Industry Overview - Clean tech companies supporting the AI boom are surviving and thriving [1] Market Trends - The clean tech industry has faced challenges in recent years [1]

Company Performance & Growth - Pilbara Minerals Limited (PLS) achieved record FY25 production of 755kt[4] - PLS has ~$1 billion self-funded growth cycle complete and $1.6 billion liquidity[5] - Pilgangoora Mineral Resource updated, delivering a 23% increase in contained lithium[24, 50] - Pilgangoora Resource further grown 10% to 446Mt with grade improvement to 1.28%[25] Strategic Positioning & Diversification - PLS is geographically and strategically diversified with exposure to established and ex-China supply chains[6, 7] - PLS acquired the Colina Project in Brazil, diversifying its asset portfolio[23] - PLS has an 18% interest in a lithium hydroxide (LH) facility in Gwangyang, South Korea, with a nameplate capacity of 43ktpa[32] Market & Industry Trends - The lithium industry is evolving, shaped by volatility, emerging maturity, and rising end-use demand[9] - Clean energy investment in 2025 is projected at US$2.2 trillion, with solar investment at US$450 billion[17] - EV sales grew by 26% from 2023 to 2024, and BESS sales grew by 51%[17] Future Priorities - PLS' FY26 priorities include operational excellence, disciplined cost control, and capital efficiency[36]

Core Viewpoint - Acceleware Ltd. reported significant financial improvements in Q1 2025, with a notable increase in revenue and a reduction in comprehensive loss, while continuing to advance its RF XL technology for decarbonizing heavy oil and oil sands production [1][11][12]. Financial Highlights - Revenue for Q1 2025 was CAD 431,226, a substantial increase from CAD 43,594 in Q1 2024 [2][11]. - Comprehensive loss decreased to CAD 382,195 in Q1 2025 from CAD 969,971 in Q1 2024 [2][12]. - R&D expenditures were CAD 420,829 in Q1 2025, down from CAD 501,115 in Q1 2024 [2][13]. RF XL Pilot Progress - The RF XL Pilot in Marwayne, Alberta, demonstrated the technology's potential, achieving over 200 days of RF power injection into the heating well [3][4]. - The company is preparing for a second phase of heating, with an estimated cost of CAD 5 million, and has secured CAD 1.3 million in non-dilutive funding from CRIN [4][9]. Commercialization Strategy - Management is conducting a strategic review to identify optimal heavy oil reservoirs for RF XL technology commercialization, focusing on areas like the McMurray oil sands and Clearwater [5][6]. - The company aims to enhance production and cash flow by potentially acquiring rights to a heavy oil property and applying RF XL as a secondary recovery method [6]. Intellectual Property Development - Acceleware has a total of 62 patents related to its technologies, with 28 granted and 34 pending [8]. Future Outlook - The company plans to initiate a second phase of heating at the RF XL Pilot after addressing technical issues, with funding efforts ongoing [9][10].