A Greenwich-based mining startup is seeking to raise up to about $10 million in a public stock offering as it works to advance a lithium and magnesium project in Utah.
American Battery Materials Inc. plans to sell roughly 2 million shares at an assumed price of $4.99 each and has applied to list on the NYSE American. Proceeds will support its Lisbon Valley project, where the company controls more than 14,000 acres of federal mining claims and plans to drill exploration wells and test subsurface brine for lithium and magnesium extraction.
The company is targeting production later this decade but has not yet generated revenue. It reported a net loss of $6.4 million in 2025.
In its filing with the U.S. Securities and Exchange Commission, the company describes itself as an exploration-stage business focused on extracting battery-related minerals from subsurface brine using direct lithium extraction, or DLE, technology.
The Utah project includes more than 700 placer mining claims covering about 14,300 acres, along with several previously drilled wells that could be re-entered for testing. The company said it has not yet established any proven mineral reserves.
The firm’s strategy is to help build a domestic supply of lithium and magnesium — materials used in batteries and other industrial applications — at a time when the U.S. remains reliant on imports for certain critical minerals, including primary magnesium.
Company plans call for drilling exploration wells beginning in 2026, followed by pilot production work and potential commercial-scale development later in the decade, subject to permitting, technical results and financing.
