02:24 PM EDT, 05/27/2024 (MT Newswires) -- Avalon Advanced Materials ( AVLNF ) on Monday announced results of an order of magnitude site infrastructure valuation report prepared by AFRY Canada for the site of the proposed lithium processing facility in Thunder Bay, Ontario.

According to the report, the replacement cost of the infrastructure at Avalon's Thunder Bay site, factoring in its current condition, is $46 million. The land value is estimated at between $11 to $16 million, bringing the total estimate of the site value to be between $57 to $62 million.

"This valuation report reinforces Avalon's conviction that our perfectly located property in Thunder Bay accelerates the timeline for the construction of Ontario's first lithium hydroxide conversion facility, with major infrastructure already in place," Avalon chief executive Scott Monteith said.

The company's shares were last seen up $0.005 to $0.07 on the Toronto Stock Exchange.

Price: 0.07, Change: +0.01, Percent Change: +7.69