The firm continues to implement its market-matched strategic development trajectory for its lithium-ion battery recycling operations and its diversified enterprise mannequin by additionally growing and setting up its main lithium-bearing useful resource and lithium hydroxide refinery close to Tonopah, Nevada to provide home battery metallic merchandise.  This quarter, ABTC famous key milestones in the direction of revenue-generating operations.

Commencement of Commercial Battery Recycling Operations
ABTC has designed, constructed, commissioned, and now begun operations at its first commercial-scale lithium-ion battery recycling facility with a nominal throughput of 20,000 metric tonnes per yr when absolutely ramped. While different potential battery recyclers throughout the U.S. have tried to assemble very giant amenities that require substantial quantities of capital and battery feed supplies to be operational, ABTC acknowledged the dangers related to this early on. The firm strategically selected the design of its first facility to be giant sufficient to show the total set of built-in recycling processes at business scale whereas nonetheless aligning with the market scale of recycled feedstock at this early stage within the domestic-U.S. battery trade.

A single battery Gigafactory with a producing capability of 30-40 GWhr/yr of batteries tends to provide 20,000 – 30,000 metric tonnes per yr of waste battery supplies. Not coincidentally, ABTC as a part of its right-sized phased development method, has designed its first business recycling facility to match the standard common of battery waste {that a} single Gigafactory produces.  Currently, there may be one battery Gigafactory in operation within the U.S. (close to Sparks, Nevada) and over twenty further battery Gigafactories at the moment beneath improvement and building.

The ABTC workforce is comprised primarily of engineers, building managers, and operators of large-scale battery manufacturing amenities, and as such has vital expertise managing giant building tasks and bringing first-of-kind applied sciences to market.  The ABTC workforce has efficiently managed its inner workforce and exterior contractors to carry this primary commercial-scale recycling facility to operations in a compressed timeline and beneath the estimated price range.

ABTC’s strategically sized operations, prime location within the Tahoe-Reno Industrial Center (TRIC), and in-house undertaking improvement experience enormously de-risked this undertaking and finally led to a profitable graduation of operations.  Securing battery recycling feedstock from sources such because the just lately introduced strategic partnership with BASF, and the corporate’s participation in a consumer-facing e-waste pilot program sponsored by FedEx, the ABTC recycling facility has now manufactured recycled merchandise which might be in a position to be bought for income producing operations via ABTC’s already contracted offtake and advertising and marketing agreements.

Tonopah Flats Lithium Project – Third Drill Program
ABTC has accomplished its third exploration drill program at its Tonopah Flats Lithium Project in Big Smoky Valley, Nevada. This program included each infill and step-out drill packages, and consisted of 8 holes totaling roughly 6,700 ft of sampling and at depths of over 1,400 ft, one of many deepest lithium sampling actions within the area. To date, the corporate has shared third-party assay outcomes for six of the 8 holes, with outcomes additional supporting the event of this home useful resource in the direction of upgraded Measured and Indicated classifications.

Based on a third-party audited SK-1300-compliant Maiden Resource Report printed in February 2023, and earlier than the mixing of the information from this third drill program, the Tonopah Flats Lithium Project was one of many largest recognized lithium sources in the United States, containing roughly 15.8 million tons of Inferred economically accessible lithium on a carbonate equal foundation.

ABTC intends to publish an up to date useful resource report that features the information from this third drill program within the coming weeks.

Contracting of Additional U.S. Department of Energy Grants
ABTC beforehand had two U.S. Department of Energy (DOE) grants beneath contract, and just lately accomplished the contracting of two further U.S. DOE grant awards.  These 4 U.S. DOE grant-supported tasks are actually being executed in parallel, and complete roughly $70 million in contracted federal {dollars} to advance the strong improvement of ABTC’s battery recycling and first lithium manufacturing operations.

These grant awards function on a price reimbursable foundation, with a portion of bills reimbursed to ABTC as such bills are incurred for inner labor hours, tools, provides, contracted providers, or different bills.  With these 4 grant tasks working in parallel, a considerable portion of all of ABTC’s working and capital bills are coated.

Listing on Nasdaq Exchange
ABTC listed its shares and commenced buying and selling on Nasdaq on September 21, 2023. The itemizing of its shares on this trade represents a long-term strategic transfer for the corporate, permitting it to broaden its attain within the capital markets and assist the corporate’s subsequent phases of development as it really works to handle the immense shortfall of low-cost and low-environmental influence domestically manufactured battery essential supplies.

