“We are extremely pleased with the positive outcomes of the PEA and will be advancing the project with a strong focus on environmental sustainability,” Avalon CEO Scott Monteith said in a news release.
“These results reaffirm our view of the project’s robustness and substantial economic potential for the company, province and the country. The project is poised to provide high-quality, battery-grade lithium hydroxide to supply Canada’s projected demand from the rapidly growing EV industry.”
Avalon shares surged 20% on Tuesday morning, valuing the company at C$34 million.
Price slump
The study’s release comes as lithium carbonate prices remain in a slump after losing most of their value since last summer, though Avalon has continued to push the project forward.
Last March, the company made a C$15 million deal with creditor Lind Global Fund II to accelerate work on the plant, just a month before it started work on the…
