Firebird Metals to Receive AU$2 Million from Australian Government to Develop Manganese Concentrate Processing Demonstration-Scale Facility, Shares Fall 8%

MT Newswires Live

04/24

Firebird Metals (ASX:FRB) will receive AU$2 million from the Australian government to develop an Australia-first demonstration-scale facility that processes manganese concentrate into cathode materials for batteries, according to a Friday statement and a filing with the Australian bourse.

The facility will produce cathode active materials for the electric vehicle and energy storage systems markets, per the filing.

The funding granted under the Australian Renewable Energy Agency's Battery Breakthrough Initiative will be matched by Firebird's existing funds at hand. The grant came after a due diligence process, including an independent technical review.

Its shares fell 8% in recent trading on Friday.

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