The Magnis Energy Technologies Ltd (ASX: MNS) share price is heading in the right direction at last on Tuesday.
In afternoon trade, the battery technology company's shares are up 4.5% to 35.5 cents.
Despite this, though, the Magnis share price is still down a disappointing 22% since this time last month.
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What's going on with the Magnis share price?
Unfortunately for shareholders, the Magnis share price has been caught up in the market volatility.
This volatility has been particularly pronounced at the riskier end of the market, which has seen lithium explorers and battery technology companies fall heavily along with Magnis.
For example, the Novonix Ltd (ASX: NVX) share price was down 20% over the last 30 days before a huge rebound today.
Elsewhere, the Vulcan Energy Resources Ltd (ASX: VUL) share price remains down 21% since this time last month and the Talga Group Ltd (ASX: TLG) share price is down 16% over the period.
Not even the release of a promising update on the Nachu Graphite Project at the end of September has been able to keep Magnis' shares afloat.
What was the update?
That release revealed that the company has completed an update to the 2016 Bankable Feasibility Study (BFS) for the Tanzania-based graphite project. The good news is the study confirms that the project continues to demonstrate strong financial and technical viability.
Management notes that the project's unique combination of larger flake sizes and high purity concentrate positions it as a leading future supplier to meet the rapidly growing demand by the lithium-ion battery market.
Furthermore, it has a post-tax life of mine (LOM) project net present value of US$1.2 billion (A$1.8 billion) and project IRR of 51% with a payback period of 19 months.
Here's hoping the next 30 days will be more positive for the Magnis share price.
