The electric vehicle (EV) market has achieved impressive growth over the past decade as the green energy push has intensified in the developed world. This, in turn, has increased demand for the materials that are required to manufacture lithium-ion batteries. Fortune Business Insights recently valued the global lithium mining market at US$321 million in 2020. It projects that this market will deliver a compound annual growth rate (CAGR) of 6% from 2021 through to 2028.
Patriot Battery Metals (TSXV:PMET) is a Vancouver-based company that is engaged in the identification, evaluation, acquisition, and exploration of mineral properties. Shares of this TSX stock have dropped 13% month-over-month as of close on April 27. The stock has soared 119% so far in 2023. Its shares are up 365% year over year.
On April 12, Patriot Battery Metals provided an update on environmental and pre-feasibility study activities at its CV5 Pegmatite, Corvette, Quebec property. An order has already been placed for a camp that will support roughly 80 persons and is expected to be operational by the summer season. Six clusters of lithium pegmatite have been discovered at the property, which should pique investor interest.
It is important to note that Patriot Battery Metals is still in an early exploration stage. However, this property holds nice potential that could deliver big time in the future. The stock looks overvalued at the time of this writing, but this is a stock that could achieve huge things if it can get the most out of its properties.
