Core Points - Sandfire Resources America Inc. has entered into a fourth variation agreement to its bridge loan agreement with its largest shareholder, Sandfire BC Holdings, and its subsidiary, Tintina Montana [1][2] - The borrowing capacity under the bridge loan has been increased from up to US$40 million to up to US$50 million, allowing for one or more advances [2] Financial Details - The Fourth Variation allows for an increase in the total borrowing amount to US$50 million, which is a US$10 million increase from the previous limit [2] - All other terms and conditions of the bridge loan remain unchanged except as amended by the Fourth Variation [2]

Market Overview - AirJoule Technologies Corporation's Total Addressable Market (TAM) is estimated at approximately $455 billion, with $100 billion in atmospheric water harvesting and $355 billion in HVAC sectors[178]. Revenue and Financial Performance - As of September 30, 2024, the company has not earned any revenue from the sale of AirJoule systems[182]. - Loss from operations for Q3 2024 was $(2,376,855), an improvement of $2,177,762 compared to a loss of $(4,554,617) in Q3 2023[213]. - Total other income for Q3 2024 was $36,125,418, compared to $6,264 in Q3 2023, an increase of $36,119,154[213]. - Net income for Q3 2024 was $35,016,858, compared to a net loss of $(4,548,353) in Q3 2023, an improvement of $39,565,211[213]. - Interest income for the three and nine months ended September 30, 2024, was $0.4 million and $0.6 million, respectively, compared to $6.3 million and $9.8 million for the same periods in 2023, reflecting a significant decrease due to changes in cash balance[222]. - A gain of $333.5 million was recognized for the nine months ended September 30, 2024, on the contribution to AirJoule, LLC, attributed to the fair value of the intellectual property transferred[222]. - Equity loss from the investment in AirJoule, LLC amounted to $2.3 million for the three months and $3.0 million for the period from March 4, 2024, to September 30, 2024[224]. - The change in fair value of Earnout Shares liability resulted in a gain of $31.8 million and $37.2 million for the three and nine months ended September 30, 2024, respectively[224]. Expenses - Operating expenses are categorized into general and administrative, research and development, sales and marketing, transaction costs, and depreciation and amortization[183][184][185]. - General and administrative expenses for Q3 2024 were $2.4 million, down from $3.6 million in Q3 2023, a decrease of $1.1 million[214]. - Research and development expenses for Q3 2024 were $(0.1) million compared to $0.8 million in Q3 2023, a decrease of $0.9 million[216]. - Sales and marketing expenses for Q3 2024 were $23,639, significantly lower than $167,890 in Q3 2023, a decrease of $144,251[218]. - Research and development expenses for the nine months ended September 30, 2024 were $1.8 million, down from $2.5 million in the same period of 2023, a decrease of $0.7 million[217]. - General and administrative expenses for the nine months ended September 30, 2024 were $6.5 million, an increase of $0.9 million from $5.6 million in the same period of 2023[215]. - Transaction costs related to the business combination included non-cash recognition of earnout liabilities of approximately $53.7 million[219]. - Depreciation expense for Q3 2024 was $2,136, compared to $1,086 in Q3 2023, an increase of $1,050[221]. Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024, was $21.6 million, compared to $4.0 million for the same period in 2023[239]. - Net cash used in investing activities was $10.0 million for the nine months ended September 30, 2024, primarily due to contributions made to AirJoule, LLC[241]. - Net cash provided by financing activities was $61.9 million for the nine months ended September 30, 2024, mainly from the issuance of common stock related to private placements[242]. Future Outlook - Future capital requirements will depend on the success of product launches and research and development efforts, with potential additional contributions of up to $90 million to the AirJoule joint venture[231]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay compliance with certain accounting standards[244]. Partnerships and Business Strategy - The company has established partnerships with Pacific Northwest National Laboratory, BASF, and CATL to accelerate manufacturing and commercialization efforts[179]. - The company is focused on scaling manufacturing through global joint ventures to address water scarcity and global warming[177]. - The company aims to provide energy-efficient solutions for water generation and HVAC systems, addressing rising water stress and demand for comfort cooling[178]. - The company has a history of losses and is dependent on revenue from a single product, which poses risks to future viability[177]. Corporate Changes - The company changed its name from Montana Technologies Corporation to AirJoule Technologies Corporation effective November 13, 2024[180]. - The Earnout Shares liability is estimated using a Monte Carlo simulation, assuming $50 million of Annualized EBITDA per production line over a five-year period[192].

