Valence Industries Ltd. (ASX:VXL) released an update to its January 2, 2015 feasibility study for its Australia-based Uley graphite project. The revisions made account for a 43-percent increase in the project’s graphite ore reserve on May 14, 2015.

Highlights include:

• Feasibility Study valuation updated for interim increase in Ore Reserve:
  • Graphite Project NPV10 increased by 38% to $90M.
  • IRR increased to 47%. o 60% increase in mine life to 8+ years
• Updated Project NPV of $90M equates to more than 2x the current market capitalisation of the Company
• Revised Feasibility Study highlights compelling commercial viability of the Project

MD and CEO Christopher Darby commented:

This significant and highly positive revision to the Feasibility Study for the Uley GraphiteTM Project highlights its compelling commercial viability. Furthermore, the Project’s significant uplift in NPV to $90m suggests significant value upside in the company as this equates to more than double Valence Industries’ current market capitalisation.

Click here to read the full Valence Industries Ltd. (ASX:VXL) press release.