ABAT jumps 35% after DOE reinstates $115M Tonopah grant

American Battery Technology Inc. shares climbed about 35% on June 8 after the U.S. Department of Energy reinstated a previously canceled $115 million grant to fund Phase 1 of the Tonopah Flats lithium hydroxide project in Nevada.

The DOE terminated the award in October 2025 amid a broad review of clean-energy spending. A formal appeal decision restored the grant unconditionally and kept the original funding terms and project milestones intact. The five-year agreement funds Phase 1 construction of a commercial-scale facility designed to produce 5,000 metric tons of battery-grade lithium hydroxide per year and covers the construction costs defined in the grant agreement.

Company filings and public statements show American Battery Technology reported a trailing 12-month net loss of $63 million and a negative earnings per share of $0.52. The $115 million federal grant represents a portion of the capital required for a lithium refining operation; company disclosures and industry estimates indicate additional funding in the hundreds of millions will be necessary to complete a full-scale refinery.

Market data show a price-to-sales ratio near 118 for ABAT, and institutional investors hold less than 10% of the company’s shares. The stock’s 52-week trading range runs roughly from $1 to $12, and after the June 8 rally the share price remained more than 20% below its year-to-date high.

Company filings list multiple Form 4 submissions by insiders over the past 12 months; most of those filings identify transactions tied to tax-withholding obligations on vested stock awards rather than open-market disposals.

Analyst coverage of ABAT is limited, with a single public analyst tracking the ticker, according to available data. That leaves much of the day-to-day price discovery driven by retail trading activity.

Broader market context: lithium prices have recovered from 2025 lows but remain below peak levels seen in 2022. Current price levels affect revenue projections for early-stage refiners and the economics of new processing capacity.

The DOE reinstatement restores a significant federal funding component for Phase 1 of Tonopah Flats and preserves the grant’s original schedule and budget terms. Company financials and market metrics indicate further capital and operational developments are required before the project reaches steady commercial production.