The Talga Group Ltd (ASX: TLG) share price started the day off strongly before some profit takers swooped in. This comes after the technology minerals company provided a conclusion on its feasibility studies.
During morning trade, Talga shares reached an intraday high of $1.77, however as the day progressed, its shares cooled off. At the time of writing, the company's share price is sitting at $1.625, up 2.52%.
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What did Talga announce?
Investors have been busy buying Talga shares, with strong volumes recorded today (over $4 million in trades).
In its announcement, Talga advised that studies confirm the feasibility of producing Talga battery anode products in the United Kingdom. In particular, the company looked into the technical and commercial prospects from its Anode Refinery in the country.
Talga stated that it's reviewing opportunities for strategic growth in response to increased consumer demand and favourable global government policies. Geographical and product expansions are possible pathways as it aims to benefit from the emerging lithium battery sector.
The studies indicated the company's patented battery anode products Talnode-C and Talnode-Si could service United Kingdom's electric vehicle market needs. Talga said, "anode production would potentially deliver secure, cost-effective and sustainable active battery material for a more self-sufficient UK electric vehicle industry".
Pleasingly, the company revealed that the opportunity to produce battery anode products in the United Kingdom is economically viable. However, commercial, engineering, permitting and energy supply would need to be further investigated if this pathway is pursued.
Following its completed feasibility studies, Talga submitted its report to the Advanced Propulsion Centre. The company will now look for potential partners and government entities to support its expansion plans.
Talga share price summary
In the back end of 2020, Talga shares accelerated to reach an all-time high of $2.15 following positive investor sentiment. While its year-to-date performance is relatively flat, the company's share price over the course of 1 year is up 260%.
Based on today's price, Talga has a market capitalisation of roughly $494 million, with approximately 303 million shares on issue.