Financial Performance - Net income for September 2024 was $35,016,858, compared to a net loss of $4,548,353 in September 2023, representing a significant turnaround[13]. - Total revenue for the year 2024 reached $230,002,045, a substantial increase from a loss of $8,420,824 in the previous year[14]. - The company reported a loss from operations of $63,106,230 in 2024, down from $8,430,639 in 2023, reflecting improved operational efficiency[13]. - Basic net income per share for Class A common stock was $0.63 in 2024, a recovery from a loss of $0.12 in 2023[13]. - The company experienced a total other income of $36,125,418 in 2024, a notable increase from $6,264 in 2023, reflecting enhanced financial performance[13]. Assets and Liabilities - The company reported total current assets of $33.6 million as of September 30, 2024, compared to $502,767 at the end of 2023[11]. - Total liabilities increased to $108.7 million as of September 30, 2024, from $6.5 million at the end of 2023[11]. - The cash balance at the end of the period increased to $30,687,544 in 2024, up from $1,329,444 in 2023, indicating improved liquidity[14]. Cash Flow and Financing - Cash flows from operating activities showed a net cash used of $21,561,224 in 2024, compared to $4,047,533 in 2023, highlighting increased operational expenditures[14]. - The company raised $61,750,000 from the issuance of common stock in 2024, contributing to a net cash provided by financing activities of $61,889,003[14]. Research and Development - Research and development expenses decreased to $1,809,814 in 2024 from $2,518,836 in 2023, indicating a focus on cost management[13]. Business Development and Operations - AirJoule Technologies ended Q3 2024 with $30.7 million in cash and cash equivalents, providing sufficient liquidity to support operations through expected commercial sales in 2026[2]. - The Newark, Delaware facility is expected to have its initial manufacturing line and assembly operations operational by mid-2025, transitioning product development from Polson, MT[5]. - AirJoule Technologies anticipates delivering its first commercial-scale preproduction units by mid-2025, with expectations of superior water production and energy efficiency[3]. - The company signed MOUs with TenX Investment, Climate Impact Corporation, and Clairity Technology to advance atmospheric water harvesting and industrial dehumidification applications[3]. - AirJoule Technologies opened its first international office in the UAE to enhance business development in the Gulf Cooperation Council region[2]. - The company has a strong interest in its technology demonstrated at the Water, Energy, Technology, and Environment Exhibition in Dubai, indicating market demand for innovative water solutions[4]. Stock Information - AirJoule Technologies' stock and warrants continue to trade on the Nasdaq under the ticker symbols "AIRJ" and "AIRJW" respectively[2]. Equity Adjustments - The change in fair value of Earnout Shares liability was reported at $31,759,000 in 2024, compared to no previous value, suggesting significant adjustments in equity[13].

Core Points - The company has changed its name from Montana Technologies Corporation to AirJoule Technologies Corporation to better reflect its focus on AirJoule® technology for atmospheric water harvesting [1][2] - The new name aligns with the company's joint venture with GE Vernova, aimed at advancing and commercializing products utilizing AirJoule® technology [2][4] - The CEO emphasized that the name change enhances the company's visibility and strengthens connections with customers, partners, and investors who share the vision for addressing global water needs [3] Company Overview - AirJoule Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, a technology that efficiently harvests water from the atmosphere while providing sustainable air dehumidification [4] - The technology is designed to reduce energy consumption and generate cost efficiencies, and is being commercialized through partnerships with GE Vernova, Carrier Global Corporation, and BASF [4]

Core Viewpoint - Montana Technologies Corporation is set to report its third quarter 2024 financial results on November 13, 2024, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The company will announce its third quarter 2024 financial results after market close on November 13, 2024 [1]. - A conference call and Q&A session will take place at 5:00 PM ET on the same day to discuss the financial results [1]. Group 2: Company Overview - Montana Technologies Corporation (NASDAQ: AIRJ) specializes in the development of AirJoule®, a technology for atmospheric water harvesting that efficiently extracts water from the air [3]. - The AirJoule® technology aims to reduce energy consumption and create cost efficiencies, and is being commercialized through a joint venture with GE Vernova and partnerships with Carrier Global Corporation and BASF [3].

