American Battery Technology Company Releases Fiscal Year 2024 Financial Results

PR Newswire

RENO, Nev., Sept. 24, 2024

Achieves major milestone by generating first revenue from recycled lithium-ion battery products sold to domestic battery manufacturing supply chain

RENO, Nev., Sept. 24, 2024 /PRNewswire/ -- American Battery Technology Company $(ABTC.UK)$ $(ABAT)$, an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, announced its fiscal year (FY) 2024 financial results for the 12 months ended June 30, 2024.

Bringing first-of-kind technologies to market, ABTC's two business units of lithium-ion battery recycling and primary battery metals manufacturing are working to build a domestically-sourced, lithium-ion battery metals circular supply chain for North America.

"I am extremely proud of the ABTC team for rapidly progressing through purchasing a vacant facility, installing our internally developed battery recycling equipment, commissioning the processing train, and selling first product to customers within a single year," stated ABTC CEO Ryan Melsert. "Equally impressive, within this fiscal year in our primary battery metals manufacturing business unit, we evolved from bench scale trials, to designing and constructing a multi-tonne per day integrated demonstration facility, to commissioning this full system, to manufacturing our first large batch of battery grade lithium hydroxide, to hosting a visit from the U.S. Secretary of Energy Jennifer Granholm to personally examine our progress and witness our operations. Our employees are going above and beyond each day to accomplish these groundbreaking achievements to bring to life our company's vision."

Battery Recycling Business Milestones from Fiscal Year 2024:

   -- Implementation of First Battery Recycling Facility: ABTC purchased a 
      vacant building in Summer 2023, implemented its internally-developed 
      lithium-ion battery recycling processing train in this facility, and 
      completed construction and commenced commissioning of a 20,000 
      tonnes/year train in Fall 2023. 
 
   -- First Revenue from Battery Recycling Operations: ABTC manufactured 
      commercial quantities of recycled products within this year and generated 
      its first revenue from the sale of these products to its strategic 
      domestic customers. Once fully ramped, this facility has the capacity to 
      manufacture multiple streams of battery grade metals and other recycled 
      products. 
 
   -- ABTC was selected by the U.S. Department of Energy (DOE) and IRS for a 
      highly competitive tax credit award under the 48C Qualifying Energy 
      Project Credit program for approximately $20 million to be applied 
      towards the capital expenditures of its first lithium-ion battery 
      recycling facility near Reno, Nevada. 
 
   -- ABTC was selected by the U.S. DOE and IRS for a highly competitive tax 
      credit award under the 48C Qualifying Energy Project Credit program for 
      approximately $40 million to be applied towards the capital expenditures 
      of its second lithium-ion battery recycling facility. 
 
   -- ABTC was selected for a competitive grant by the U.S. DOE to support its 
      $115 million project for its commercial-scale lithium hydroxide refinery, 
      and this prime agreement was issued with a project start date of 
      September 1, 2023. The company began receiving funds related to this 
      award during the quarter ending September 30, 2023. 
 
   -- ABTC was selected for a competitive grant by the U.S. DOE to support its 
      $20 million project for its next-generation advanced battery recycling 
      technologies, and this prime agreement was issued with a project start 
      date of October 1, 2023. The company began receiving funds related to 
      this award during the quarter ending December 31, 2023. 
 
   -- ABTC was selected for a competitive grant by the U.S. DOE for $150 
      million to support the design and construction of its second commercial 
      scale lithium-ion battery recycling facility. This award is currently in 
      the contracting phase and project kickoff is expected in 2025. 

Primary Battery Metals Manufacturing Business Milestones from Fiscal Year 2024:

   -- Successful Manufacturing Nevada Claystone-to-Lithium Hydroxide: ABTC 
      completed the construction and commissioning of its multi-tonne per day 
      claystone-to-battery grade lithium hydroxide (LiOH) pilot plant and 
      successfully manufactured LiOH from claystone specifically collected from 
      its Tonopah Flats Lithium Projects (TFLP), marking a significant 
      milestone in the commercialization of its internally-developed processes 
      to access an unrealized domestic primary lithium resource. 
 
   -- Initial Assessment of Tonopah Flats Lithium Project: ABTC released the 
      Initial Assessment (Preliminary Economic Assessment) for its Tonopah 
      Flats Lithium Project, which has been identified as one of the largest 
      lithium deposits in the U.S., and demonstrates an economically 
      competitive project with total production costs of approximately $4,600 
      per tonne of LiOH and a NPV@10% of $4.7 billion. This SK-1300 compliant 
      Initial Assessment raised the material amount of the resource to Measured 
      and Indicated status and provides a commercialization pathway that allows 
      for an engineered phased development, with improved access to the higher 
      quality portions of the resource, and improved project economics. 

Financial Highlights from Fiscal Year 2024:

   -- First revenue from the sale of commercial quantities of Black Mass 
      produced by its first integrated lithium-ion battery recycling facility. 
      Once fully ramped, this facility has the capacity to process 
      approximately 20,000 MT/year of battery materials and to produce multiple 
      streams of battery grade metals and other byproducts. 
 
   -- Government grant funding increased to $3.3 million for the fiscal year 
      ended June 30, 2024, compared to $0.9 million during the prior year. 
 
   -- Cash used in investing activities was $12.9 million for the acquisition 
      of property, construction, equipment, mineral rights, and water rights 
      for the fiscal year ended June 30, 2024. Cash used in the same period of 
      the prior year totaled $36.7 million, primarily for acquisition of its 
      first battery recycling facility, water rights, and equipment. 
 
   -- As of June 30, 2024, the company had total cash on hand of $7 million. 
 
   -- Cash used in operations for the fiscal year ended June 30, 2024 was $16.9 
      million, compared to $13.4 million during the fiscal year ended June 30, 
      2023. 
 
   -- On August 29, 2023, the company entered into a Securities Purchase 
      Agreement for up to $51 million of a new series of senior secured 
      convertible notes. To date, $25 million of these notes have been issued 
      and as of June 30, 2024, $18 million of these notes have been redeemed or 
      converted, and the company has no plans to use the remaining facility. 

The company remains diligently focused on accelerated commercialization and long-term sustainable growth to operationalize its first-of-kind low-environmental-impact technologies within the lithium-ion battery recycling and primary battery metals manufacturing sectors.

ABTC hosted its FY 2024 earnings call on Monday, September 23, 2024. The press release, webcast replay, and presentation are available at www.americanbatterytechnology.com/events-presentations.

About American Battery Technology Company

American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals critically needed to help meet the significant demand from the electric vehicle, stationary storage, and consumer electronics industries. Committed to a circular supply chain for battery metals, ABTC works to continually innovate and master new battery metals technologies that power a global transition to electrification and the future of sustainable energy.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are "forward-looking statements." Although the American Battery Technology Company's (the "Company") management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, risks and uncertainties related to the Company's ability to continue as a going concern; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2024. The Company assumes no obligation to update any of the information contained or referenced in this press release.

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