Its purpose was to demonstrate the process of making battery cathode-grade lithium hydroxide from unconventional lithium-bearing sedimentary resources.

The company itself noted the rapid growth in demand for lithium-ion batteries that power modern vehicles, consumer electronics, and even stationary grid storage systems. The demand has been growing rapidly for years now in the US, but the upstream domestic production capacities of the battery metals that supply these operations have failed to keep pace. This led to three major challenges — the security of supply, the cost of supply, and the environmental impact of supply.

American Battery Technology Company provided the solution, using its advanced technology to become the country’s first-mover lithium-ion battery recycling and primary battery metal extraction company. It uses internally developed proprietary technologies to manufacture domestically-sourced battery grade critical and strategic metals at substantially lower cost and with a much lower environmental impact than anyone else on the market.

Commenting on the lithium deposit discovery, the company’s CEO, Ryan Melsert, said:

Having identified one of the largest premier lithium deposits in the U.S. is extremely exciting. However, the identification of an inferred resource in and of itself is not enough to address our critical challenges of increasing our domestic production of critical battery metals, reducing the costs of manufacturing of these battery metals, and decreasing the environmental impacts of their production.

ABTC CEO Ryan Melsert spoke about our latest announcement during BMO Capital Markets’ Global Metals, Mining & Critical Minerals Conference this week, sharing more about the Inferred Resource Report that identified ABTC’s Tonopah Flats Project as one of the https://t.co/mmbI2uwtTv… https://t.co/aJHNAdgtK0 pic.twitter.com/RhL5ydKbRX

— American Battery Technology Company (@abt_company) March 2, 2023

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American Battery Technology Co is revolutionizing the tech industry’s approach to lithium-ion battery usage by making the recycling process not only possible, but extremely efficient. With the addition of the new deposit discovery, it is not at all surprising that the firm’s stock has skyrocketed as rapidly as it did. While the following correction was to be expected, given the speed at which the share price surged, the firm is still seeing a much better performance than at any point in the last 10 months. We will be updating on ABML when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ABML.

Disclosure: we hold no position in ABML, either long or short, and we have not been compensated for this article

Image by tunfux from Pixabay

The post American Battery Technology Co (OTCMKTS: ABML) Sees Rapid Gains After the Largest Known Lithium Deposit Discovery first appeared on Micro Cap Daily.

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