Record Quarterly Revenue and Interest Income
Generated approximately $4.8M in product sales plus $0.3M in interest income for total revenue and interest of ~$5.1M for the quarter (quarter ending December), the highest revenue level for the company's recycling facility and greater than revenue from the previous four quarters combined.
Near Cash Breakeven on Recycling Plant
Cash operating expenses for the facility were about $4.9M versus $5.1M in revenue and interest, indicating the recycling plant is approaching cash breakeven and is positioned to improve margins with further ramp and operational efficiencies.
Strong Cash Position and No Debt
Reported cash balance of approximately $48M at quarter end (transcript references $48.7M and later $47.9M), driven by fall market actions and warrant exercises; company has paid off remaining debt/convertible notes and currently reports zero debt.
Operational Scale-Up and Efficiency Gains
Scaled operations at the first commercial recycling facility with operational efficiencies, reduced unit costs through economy of scale and workforce improvements; management reports revenue increased by a much larger factor than operating costs during the period.
Expansion Plans — Second Recycling Facility
Announced design and construction progress for a second battery recycling facility in the Southeast U.S.; local partnerships and site activities are underway to move the project forward.
Tonopah Flats Lithium Project Progress and Attractive PFS
Published a Pre-Feasibility Study (PFS) for a 30,000 tonne/year lithium hydroxide facility with a 45-year life-of-mine, an after-tax net present value of ~8%, and modeled production cost of just over $4,300 per ton, positioning it as a cost-competitive claystone-to-hydroxide project.
Substantial Resource and Reserve Base
PFS reports approximately 21.3 million tonnes of accessible lithium hydroxide resource/reserve, with a portion upgraded to proven and probable reserves, supporting long-term project scale.
Regulatory and Permitting Acceleration
Tonopah Flats designated a FAST-41 priority project with a federal liaison and weekly coordination; baseline studies complete and NEPA process underway with DOI and DOE, intended to accelerate federal permitting and commercialization timelines.
Rare Certifications and Diverse Feedstock Sources
Received CERCLA certification enabling receipt of materials from stationary facilities across the U.S.; receiving substantial feed from automotive, stationary grid (BESS), consumer electronics, and EPA cleanup projects (Moss Landing), diversifying inputs to recycling operations.
Strengthened Management Team
Announced hire of Alex Flores as Chief Financial Officer (20+ years experience in battery and automotive sectors), supporting financial and operational scaling efforts.