Highlights from January 18, 2024:
1. BMO Capital analyst Katja Jancic confirms a Market Perform rating for Alcoa Corporation AA but revises the price target down from $30 to $29.
Following Alcoa’s Q4 earnings report, the company reported a quarterly loss of 56 cents per share (+20% YoY) and $2.60 billion in revenue (-2.55% YoY).
Alcoa experienced a 1% sequential decline in alumina production as a result of reduced production from Australian refineries and a 2% quarter-over-quarter increase in aluminum production.
2. Idaho Strategic Resources IDR announces its 2023 full-year results, marking its most successful year in corporate history, with revenue of $13.6 million (+41.9% YoY) and 8,100 ounces of gold production (+32.7% YoY).
H-Vein and improved mine scheduling, cost management, and increased active stopes were key drivers of the company’s performance.
Expressing appreciation for their accomplishment, President and CEO John Swallow stated, “We have mentioned on occasion that there are subtleties that exist which are not easily seen in the numbers yet play an important role in the actual results. This is apparent in our gold mining and milling operations as well as with exploration and our rare earth projects.”
Describing the strong symbiotic relationship within the company, he added, “Every component of our ecosystem relies on those standing on either side, however one standout over the last couple years that deserves some additional recognition has been our shop. The relationship between the shop and the underground (and everyone else) is positive and almost seamless.”
3. American Battery Technology Company (ABTC) ABAT reports upgraded Measured Resource and Indicated Resource classifications for its Tonopah Flats Lithium Project in Big Smoky Valley, Nevada, indicating a faster path to commercialization.
ABTC’s updated initial assessment for the Tonopah Flats Project reveals a 17% increase in lithium resource size, with 54% now classified at a higher confidence level, signifying a stronger potential for commercialization.
The Tonopah Flats Project, which is one of the largest known lithium projects in the U.S., boasts a mine life of over 400 years, a $4.41 billion net present value, and a 65.8% internal rate of return.
Assessing the milestone, CEO Ryan Melsert remarked, “We are proud to have both further increased the total size of this critical material lithium resource through our step-out exploration, and, through our strategic infill drilling, to have evolved the majority of this resource up to the Measured and Indicated classifications. This is an important milestone in the commercialization of this deposit, and combined with the current construction and installation of our integrated pilot system for the continuous demonstration of the manufacturing of battery grade lithium hydroxide from this unconventional lithium resource, we are excited to continue the rapid development and commercialization of these first-of-kind technologies.”
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