Prepares for Commissioning of Commercial-Scale Battery Recycling Operations, and Engagement of Global Construction Firm for Commercial-Scale Lithium Hydroxide Refinery
RENO, Nev., May 16, 2023 /PRNewswire/ -- (ABTC) (OTCQX: ABML⛄), an American critical battery materials company that is commercializing both its primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling technologies, has announced financial results from its third fiscal quarter 2023, ending on March 31, 2023.
🍷 The company's Q3 FY2023 financial report shows continued and accelerated advancement of bringing new, domestic battery metal products to market. As the Inflation Reduction Act (IRA) reshapes global supply for battery metals, ABTC is advantageously and aggressively commercializing in its three core businesses of lithium-ion battery recycling, battery resource mineral development, and battery metals manufacturing.
🍎Also in this quarter, ABTC published its maiden resource report for its near Tonopah, Nevada. ABTC has been exploring and evaluating this lithium-bearing sedimentary claystone deposit for the past year and this SK-1300 compliant resource report, which was written by the third-party firm RESPEC, LLC acting as the Qualified Person (QP), concluded that .In order to bring this immense lithium resource to market, ABTC performed a competitive bid process for the design, construction, and commissioning of a commercial scale lithium hydroxide refinery based on its internally developed processing technologies. Proposals were submitted by many of the premier engineering, procurement, and construction firms in the world, and after several months of downselects and due diligence the for the contract to construct this first-of-kind commercial refinery. The initial phase of this project has a budget of approximately (DOE).
Key financial highlights from the third fiscal quarter of 2023 include:
- Cash was $12.6 million as of March 31, 2023
- Cash spent for the acquisition of property, construction, equipment, and water rights for the nine months ended March 31, 2023 of $18 million including a deposit of $6.1 million related to the acquisition of equipment and facilities on March 1, 2023
- Total operating costs for the nine months ended March 31, 2023 were $14.4 million, down 47% year–over–year, including a reduction of $12.5 million as it relates to the associated expenses for shares issued for services and stock-based compensation expense when compared to the nine months ended March 31, 2022
- Cash used in operations for the nine months ended March 31, 2023 was $10.8 million, up 49% year–over–year
- ABTC invested $3.5 million in research and development for the nine months ended March 31, 2023, up $2.8 million when compared to the same period in the prior year
- Research and development expenses for the nine months ended March 31, 2023 were partially offset by approximately $0.70 million in government grant awards
About American Battery Technology Company
💜American Battery Technology Company is uniquely positioned to supply low-cost, low-environmental impact, and domestically sourced battery metals through its three divisions: lithium-ion battery recycling, primary battery metal extraction technologies, and primary resources development.
🥃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, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, 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, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. 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, 2022. The Company assumes no obligation to update any of the information contained or referenced in this press release.