Reno, Nev., April 08, 2025 (GLOBE NEWSWIRE) --  American Battery Technology Company (NASDAQ: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, has completed its fourth drill program at its Tonopah Flats Lithium Project (TFLP). This marks an important milestone in the company's effort to accelerate the commercialization of its domestic lithium resource in alignme ...

Core Insights - American Battery Technology Company (ABTC) has announced the sale of a 12-acre legacy property in Fernley, Nevada for $6.75 million, expected to close by July 10, 2025, to support its lithium-ion battery recycling technologies [1][2][3] Group 1: Company Strategy - The sale of the Fernley property will provide additional resources to advance the second phase of ABTC's recycling technologies, enhancing the development of a closed-loop battery material supply chain in North America [2][3] - ABTC's operational facility at the Tahoe-Reno Industrial Center (TRIC) is prioritized for the implementation of innovative recycling processes, which are essential for creating a domestic supply of refined battery materials [2][3] Group 2: Technological Advancements - The recycling facility utilizes a unique technology framework that integrates advanced de-manufacturing processes with selective hydrometallurgical methods, allowing for the processing of various lithium-ion batteries regardless of their size, shape, or chemistry [3] - The first operational phase of the facility produces materials such as copper, aluminum, steel, lithium intermediate, and black mass, while the second phase aims to produce battery-grade nickel sulfate, cobalt sulfate, manganese sulfate, and lithium hydroxide [3] Group 3: Future Opportunities - The company is also evaluating opportunities related to its real property asset at 390 Logan Lane and its water rights holdings in Fernley, Nevada [4]

Financial Performance - ABTC reported revenue of $332,440 for the three months ended December 31, 2024, compared to $0 in the same period of the previous year [10]. - The net loss for the three months ended December 31, 2024, was $13,400,506, compared to a net loss of $10,177,859 for the same period in 2023 [10]. - Total operating expenses for the three months ended December 31, 2024, were $10,827,455, compared to $8,809,308 for the same period in 2023 [10]. - ABTC's accumulated deficit increased to $238,423,407 as of December 31, 2024, from $213,328,332 as of June 30, 2024 [12]. Cash and Assets - As of December 31, 2024, ABTC had total cash on hand of $20.6 million, including $15.6 million of available cash and $5 million of restricted cash [2]. - ABTC's total current assets increased to $30.5 million as of December 31, 2024, compared to $18.4 million as of June 30, 2024 [12]. Operational Developments - The company achieved a facility throughput in January 2025 that was over 225% higher than the average monthly throughput in the previous quarter [2]. - ABTC is in the process of establishing a second battery recycling facility with approximately 5 times the throughput capacity of its first facility, supported by a $144 million federal grant from the U.S. Department of Energy [2]. - The company is designing a commercial scale refinery with a capacity of 30,000 tonnes of lithium hydroxide per year, supported by a $57.7 million competitive grant from the U.S. DOE [7]. Government Grants - The company generated $2.3 million in government grant reimbursement for the six months ended December 31, 2024, up from $1.7 million in the same period of the prior year [2].

