The Element 25 Ltd (ASX: E25) share price is up 5.8% today after the company shared news from its Butcherbird Project.
The post The Element 25 (ASX:E25) share price is gaining today. Here’s why appeared first on The Motley Fool Australia. –
The resource explorer announced the project’s development is progressing smoothly and the first ore has been processed.
At the time of writing, the Element 25 share price is $2.36, up 5.8% from yesterday’s closing price. Let’s take a closer look at today’s news.
Butcherbird Project update
The first stage of development of Element 25’s wholly-owned Butcherbird Project has been successfully completed. Its completion comes only 11 months after its pre-feasibility study was first published.
The Butcherbird Project aims to produce high purity manganese sulphate monohydrate for electric vehicle batteries.
Element 25 believes potential supply limits for nickel and cobalt may force battery manufacturers to use high manganese cathodes for electric vehicle production in coming years. It states the project is ideally positioned to feed any such demand.
The production of in-specified 30% to 35% manganese content concentrate has been successfully produced in the commissioning process, with encouraging indications to potential plant throughput.
The company is now working to optimise the plant’s processing quantity and product quality.
Today’s release said there were no significant flaws in any of the project’s processing equipment or stages. Water and power services are operating reliably.
Commentary from management
Element 25 managing director Justin Brown commented on today’s news, saying:
This is another important milestone in the development of the project and we look forward to updating the market further in coming weeks as we progress towards our first shipment.
Element 25 share price snapshot
The Element 25 share price has been flourishing on the ASX of late, with today’s news giving it another boost.
The Element 25 share price has risen 49% since the start of the year. It’s also gained a massive 1,460% since this time last year.
The company has a market capitalisation of around $331 million, with approximately 148 million shares outstanding.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.