A detailed feasibility study for the mine in Mozambique and a pre-feasibility study for the downstream processing facility in Reno gave the developments a combined NPV of $US524 million and an IRR of 36%.

Battery Minerals believes “significant optimisation potential exists” for reducing operating and capital costs, with the latter currently put at $124 million for the mine and $48 million for the Reno plant.

A definitive feasibility study for the Reno plant is expected to be completed by the end of the year.

Battery Minerals claims it is the creation of anode material (in an environmentally friendly and fully traceable process) that “differentiates us from our peers”.

The ASX-listed company’s process uses high temperature purification methods (via hydroelectricity), to produce the anode material used in lithium ion batteries, rather than the “harsh chemicals” and acid that currently dominates supply side production.

End users and battery suppliers are said have requested larger volumes of battery anode material from Battery Minerals.

Battery Minerals had $A9.7 million cash at the start of 2017.

Shares in the company were up 6% to 10.5c in early trade, capitalising Battery Minerals at $45 million.    

The company share price has doubled since October.