Financial Performance - Revenue for the three months ended December 31, 2024, was $332,440, compared to $0 for the same period in 2023, indicating a significant increase[12] - Gross loss for the six months ended December 31, 2024, was $5.31 million, compared to a gross loss of $0 for the same period in 2023[12] - Net loss for the three months ended December 31, 2024, was $13.40 million, compared to a net loss of $10.18 million for the same period in 2023, reflecting an increase in losses of 31.5%[12] - The company reported a net loss of $(13,400,506) for the period ending December 31, 2024[16] - The company reported a net loss of $25.1 million for the six months ended December 31, 2024, compared to a net loss of $19.1 million for the same period in 2023, representing a 31.6% increase in losses year-over-year[21] - The net loss attributable to common stockholders for the six months ended December 31, 2023, was $19,069,836, resulting in a net loss per share of $0.40[39] Assets and Liabilities - Total assets increased to $88.29 million as of December 31, 2024, up from $77.68 million on June 30, 2024, representing a growth of 13.5%[9] - Total liabilities increased to $17.69 million as of December 31, 2024, from $16.21 million on June 30, 2024, marking an increase of 9.1%[9] - Cash and cash equivalents rose to $15.62 million as of December 31, 2024, compared to $7.00 million on June 30, 2024, a growth of 123.2%[9] - The accumulated deficit reached $238.4 million as of December 31, 2024[24] - Total stockholders' equity increased to $70.60 million as of December 31, 2024, from $61.47 million on June 30, 2024, representing a growth of 14.7%[9] Expenses - General and administrative expenses for the three months ended December 31, 2024, were $7.67 million, up from $4.42 million in the same period of 2023, an increase of 73.5%[12] - Research and development expenses decreased to $2.92 million for the three months ended December 31, 2024, from $3.57 million in the same period of 2023, a decrease of 18.2%[12] - The company incurred stock-based compensation expenses of $9.5 million for the six months ended December 31, 2024, compared to $7.7 million for the same period in 2023, reflecting a 23.4% increase[21] - Stock-based compensation expense for the period was $2,420,747[15] Shareholder Information - The weighted average shares outstanding increased to 75,315,210 for the three months ended December 31, 2024, compared to 47,760,809 for the same period in 2023, an increase of 57.8%[12] - The total common shares outstanding increased to 73,342,037 as of September 30, 2024, from 64,061,763 as of June 30, 2024[15] - The total common shares outstanding as of December 31, 2024, reached 84,392,375[16] - The Company authorized a total of 1,666,667 shares of preferred stock, with 5 shares of Series D Preferred Stock issued and outstanding as of December 31, 2024[94] - The Company increased the number of authorized shares of common stock from 80,000,000 to 250,000,000 as of December 31, 2024[102] Financing Activities - The company reported a net cash provided by financing activities of $27.9 million for the six months ended December 31, 2024, compared to $23.6 million for the same period in 2023, showing an 18.8% increase[21] - The company issued 5,938,786 shares through an At-The-Market offering, raising $6,327,168 in capital[15] - The Company received $25.0 million from a Securities Purchase Agreement for senior secured convertible notes, with a total potential of $51.0 million[80] - The Company received total proceeds of $15.0 million from two securities purchase agreements in December 2024, net of offering costs of $1.1 million[112] Government Grants and Contracts - The company recognized $2.3 million of invoiced government funds as an offset to R&D costs during the six months ended December 31, 2024[54] - The company has a grant from the U.S. Department of Energy with a total budget of $4.5 million, of which it is eligible to receive up to $2.3 million in reimbursements[55] - The Company received a $2.0 million contract award from the USABC for a 30-month project focused on lithium-ion battery recycling, with $0.5 million in eligible reimbursements invoiced as of December 31, 2024, representing 100% of total eligible reimbursements[56] - The Company was selected for a $115.5 million project by the U.S. DOE to construct a lithium hydroxide refinery, eligible for up to $57.7 million in reimbursements, with $3.2 million invoiced as of December 31, 2024, representing 6% of total eligible reimbursements[57] - A $20.0 million project was awarded by the U.S. DOE for next-generation lithium-ion battery recycling techniques, with $1.1 million invoiced as of December 31, 2024, representing 11% of total eligible reimbursements[58] - The Company received a $144 million grant from the U.S. DOE for constructing a new lithium-ion battery recycling facility, announced on December 18, 2024[61] Operational Focus - The company is focused on increasing domestic U.S. production of battery materials through exploration and commercialization of new technologies[22] - The company is engaged in the exploration and commercialization of new technologies for battery metal extraction and recycling, aiming for a closed-loop supply chain[22] - The Company is advancing its Tonopah Flats Lithium Project, with over 50% of inferred mineral resources upgraded to measured and indicated classifications[71] Accounting and Compliance - The company is in the process of assessing the impact of recent accounting pronouncements on its financial disclosures, which may affect future reporting[49] - The Company identified errors in accounting standards that resulted in increased compensation costs of $2.2 million for the six months ended December 31, 2023[32]

