Shares of American Battery Technology Company (NASDAQ: ABAT) soared 37% to $9.27 on Monday after the company announced it had completed all required baseline studies for its Tonopah Flats Lithium Project in Nevada.
Earlier in the session, the stock reached a 52-week high of $10.18 and has climbed 818% over the past 12 months, reflecting strong investor enthusiasm for domestic lithium development.
The milestone represents a significant step forward in the company’s efforts to advance what it describes as one of the largest critical mineral lithium projects in the United States, and positions ABAT for the next phases of the regulatory and development process.
Completion of 21 comprehensive baseline studies
American Battery completed all 21 studies identified in a March 2023 Baseline Needs Assessment, covering 14 categories essential for the National Environmental Policy Act (NEPA) review.
These studies span biological, ecological, hydrological, geological, cultural, and socio-economic areas, among others.
The company submitted all baseline reports to the US Bureau of Land Management (BLM), fulfilling a critical prerequisite for initiating the formal NEPA review phase.
ABAT CEO Ryan Melsert praised the team’s efforts, stating, “I am extremely proud of the ABTC team and all of our consultants that helped to drive these 21 studies to completion over the past several years.”
Alongside the baseline studies, the company also submitted a comprehensive Mine Plan of Operations for the Tonopah Flats project, which is currently under review by the BLM.
Completion of these submissions ensures that the project is now on track for the next stages of development.
Tonopah Flats Lithium project overview
The Tonopah Flats Lithium Project spans over 10,340 acres and reportedly contains 21.15 million tons of accessible lithium hydroxide monohydrate, positioning it as a significant source of critical minerals for the US battery and electric vehicle supply chains.
In June 2025, the project was designated a “Covered Priority Project” under President Trump’s March 2025 Executive Order on Immediate Measures to Increase American Mineral Production.
This designation aims to expedite approvals for priority mineral projects, highlighting the strategic importance of the Tonopah Flats project to national mineral security.
The company is also preparing to release a Pre-Feasibility Study, providing detailed analyses of the project’s technical and economic performance, which is expected to offer investors and stakeholders further insight into the potential returns and operational plan for the mine.
Market reaction and outlook
The announcement triggered a strong market reaction, with ABAT shares initially surging 41% before settling at $9.27.
The stock has been on an impressive upward trajectory over the past year, rising more than eightfold, reflecting growing investor confidence in the US domestic lithium sector and the strategic significance of the Tonopah Flats project.
With all baseline studies completed and the Mine Plan of Operations submitted, American Battery is now positioned to advance through the NEPA review process, bringing the Tonopah Flats project closer to commercial development.
Analysts and investors will be closely watching the upcoming Pre-Feasibility Study and subsequent regulatory milestones to gauge the project’s timeline and economic viability.
The completion of these studies not only marks a regulatory achievement but also signals American Battery’s readiness to contribute to the domestic lithium supply chain, a key element in supporting the growing US electric vehicle and battery markets.
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