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Electric vehicle stocks in the spotlight thanks to big week of earnings and acquisitions: Tesla, Mullen, Vicinity Motors, Talon Metals and more… – Proactive Investors UK

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20:30 Fri 21 Oct 2022
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A roundup of stories making news across the electric vehicle supply chain for the week ending October 21
What a week to hold electric vehicle stocks.

From Tesla’s disappointing 3Q results, to a US$2.8 billion grant from the Biden administration to boost domestic battery manufacturing, here’s Proactive’s roundup of the top stories from across the supply chain:
NEO Battery Materials Ltd said it has successfully installed additional equipment for mass production optimization, among other achievements outlined to investors in a corporate update.  
In the update, NEO highlighted its South Korean subsidiary NBM Korea Co’s successful installation of the additional production equipment into the R&D Scale-Up Centre to step-up efforts in incrementally optimizing the all-in-one mass production for NEO’s silicon anode materials, NBMSiDE.
American Battery Technology Company (OTCQB:ABML) (ABTC) said it will receive funding to expand the US manufacturing of battery-grade lithium hydroxide for lithium-ion batteries for electric vehicles, with a focus on domestic materials processing and components currently imported from other countries. 
ABTC said that – along with grant partners DuPont (NYSE:DD) Water Solutions, University of Nevada, Reno, and Argonne National Laboratory – it was awarded US$57 million from the US Department of Energy (DOE) to design and operate a $115 million commercial-scale facility. 
Analysts at Stifel welcomed news that the Biden administration has awarded $2.8 billion in grants to boost the domestic manufacturing of batteries for electric vehicles (EV) under the Infrastructure Investment and Jobs Act.
In a note the broker pointed out this represents a significant shift in EV supply chain incentives which had previously focused on downstream EV OEM/battery manufacturing subsidies, and was the first bulk tranche of funds targeting critical mineral production.
BMW Group has unveiled plans to invest $1.7 billion in expanding its US operations to build electric vehicles (EVs) and batteries.
The German carmaker said the investment will include $1bn to prepare for production of EVs at its existing Spartanburg factory in South Carolina, and $700mln for a new high-voltage battery-assembly facility in nearby Woodruff in the state.
ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) told investors it aims to drill its Clayton Valley lithium project late in the fourth quarter this year and has now filed permitting documentation for an expanded Phase 2 drill program with the Bureau of Land Management (BLM).
In August this year, the company reported sample results from one hole at the property in Nevada, USA, which showed a “significant new lithium discovery”.
Talon Metals Corp. (TSX:TLO) said it has updated its mineral resource estimate for the Tamarack Nickel Project located in central Minnesota, with a 98% surge in the amount of contained nickel in the indicated category compared to its previous estimate.
The total indicated mineral resource estimate now stands at approximately 8.56 million tonnes grading 1.73% nickel plus by-products (2.34% NiEq) containing 148,000 tonnes of nickel. The total inferred resource estimate, which is in addition to the total indicated mineral resource, is now at approximately 8.46 million tonnes grading 0.83% nickel plus by-products (1.19% NiEq) containing 70,000 tonnes of nickel.
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) said it completed the drilling programme at its flagship Ewoyaa lithium project in Ghana.
It also announced further assay results for an additional 5,367 metres of drilling, with multiple high-grade and broad intersections reported both inside and outside the current mineral resource estimate.
Piedmont Lithium Inc (ASX:PLL, NASDAQ:PLL, XETRA:) has been selected for a US$141.7 million grant from the US Department of Energy (DOE).
PLL’s world-class, multi-asset, integrated lithium business and its projects will be one of the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for EVs and the electrical grid and for materials and components currently imported from other countries.
Tesla Inc (NASDAQ:TSLA) reported mixed fortunes in its third-quarter results with revenue missing Wall Street expectations but earnings higher than forecast. 
Revenue was US$21.45 billion versus market forecasts of US$21.96 billion, while earnings of US$1.05 per share topped Street expectations of $0.99 per share. 
Mullen Automotive Inc (NASDAQ:MULN) saw its shares motor ahead on Wednesday after completing the purchase of bankrupt EV start-up Electric Last Mile Solutions (ELMS), paving the way for the company to manufacture its first electric vehicle.
The California-based EV company said it had received approval from the US Bankruptcy Court on 13 October to buy ELMS in a $240 million cash transaction.
Talon Metals Corp shares have surged on news that its subsidiary was chosen to receive a $114 million grant from the US Department of Energy (DOE) as part of the Infrastructure, Investment and Jobs Act signed into law by President Biden last year. 
Talon Nickel LLC has been selected as one of the first set of recipients of funding intended to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid that are currently being imported from other countries. 
Tesla Inc (NASDAQ:TSLA) rival BYD Co, China’s biggest electric vehicle (EV) maker, has said its third-quarter net profit likely more than quadrupled as it extends its sales lead over the US EV giant in the world’s largest auto market, Reuters has reported.
BYD estimated net profit for the July-September quarter to come in between 5.5 billion yuan and 5.9 billion yuan ($765 million to $820 million) – an increase of 333% to 365% from the same period a year earlier, the newswire said.
Bradda Head Lithium Ltd said it has completed further step-out drilling phase at its Basin East lithium in clay project in Arizona.
The company has now received all assay results from its 14-hole, 1,200-metre, sonic drilling programme completed at Basin East (BE) earlier this year.
Lake Resources NL (ASX:LKE, OTCQB:LLKKF) has strengthened its executive team through the appointment of Scott Munro, who has a proven track record in project financing and delivery, to the new position of senior vice president – Technology, Strategy and Risk.
The company said this was a key appointment “to strengthen and broaden the experience of the Lake Resources management team and build the business for the long term”.
Global Energy Metals Corp (TSX-V:GEMC) has hailed the latest results from drilling at its Millennium copper-cobalt-gold project in Australia, which was fully funded by Metal Bank Ltd (ASX:MBK) (MBK), and which has encountered high cobalt grades and extended the currently defined limit of the resource.
MBK can earn up to an 80% stake in the project in Queensland and the assays come from six holes sunk in the Southern and Central resource areas of the property.
Vicinity Motor Corp. (TSX-V:VMC) has announced the receipt of a purchase order (PO) for 1,000 VMC 1200 Class 3 Electric Trucks from Pioneer Auto Group, Vicinity’s exclusive dealer in the province of British Columbia, Canada.
The order, which exceeds $100 million in revenue, will see Vicinity delivering a minimum of 1,000 units of the electric trucks by the end of 2023, with deliveries expected to commence this month.
Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) is making positive progress with processing ore from the Broken Hill Cobalt Project (BHCP) into concentrate for use in its Demonstration Plant to provide bulk samples for potential commercial partners of high-value cobalt products.
With the underground extraction of 4,500 tonnes of ore from the BHCP west of Broken Hill in Far West New South Wales completed, the company has been carrying out test-work on the concentrator circuit.
Australian Vanadium Ltd (ASX:AVL) has appointed experienced battery-metals executive Graham Arvidson as its chief executive officer.
Arvidson has 18 years of experience in the minerals sector, including deep experience in vanadium, lithium, nickel and other future-focused battery metals.
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