Core Insights - American Battery Technology Company (ABTC) has reported significant advancements in its lithium-ion battery recycling facility and is developing two additional critical mineral facilities [1][3]. Financial Performance - For the three months ending December 31, 2024, ABTC generated revenue of $332,000 from recycled products, with a cash cost of goods sold amounting to $2.1 million [5][9]. - The company reported a gross loss of $2.97 million for the quarter, with total operating expenses of $10.83 million [9]. - As of December 31, 2024, ABTC had total cash on hand of $20.6 million, including $15.6 million in available cash and $5 million in restricted cash [5][9]. Operational Highlights - ABTC achieved a facility throughput in January 2025 that was over 225% of the average monthly throughput from the previous quarter, and in the first week of February 2025, throughput exceeded 350% of the average weekly throughput from the previous quarter [5]. - The company is in the process of establishing a second battery recycling facility with approximately five times the throughput capacity of the first facility, supported by a $144 million federal grant from the U.S. Department of Energy [5][9]. - ABTC has developed technologies to manufacture battery-grade lithium hydroxide from Nevada-based claystone and is constructing a pilot facility to demonstrate these technologies [5][9]. Strategic Initiatives - The company is concurrently commercializing its recycling and primary resource operations, allowing it to provide a diverse range of critical mineral products from domestic feed materials [3][4]. - ABTC has successfully completed safety audits and environmental reviews with several global automotive and battery manufacturers, indicating strong partnerships and market interest [5]. Future Outlook - ABTC is designing a commercial-scale refinery with a capacity of 30,000 tonnes of lithium hydroxide per year, backed by a $57.7 million competitive grant from the U.S. Department of Energy [5].

Core Insights - American Battery Technology Company (ABTC) is actively engaging in global discussions on the commercialization of critical battery mineral manufacturing processes, emphasizing its role in the battery supply chain [1][4][8] - The company has successfully scaled its battery recycling technology and developed innovative processes for lithium hydroxide manufacturing, aiming to enhance domestic production and reduce reliance on foreign sources [5][6][14] Group 1: Company Initiatives - ABTC participated in significant global events, including the Future Minerals Forum, World Economic Forum 2025, and the Round Table on Sustainable Development, showcasing its advancements in battery recycling and mineral manufacturing [1][2][12] - CEO Ryan Melsert delivered a keynote address at the Round Table on Sustainable Development, focusing on strategic catalysts for the company's commercialization efforts [2][3] - The company aims to create a circular battery economy by integrating recycling, mining, and battery metals manufacturing, thereby enhancing America's position in the global battery value chain [3][4][15] Group 2: Industry Context - The demand for critical battery minerals, such as lithium, nickel, cobalt, and graphite, has surged due to the growing clean energy technology sector, yet the supply chain remains concentrated and unsustainable [7][9] - ABTC's initiatives are positioned to localize operations and ensure supply chain security, addressing the challenges posed by the current global battery supply chain dominated by a few players [4][8] - The company is committed to fostering ethical and sustainable practices throughout the global supply chain, viewing this as both an opportunity and a responsibility [9]

Core Summary - American Battery Technology Company (ABTC) has initiated a new drill program to accelerate the commercialization of its Tonopah Flats Lithium Project (TFLP), which is one of the largest known lithium resources in the US, containing approximately 21.2 million tons of economically accessible lithium (LCE) [1][2] - The company aims to complete a prefeasibility study (PFS) to define the structural mine pit shape, enhance the 3D resource model, and understand high-grade continuity within the proposed pit [3] - ABTC has successfully manufactured battery-grade lithium hydroxide from TFLP claystone using its demonstration-scale facility and is constructing a 30,000 tonnes per year commercial-scale lithium hydroxide refinery at the TFLP site [6] Project Details - The drill program includes core sample collections to further define the resource in the unexplored southwest section of the claim block and potentially increase the overall lithium resource size [4] - ABTC has engaged Truth North Drilling for core sample collections and Barr Engineering for the design and development of the mine plan of operation and PFS publication [5] - The company has developed proprietary technologies to extract lithium from unconventional lithium-rich claystone in central Nevada, enabling low-cost and low-impact production of battery-grade lithium materials [7] Industry Context - Lithium products are typically manufactured from conventional feedstock resources like hard rock spodumene from Australia and lithium-rich brines from South America, but the US lacks significant quantities of these resources [7] - ABTC's focus on unconventional lithium-rich claystone positions it to significantly increase domestic US production of battery-grade lithium products, addressing the growing demand from electric vehicles, stationary storage, and consumer electronics industries [7][8]

