Shares in Neometals Ltd (ASX: NMT) charged higher on Friday to finish trading at 5.76% in the green at $1.47.
Investors appeared to be bidding shares up today amid the release of Neometals’ earnings results for the half-year ended 31 December 2021, which was released yesterday.
Whilst the release was deemed to be non-sensitive, it’s still more than worth a look to check in on the company’s progress.
Loss for the period from continuing operations of $2.86 million, down from $4.01 million the year priorProfit from discontinued operations of $12.812 million for the periodProfit for the period of $9.943 million, up substantially from a loss of $4.03 million last yearEarnings per share (EPS) of $1.81 gained from a loss per share of 74 cents compared to FY20Cash and equivalents of $68.57 million at the end of the period
What else happened in this period for Neometals?
During the period, Neometals entered into a joint venture (JV) with SMS group GmbH. The 50:50 JV is called Primobius GmbH and was incorporated to “co-fund and complete final stage evaluation activities and to consider
commercialisation of the [lithium-ion battery] LIB recycling technology”, the company says.
“During the period, Primobius made strong progress towards technical and commercial validation of its sustainable LIB Recycling Technology”, it added.
This progress includes formation of a demonstration plant to showcase results to partners and advancing both Class 3 engineering and feasibility studies at the site.
Primobius has also exclusively licenced its LIB recycling technology to Stelco SPV. The agreement will allow Stelco to advance commercial sourcing agreements and advance its construction and operating permit process, per the release.
Neometals is also exploring opportunities to commercially apply its proprietary “vanadium recovery processing flowsheet on stockpiles of vanadium bearing steel manufacturing by-product”.
To date, it is pursuing two partnerships in Scandinavia, namely in Finland and Sweden.
What’s next for Neometals?
Neometals say that in the coming period, it aims to update its SysCAD model for specific brine feed at the Bondalti project. It will also engage contractors to perform pilot tests at the site.
With respect to the demonstration site and upcoming studies, Neometals says both of these remain on schedule for completion in June 2022.
The company did not provide any formal earnings or financial guidance for the coming period.
Neometals share price snapshot
In the last 12 months, the Neometals share price has soared over 336% and is up another 3% this year to date.
Over the previous month, shares have held gains and are up around 1%, but have fallen 8% in the red this week.
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