Financial highlights from first quarter FY2024 embody: 

• On August 21, 2023, the corporate finalized the acquisition of its commercial-scale, lithium-ion battery recycling facility positioned in TRIC at 2500 Peru Drive, McCarran, Nevada.
• As of September 30, 2023, the corporate had complete money readily available of $5.4 million. The firm is at the moment manufacturing recycled merchandise for income, and along with the federal authorities grant earnings which helps payroll protection and different bills, the corporate has the potential to entry further capital via the High Trail and Tysadco financing transactions to assist development plans..Cash used for the acquisition of property, building, tools, and water rights for the three months ended September 30, 2023 was $7.3 million. Cash utilized in the identical interval of the prior yr totaled $4.1 million for water rights and tools.
• Cash utilized in operations for the three months ended September 30, 2023 was $4.8 million, up $0.7 million yr–over–yr in comparison with the three months ended September 30, 2022.
• Total working prices for the three months ended September 30, 2023 have been $6.4 million, up $3.8 million yr–over–yr, largely attributable to elevated hiring associated to R&D and exploration actions in comparison with the three months ended September 30, 2022.
• The firm recorded $2.2 million in analysis and improvement prices for the three months ended September 30, 2023, a rise of $1.9 million when in comparison with the identical interval of the prior yr. The firm recorded an offset to analysis and improvement prices of $0.5 million and $0.3 million for federal grant funds acknowledged for the three months ended September 30, 2023 and 2022, respectively.

About American Battery Technology Company 
American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind applied sciences to unlock domestically manufactured and recycled battery metals critically wanted to assist meet the numerous demand from the electrical car, stationary storage, and shopper electronics industries.  Committed to a round provide chain for battery metals, ABTC works to repeatedly innovate and grasp new battery metals applied sciences that energy a world transition to electrification and the way forward for sustainable vitality.

Inferred Resource
Inferred mineral useful resource is that a part of a mineral useful resource for which amount and grade or high quality are estimated on the idea of restricted geological proof and sampling. The stage of geological uncertainty related to an inferred mineral useful resource is just too excessive to use related technical and financial elements more likely to affect the prospects of financial extraction in a way helpful for analysis of financial viability. Because an inferred mineral useful resource has the bottom stage of geological confidence of all mineral sources, which prevents the applying of the modifying elements in a way helpful for analysis of financial viability, an inferred mineral useful resource is probably not thought of when assessing the financial viability of a mining undertaking and is probably not transformed to a mineral reserve.

Indicated Resource
An Indicated Mineral Resource is that a part of a mineral useful resource for which amount, grade or high quality, densities, form and bodily traits are estimated with ample confidence to permit the applying of Modifying Factors in ample element to assist mine planning and analysis of the financial viability of the deposit. Geological proof is derived from adequately detailed and dependable exploration, sampling and testing and is ample to imagine geological and grade or high quality continuity between factors of statement. An Indicated Mineral Resource has a decrease stage of confidence than that making use of to a Measured Mineral Resource and will solely be transformed to a Probable Mineral Reserve.

Measured Resource
A Measured Mineral Resource is that a part of a Mineral Resource for which amount, grade or high quality, densities, form, and bodily traits are estimated with confidence ample to permit the applying of Modifying Factors to assist detailed mine planning and last analysis of the financial viability of the deposit. Geological proof is derived from detailed and dependable exploration, sampling and testing and is ample to substantiate geological and grade or high quality continuity between factors of statement. A Measured Mineral Resource has the next stage of confidence than that making use of to both an Indicated Mineral Resource or an Inferred Mineral Resource. It could also be transformed to a Proven Mineral Reserve or to a Probable Mineral Reserve.

Forward-Looking Statements
This press launch accommodates “forward-looking statements” throughout the which means of the secure harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, aside from statements of historic truth, are “forward-looking statements.” Although the American Battery Technology Company’s (the “Company”) administration believes that such forward-looking statements are affordable, it can not assure that such expectations are, or shall be, appropriate. These forward-looking statements contain plenty of dangers and uncertainties, which may trigger the Company’s future outcomes to vary materially from these anticipated. Potential dangers and uncertainties embody, amongst others, the lack to supply and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap economically and effectively; the lack to materially improve recycling capability; dangers and uncertainties associated to the Company’s capacity to proceed as a going concern; modifications within the quantity or composition of feedstock supplies processed on the Company’s amenities; interpretations or reinterpretations of geologic data, unfavorable exploration outcomes, lack of ability to acquire permits required for future exploration, improvement or manufacturing, basic financial situations and situations affecting the industries during which the Company operates; the uncertainty of regulatory necessities and approvals; fluctuating mineral and commodity costs, last funding approval and the power to acquire crucial financing on acceptable phrases or in any respect. Additional data relating to the elements which will trigger precise outcomes to vary materially from these forward-looking statements is out there within the Company’s filings with the Securities and Exchange Commission, together with the Annual Report on Form 10-Ok for the yr ended June 30, 2023. The Company assumes no obligation to replace any of the data contained or referenced on this press launch.

SOURCE American Battery Technology Company