Group 1: Export Controls and Retaliation - China has banned certain rare earth mineral exports to the United States in response to President Biden's export controls on chip manufacturing equipment and related technologies [1] - The ban includes critical rare earth elements such as germanium, gallium, antimony, and a stricter review of graphite, impacting the computer & technology and aerospace sectors [1][2] Group 2: Impact on Companies - MP Materials is the only active rare earth mining and processing site in the U.S., located at the Mountain Pass mine in California, which is now more critical due to the China ban [3][4] - The Mountain Pass mine primarily produces rare earth oxides and concentrates, but does not produce all 17 rare earth elements [5][6] - American Battery Technology Co. focuses on recycling lithium-ion batteries to recover materials like cobalt and nickel, which is essential for building America's supply chain [10][13][14] Group 3: Alternative Sources and Market Dynamics - The U.S. sources gallium, germanium, and antimony from countries outside of China, including Japan, South Korea, and Canada, limiting the immediate impact on chip companies [7] - The VanEck Rare Earth/Strategic Metals ETF provides a way to invest in the rare earths market, tracking global exploration, mining, and production companies [15][16]

Group 1 - American Battery Technology Company (ABTC) has entered into securities purchase agreements with two institutional investors for the purchase and sale of 3,773,586 shares of its common stock and warrants to purchase an aggregate of 3,773,586 shares in a registered direct offering [4] - The offering price is set at $2.65 per share, with the last closing market price being $2.60 per share, and the warrants have an exercise price of $2.80 per share, exercisable immediately and expiring five years from the initial exercise date [4] - The gross proceeds from the offering are expected to be approximately $10 million before deducting fees and expenses, with the closing anticipated around December 27, 2024, subject to customary closing conditions [1] Group 2 - A shelf registration statement relating to the offering was declared effective by the SEC on June 24, 2024, and the offering will be made only by means of a base prospectus and accompanying prospectus supplement [5] - American Battery Technology Company is focused on commercializing technologies for primary battery minerals manufacturing and secondary lithium-ion battery recycling, aiming to meet the demand from electric vehicles, stationary storage, and consumer electronics industries [6] - The company is committed to a circular supply chain for battery metals and is continuously innovating to support the global transition to electrification and sustainable energy [6]

Company Overview - American Battery Technology Company (ABTC) is based in Reno, Nevada, and focuses on technologies for domestically manufactured and recycled battery metals, essential for electric vehicles, stationary storage, and consumer electronics [2] - The company is committed to a circular supply chain for battery metals and aims to innovate in battery metals technologies to support the transition to electrification and sustainable energy [2] Securities Offering - ABTC has entered into securities purchase agreements with two institutional investors for the purchase of 5,000,000 shares of common stock and warrants to purchase an additional 5,000,000 shares at a combined offering price of $1.00 per share [3] - The warrants have an exercise price of $1.10 per share, are immediately exercisable, and will expire five years from the initial exercise date [3] Financial Details - The gross proceeds from the offering are expected to be approximately $5 million before deducting placement agent fees and other estimated expenses, including a required 20% excess cash payment to existing debtholders [8] - The closing of the offering is anticipated to occur on or about December 23, 2024, subject to customary closing conditions [8] Regulatory Information - A shelf registration statement on Form S-3 relating to the offering was declared effective by the SEC on June 24, 2024, and a prospectus supplement will be filed with the SEC [6]