The Element 25 Ltd (ASX: E25) share price is rising today after the company shared news from its Butcherbird Project.
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.
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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.