Core Insights - Calumet, Inc. reported a net loss of $100.6 million for Q3 2024, with a basic loss per common share of $1.18, compared to a net income of $99.8 million in Q3 2023 [1][2] - The company achieved an Adjusted EBITDA of $49.8 million in Q3 2024, down from $75.4 million in the same quarter last year [1][2] - Montana Renewables set a new record for Sustainable Aviation Fuel (SAF) production, and the specialties business reached its highest production levels in over five years [1][2] - Calumet announced a conditional commitment for a $1.44 billion loan from the Department of Energy (DOE) to support renewable fuels and biomass energy facility expansion [1][2][3] - The company successfully transitioned from a Master Limited Partnership (MLP) to a C-Corporation structure [1][2] Financial Performance - Q3 2024 sales totaled $1,100.4 million, a decrease from $1,149.4 million in Q3 2023 [2][13] - Gross profit for Q3 2024 was $4.9 million, significantly lower than $261.5 million in Q3 2023 [2][13] - The Adjusted gross profit for Q3 2024 was $46.5 million, down from $56.7 million in the same quarter last year [2][13] - Total corporate costs for Q3 2024 were $(19.1) million, compared to $(14.6) million in Q3 2023 [2] Operational Highlights - The Specialty Products and Solutions segment reported an Adjusted EBITDA of $42.6 million in Q3 2024, up from $38.6 million in Q3 2023 [2] - The Performance Brands segment achieved an Adjusted EBITDA of $13.6 million in Q3 2024, slightly higher than $13.2 million in Q3 2023, driven by a 19% increase in year-over-year volumes [2] - The Montana/Renewables segment reported Adjusted EBITDA of $12.7 million in Q3 2024, down from $38.2 million in the prior year, reflecting improved operating results and higher volumes despite lower results from the specialty asphalt plant [2] Production Metrics - Total sales volume for Q3 2024 was 92,275 barrels per day (bpd), compared to 82,787 bpd in Q3 2023 [4] - The total feedstock runs for Q3 2024 were 81,480 bpd, slightly down from 82,409 bpd in Q3 2023 [4] - The Montana/Renewables segment produced 22,341 bpd in Q3 2024, an increase from 19,197 bpd in Q3 2023 [4] Strategic Initiatives - The company is focused on executing strategic initiatives to enhance shareholder value, including the expansion of renewable fuel production capabilities [1][2] - The DOE loan commitment is expected to position Montana Renewables as one of the largest SAF producers globally, with a production capacity of approximately 300 million gallons of SAF [1][3]

Financing and Investment - Montana Technologies completed a $12 million private placement financing, issuing approximately 1.2 million shares to support the commercialization of the AirJoule system[12]. - The investment in AirJoule, LLC is valued at approximately $342.9 million[19]. - The company incurred transaction costs of $54,693,103 related to business combinations, highlighting strategic growth initiatives[21]. Financial Performance - Net income for June 2024 reached $194,985,187, a significant increase from a net loss of $3,872,471 in June 2023[23]. - Total operating expenses for June 2024 were $60,729,375, compared to $3,876,022 in June 2023, indicating a substantial increase in operational costs[21]. - The company reported a gain of $333,500,000 from its contribution to AirJoule, LLC, which positively impacted overall income[21]. - Basic net income per share for Class A common stock was $0.25 in June 2024, compared to a loss of $0.08 in June 2023[21]. - Cash flows from operating activities showed a net cash used of $17,576,561 in 2024, compared to $1,856,812 in 2023, reflecting increased operational expenditures[23]. - The company experienced a net increase in cash of $34,272,815, ending the period with $34,648,611 in cash compared to $3,523,090 in the previous year[23]. - Equity loss from investment in AirJoule, LLC was $607,170, reflecting the company's ongoing involvement in this venture[23]. - The weighted average Class A common stock outstanding increased to 49,560,529 in June 2024 from 32,667,171 in June 2023, indicating potential dilution effects[21]. Operations and Development - The company ended the quarter with $35 million in cash, providing sufficient liquidity to support operations through expected commercialization in 2026[2]. - A new 30,000 square foot manufacturing facility is being built in Newark, Delaware, with an expected operational date in mid-2025[11]. - The company expanded its business development and operations teams by hiring several key personnel to enhance commercialization efforts[9]. - Research and development expenses totaled $1,896,961 for the year ending June 2024, up from $1,704,087 in the previous year, indicating ongoing investment in innovation[21]. Strategic Partnerships and Technology - The company signed a Memorandum of Understanding with TenX to deploy AirJoule units for water security projects in the UAE[7]. - Collaboration with Climate Impact Corporation aims to develop solar-powered hydrogen production using AirJoule technology in Australia[8]. - AirJoule technology is expected to significantly reduce power consumption in HVAC systems compared to conventional moisture removal methods[5]. - AirJoule's atmospheric water harvesting capabilities are positioned to outperform competing technologies, targeting industries such as agriculture and manufacturing[6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-41151 MONTANA TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-41151 MONTANA TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | ...

Exhibit 99.1 Montana Technologies Announces First Quarter 2024 Results Ronan, MT, May 20, 2024 - Montana Technologies Corporation (NASDAQ: AIRJ) ("Montana Technologies"), the developer of AirJoule, a transformational atmospheric thermal energy and water harvesting technology, today announced its first quarter results. Key Highlights ● Closed business combination (the "Business Combination") with Montana Technologies LLC ("Legacy Montana") and renamed the combined company "Montana Technologies Corporation" o ...