Magnis Resources Ltd (ASX: MNS)

Key milestone in financing Lithium-ion Gigafactory Project: Magnis has got an uptick with the recent news encircling around New York Governor’s (Andrew Cuomo) announcement on grants and funding of about US$13.25m for Stage 1 production at the New York State Lithium-ion Gigafactory to Imperium3 (member of the global consortium along with Magnis). It has been further highlighted that Stage 1 production capacity 3GWh is expected to be ready in second half of 2019 at Huron Campus with capex of US$130m. Detailed Engineering for the production facility will commence soon while financing discussions are progressing in a favourable manner. This is reflected as a good progress with regards to the Lithium-ion battery production at the Huron Campus. Given that the market for Lithium-ion batteries is growing rapidly, target markets as identified for Stage 1 production following end user discussions are being said to include Electric Vehicles, Stationary Energy Storage, consumer electronics and niche products.

Magnis also updated the market about Townsville Enterprise 2017 State Government Election Priorities report and the recommendation that Local Government is pushing the State Government of Queensland to commit to funding for the gigagfactory on the Lansdown site at Woodstock. A funding of about A$103M has been recommended for development of a detailed Feasibility Study, detailed design and studies, and delivery of key infrastructure including roads, power, etc. Magnis is included in the global consortium that has signed an exclusive MoU with Townsville City Council to investigate building a 15GWh Lithium-ion Battery Manufacturing Plant in Townsville.

MNS stock was reinstated to official quotation following the release of the funding announcement; and had witnessed a price rally of 29% on October 05, 2017.

Altura Mining Ltd (ASX: AJM)

Voluntary suspension: Altura Mining’s securities are under a voluntary suspension as requested by the group and pending an announcement (expected before trading commencement on October 09, 2017). AJM has been evaluating options for its plan on capital raising for about $20 million. In fact, Bizzell Capital Partners are said to be now coming into picture with regards to supervising the group for the transaction. The group had lately received a final payment of the US$110 million senior secured debt facility to complete construction and development of the Altura Lithium Project at Pilgangoora. Altura had also announced about receiving a waiver from ASX on ASX Listing Rule 6.18 to enable the company to grant the anti-dilution right to J&R Optimum, which has a percentage holding in the Company.

AJM shares changed hands at $0.27 before getting into a trading halt this week.

Pilbara Minerals Ltd (ASX: PLS)

Rallying on positive sentiments: Pilbara Minerals’ stock surged up 9% on October 05, 2017 at the back of continued momentum. Recently, the group executed a binding terms sheet with Great Wall Motor Company for the Stage 2 expansion of its Pilgangoora Lithium-Tantalum Project in WA. The off-take includes 75,000tpa of chemical grade spodumene concentrate over an initial 5-year term. On the other hand, Novo Litio has sold PLS shares issued to it as part consideration for the Lynas Find sale transaction. PLS stock has risen about 75% in last three months (as at October 04, 2017) and is witnessing an ongoing momentum given the latest developments.

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