IBAT was up meaningfully after the news that the company will start to commercialize its new product – Modular Direct Lithium Extraction (DLE), this move is expected to increase cheaper and faster supplies of Electric Vehicle (EV) battery metal. IBAT is expected to ramp its production capacity over the next few years. The news is positive, however, IBAT still has not generated any revenue yet, it is still very early days, and we think this is still largely a story stock. We will be waiting until the numbers start to hit the financial statements for the investment to be de-risked from here.
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