The project in Mozambique is now expected to cost US$42 million to get into production (versus the previous $126 million), and produce about 45,000-50,000 tonnes per annum of graphite concentrate.

Average annual earnings are put at more than $20 million per annum (on an EBITDA basis), down on the $27 million previously.

Battery Minerals made the point that it was still using the $798 per tonne basket price plugged into the previous assessment, despite “current independent market commentators supported by our detailed market analysis indicat(ing) a long-term basket price in a range $847- 950/t”.

The new scenario anticipated owner-operator mining.

The new development plan also features a staged production ramp- up, smaller infrastructure footprint, a refined mine schedule (yielding a higher head grade), and increased recoveries.

Battery Minerals is estimated to have current cash reserves in the range of A$3-3.5 million.

Shares in the company were up 1.5% to 6.5c in afternoon trade, capitalising the company at about $28 million.

The stock has spent much of the past few months trading at levels of around 6-7c.