American Battery Metals Corporation (OTCQB:ABML), the energy metals firm, told investors Monday it was 'serious about helping the U.S. break free from the reliance on foreign sources of critical minerals'.
The company is focused on advancing its Railroad Valley lithium project in Nevada and is planning a reserve report for the asset. Lithium is a vital component of batteries, notably for electric vehicles (EVs), for which demand is growing.
In a statement, the firm's CEO Doug Cole said: "At American Battery Metals Corporation, we are focused on consistent, methodical execution of our strategic plan. We are vertically integrated, which minimizes risk and maximizes the potential for bringing critical resources online in the near term. We are serious about helping the U.S. break free from the reliance on foreign sources of critical minerals.”
Cole also noted comments made by Sara Maryssael, Tesla’s (NASDAQ:TSLA) supply manager for battery metals, at a recent conference in which she expressed concern about the shortage of crucial battery minerals used in the creation of batteries for not only EVs but smart-home systems, citing under-investment in the mining space.
Cole said other factors were also leading to tepid investor confidence currently.
“One challenge facing investors is that so many exploration companies put out fanciful promotional releases, but they aren’t in a position to develop or produce from their claims," he said.
At the beginning of August, American Battery Metals unveiled positive initial drill results for the Railroad Valley project and said assays had validated detectable lithium at all intervals, from the surface and down to 3,000 feet below,
"Our team is more excited than ever to advance our drill program and prove our claims are full of lithium and other minerals. The GeoPhysical results showed a huge reservoir down to 8,000 feet and beyond, the firm said in a shareholder update.
"If these soil results continue as we drill deeper, the reserve will grow and get stronger, proving that our previous estimates were conservative. We are moving forward with plans for production wells and a formal reserve report. This is an exciting time for our company and our shareholders," the company said.
In other news this month, the group inked a letter of intent with renewable energy company Panel the Planet Inc to explore possible solar energy projects at Railroad.
Contact the author at [email protected]