American Manganese Inc (OTCMKTS:AMYZF) (CVE:AMY) shares rose Friday after announcing extraction results that met its high expectations.
The critical-metal company said additional nickel cobalt aluminum oxide and nickel manganese cobalt oxide cathode scraps have been processed successfully through Stage 1 and Stage 2 of its pilot plant project.
Shares of the company climbed C$0.01 to C$0.14 in Friday’s Canadian trading. They traded at US$0.11 in Friday’s OTC Markets trading.
Under the company’s patent-approved process, the scraps underwent separation and leach operations, yielding a pregnant-leach solution containing cathode metals including cobalt, lithium, nickel and manganese.
More than 500 liters of the solution have been collected for further testing and prepared for the remaining three stages of the pilot plant project, according to the company.
“The pilot plant testing procedure is done in a manner that helps collect valuable operational data that will help us optimize the pilot plant for testing at a continuous rate once all stages are complete,” CEO Larry W. Reaugh said in a statement.
The pilot plant testing is expected to be completed by the end of May, although electric-vehicle and battery manufacturers are already conducting due diligence on American Manganese’s process, according to the company.
Based in Surrey, British Columbia, the company says it provides 100% extraction of cathode metals at battery-grade purity.
Contact Dennis Fitzgerald at [email protected]