Top Stories for Jan. 18, 2024:
Alcoa Target Price Decrease
BMO Capital analyst Katja Jancic maintained a Market Perform rating for Alcoa Corporation AA but lowered her price target from $30 to $29.
Alcoa recently reported a quarterly loss of 56 cents per share (+20% YoY) and $2.60 billion in revenue (-2.55% YoY). The company experienced a 1% sequential decline in alumina production and a 2% quarter-over-quarter increase in aluminum production.
Idaho Strategic Resources’ Success
Idaho Strategic Resources IDR announced impressive full-year results for 2023, including revenue of $13.6 million (+41.9% YoY) and 8,100 ounces of gold production (+32.7% YoY).
The company attributed its success to improved mine scheduling, managing costs, and increasing the number of active stopes.
American Battery’s Lithium Project Progress
American Battery Technology Company (ABTC) ABAT announced advancements in its Tonopah Flats Lithium Project in Nevada, including a 17% increase in lithium resource size and upgraded resource classifications.
The project, boasting a mine life of over 400 years, a $4.41 billion net present value, and a 65.8% internal rate of return, is progressing towards commercialization.
CEO Ryan Melsert expressed excitement about the development and commercialization of the project, emphasizing the rapid progress of the company’s first-of-its-kind technologies.