PERTH - Neometals Ltd, an Australian resource company, has reported significant advancements in its battery recycling and lithium production technologies, along with updates on its mineral exploration projects in its quarterly activities report for the period ending December 31, 2024.
The company highlighted a cash balance of A$10.7 million, with equal investments and net receivables, and no debt. Neometals raised A$7.1 million during the quarter through a placement and entitlement issue at A$0.09 per share.
In downstream processing technologies, the company’s joint venture Primobius GmbH, co-owned with SMS group GmbH, supplied a 2,500-ton per annum lithium-ion battery recycling plant to Mercedes-Benz (OTC:MBGAF) in Kuppenheim, Germany. The plant, Europe’s first of its kind, is set to produce high-purity battery materials for use in electric vehicles. Commissioning and acceptance testing are scheduled for the first and second halves of 2025, respectively.
Neometals’ 70% owned subsidiary, Reed Advanced Materials Pty Ltd (RAM), completed a pilot trial producing high-purity lithium hydroxide monohydrate. The results support the efficiency of the proprietary ELi™ Process for commercial-scale operation.
The company is also progressing in vanadium recovery through its majority-owned Recycling Industries Scandinavia AB (RISAB). RISAB is advancing equity and debt financing processes, bolstered by a €15 million conditional investment grant from the Finnish State NextGeneration fund.
In upstream mineral exploration, Neometals announced a maiden gold exploration target at its 100% owned Barrambie Gold and Vanadium/Titanium Projects. The target ranges between 8 million and 10.5 million tonnes at grades indicative of potential for significant brownfields discoveries. Exploration is set to commence in March 2025.
The report also touched on corporate activities, including the completion of a capital raise and investments in related entities. Neometals holds a 26% stake in Redivium Ltd, which has exclusive technology licenses for battery recycling in various European countries, and an 18% stake in Critical Metals Ltd, which holds an exclusive license in Scandinavia.
This news is based on a press release statement from Neometals Ltd.
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