NEW YORK, June 8, 2026, 08:03 EDT
American Battery Technology Co (ABAT) rallied in premarket trading Monday, climbing 29.58% to $4.03 on Google Finance after news that the U.S. Department of Energy brought back support for the company’s planned $115 million lithium refinery in Nevada. Shares ended Friday at $3.11.
The regular Nasdaq market wasn’t open yet in New York. Nasdaq’s premarket window is 4:00 a.m. to 9:30 a.m. ET, and the regular session starts at 9:30 a.m. and closes at 4:00 p.m. ET. So the early move came in the lighter volume of the premarket, before the main open set the across-the-board price.
The decision puts federal funding back in play for American Battery’s Tonopah Flats Lithium Project, the company’s planned lithium hydroxide plant. This material goes into some EV and storage cathodes. American Battery said the grant is fully restored, with no changes to the amount, technical targets, or commercial goals. The project timeline was adjusted for the review period.
Chief Executive Ryan Melsert said the DOE decided that “continued federal support of this project is warranted.” He also said not many grants that were cut last fall ended up winning their appeals. The company said the project’s first phase aims for output of 5,000 tonnes a year of battery-grade lithium hydroxide. American Battery Technology Company
The move is a major change from October, when Reuters said the Energy Department ended a $57.7 million grant tied to American Battery’s lithium hydroxide project. The company had to match the grant. At that time, about $52 million in DOE funds were left for reimbursement. American Battery said it would appeal and seek dispute resolution.
ABAT shares remain volatile. The 52-week range is $1.20 to $11.49, according to Google Finance. Volume hit 20.65 million shares on Friday, topping the average of 5.71 million.
American Battery came into the week with a stronger operating picture than last year, but the business is still small. On May 11, the company posted fiscal third-quarter revenue of $7.8 million, a 64% jump from the previous quarter. It also reported its first positive gross margin of $0.7 million—sales after production costs. CEO Melsert called the gross margin “a major milestone.” GlobeNewswire
The move followed a tough final regular session for U.S. stocks. According to Reuters, the Nasdaq Composite dropped 4.18% on Friday, marking its steepest one-day percentage slide since April 2025. The S&P 500 ended down 2.64%, and the Dow shed 1.35% after strong jobs numbers raised new rate-hike fears.
American Battery is chasing funding in a packed U.S. critical-minerals sector. DOE documents show the federal government has already backed bigger projects, such as a $2.26 billion loan for Lithium Americas’ Thacker Pass and a $2 billion conditional commitment to Redwood Materials’ Nevada battery campus this week. That new money isn’t final yet.
Lithium sentiment has improved from earlier in 2024 and 2025. Last month Reuters said Albemarle, the biggest lithium producer, posted profit well ahead of what Wall Street was looking for as lithium prices came back. Sales for its lithium unit climbed 70%.
Lithium’s rally isn’t free of risk. Reuters columnist Andy Home wrote June 5 that CME lithium hydroxide contracts are up 86% this year, back over $20,000 a metric ton. Benchmark Mineral Intelligence, BNP Paribas and Citi say prices could slide again if sidelined supply comes back.
That’s still the main bearish case for ABAT. Even with the grant back in place, the project faces risk from permits, funding, building, and swings in mineral prices. American Battery flagged those uncertainties itself, citing needed regulatory signoffs, investment approval, open financing, and price volatility as factors that could change its plans.
For Monday, traders are watching if the premarket buying sticks after the bell. Next up, the Street wants to see proof the restored grant actually moves construction ahead, delivers customer deals and boosts cash flow—share price isn’t enough.
