Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1,600,000, an increase from $900,000 as of December 31, 2024 [41] - The net loss for Q3 2025 was $4,500,000, which is a decrease of $5,600,000 year-over-year, primarily due to reduced expenses related to the business combination [42] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter [43] Business Line Data and Key Metrics Changes - The company is currently pre-revenue as it has not yet commenced commercial production of battery-grade lithium carbonate [40] - The Muskogee refinery is designed to have a Phase one capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in Phase two [22] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [13] - A North American lithium pricing environment is forming, which is beginning to separate from traditional benchmarks in China, Japan, and Korea [14] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives [6] - The focus is on aggregating and unlocking lithium supply that might not otherwise reach the market, emphasizing onshoring critical minerals [7] - The company is actively securing feedstock through agreements with upstream partners, such as Prairie Lithium and Mandrake Resources [18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for lithium driven by electric vehicles and energy storage, with expectations for continued growth [7] - The geopolitical landscape and U.S. policy actions reinforce the need for a secure domestic critical mineral supply chain [9] - The outlook for lithium remains strong, with steady pricing recovery anticipated through 2026 [14] Other Important Information - The company completed a one-for-ten reverse stock split to maintain its NASDAQ listing [31] - Significant progress has been made in project finance, with independent engineers' validation of the FEL3 nearing completion [32] Q&A Session Summary Question: Additional color on government financing conversations - Management confirmed ongoing discussions with the government regarding equity investments and support for onshoring processing capacity [47] Question: Liquidity options to maintain the balance sheet - Management indicated multiple options for raising capital, including increased volume since summer and limited non-project capital costs moving forward [48][49] - Operational costs are expected to remain similar to current levels, with a focus on running a lean operation [51]