Magnis Resources Shares Uplifted after Providing an Update on New York Battery Plant

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Magnis Resources Shares Uplifted after Providing an Update on New York Battery Plant

 Magnis Resources Shares Uplifted after Providing an Update on New York Battery Plant

On 5 October 2018, Magnis Resources Limited (ASX: MNS) provided an update regarding the progressive development of its New York Gigafactory. Several major developments have started to fast-track the New York Battery Plant into production. After the release of this news, the share price of the company increased by 1.493% as on 5 October 2018.

After the successful move of the battery manufacturing plant from North Carolina to New York, the work on process engineering and design have started along with the site preparations. Imperium3 (iM3) New York team, Equipment manufacturers and engineers are all working together to meet the production time frames. All environmental approvals and approval from local government are expected in the second quarter of 2019. Ex Tesla Senior Manager Mr. Chaitanya Sharma who is highly experienced in the lithium industry through his senior role at Lithium Americas Corporation has also joined the Imperium3 Advisory Board. A significant portion of the planned production has been presold through binding sales agreements to clients mainly in the automotive and renewables industry and further agreements are expected in the upcoming months. Many potential partners have held high-level discussions about involving with the New York battery plant through an investment. The board is going to assess all proposals as they are received and will update the market accordingly. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

Recently, the company signed a four-year party Joint Development Agreement with Dendrobium Automotive Limited, Charge CCCV LLC and Dendrobium Advanced Technologies Limited to develop the next generation high performing batteries. By progressively developing lithium-ion battery plants into production and aiming to source raw materials from projects such as the Company’s Nachu Graphite Project, the company is trying to unlock value through its multi-approach growth strategy.

In FY 2018, the company suffered a Net loss of $5.42 million which was a loss of $9.75 million in the previous year. The basic and diluted loss per share of the company decreased from 2.09 cents in FY 2017 to 0.97 cents in FY 2018. At the end of FY 2018, the company was having cash and cash equivalent of $1.52 million. Net cash used in operating activities was $5.07 million in FY 2018. MNS’s share traded at $0.340 at a market capitalization of $204.48 million as on 5 October 2018 (AEST 12:56 PM).

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