American Manganese Inc. (OTCMKTS:AMYZF) Stock Pulls Back 5% After Key Update
American Manganese Inc. (OTCMKTS:AMYZF) dropped 5% after the company and Kemetco Research, its research contractor, announced its 6,700 sq. ft. demonstration facility located in Vancouver is geared up and taking major equipment delivery to advance the RecycLiCo project.
Market Stats
On Tuesday, AMYZF stock fell 5.26% to $0.4615 with more than 405k shares, compared to its average volume of 577k shares. The stock has moved within a range of $0.4538 – 0.5089 after opening trading at $0.50.
American Manganese advances demonstration plant for lithium-ion battery recycling and upcycling project
The critical metal firm indicated that with operations expected to commence in February 2022, American Manganese’s 500KG per day cathode waste RecycLico facility would be the first hydrometallurgical demonstration facility for lithium-ion batteries upcycling and recycling in North America.RecycLico plant is powered using clean hydroelectric power and has been equipped to show “continuous, real-world operating conditions.”
As part of American Manganese’s business model, the company will license and joint venture the patentedRecycLicoprocess to EV and battery manufacturers as a partner offering circular lithium compound products and cathode precursors for zero battery waste manufacturing. However, CEO Larry Reaugh said there is a mismatch in processing potential between a hydrometallurgical process that converts black mass into important battery materials and reduces the mechanical battery size into black mass. Therefore, investors should watch AMZYF.
Key Quote
“There is a mismatch in processing capacity that exists between the mechanical size reduction of batteries into black mass material and the hydrometallurgical process that turns the black mass into usable battery materials,” American Manganese CEO Larry Reaugh said in a statement.
Traders Corner
AMYZF stock is trading below the 20-Day and 50-Day Moving averages of $0.51 and $0.50 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.89. The stock is down 27% in the past month.