Financial Data and Key Metrics Changes - The company ended Q3 2025 with $2.9 million in cash and cash equivalents, an increase from $1.9 million at the end of Q2 2025 [11] - Total operating costs were approximately $2.7 million for the quarter, down from $3 million in the prior year period, reflecting continued cost discipline [12] - The net loss for the quarter was $2.8 million, or negative $1.52 per share, compared to a net loss of $4.7 million, or negative $6.87 per share in Q3 2024 [12] - Year-to-date net loss improved to $12.3 million, or negative $7.41 per share, from $19.2 million, or negative $27.63 per share in the same period last year, a reduction of more than one-third [12] Business Line Data and Key Metrics Changes - The company successfully processed one metric ton of lithium iron phosphate (LFP) cathode scrap at pilot scale, producing battery-grade lithium carbonate validated by OEM and third-party testing [6] - The company has established MOU agreements with Mobi Robotics and Impossible Metals, extending the AquaRefining platform into deep-sea mineral feedstocks rich in nickel, cobalt, manganese, and rare earth elements [7] Market Data and Key Metrics Changes - The company regained compliance with NASDAQ listing requirements, strengthening its market position as it advances toward commercial operations [7] - The company anticipates a modest increase in cash use as it ramps up R&D, process optimization, and site readiness efforts in support of commercialization [13] Company Strategy and Development Direction - The company aims to build its first commercial-scale AquaRefining facility based on secured feedstock and market demand, emphasizing a disciplined approach to avoid unnecessary dilution [17][24] - The company sees a consolidating industry with fewer technically validated, financially strong recyclers, positioning itself as a key player in this evolving landscape [9][33] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of securing commercial partnerships and feedstock before committing to facility construction, indicating a cautious yet strategic approach [17][24] - The company expects to continue advancing multiple initiatives in commercial and strategic partnerships, with updates anticipated as early as the current quarter [37] Other Important Information - The company raised approximately $4.1 million through its ATM and equity line programs during the quarter, maintaining flexibility while supporting pilot operations and commercial planning activities [11] - A total of $17.1 million in new funding was secured, providing multiple quarters of strategic runway and flexibility [5] Q&A Session Summary Question: What are the biggest gating factors to securing the first build? - Management emphasized the importance of discipline in construction timing, aligning with market demand and feedstock certainty rather than speculation [17][18] Question: How are the partnership discussions progressing? - Management noted increasing interest from OEMs and commercial partners, with deeper engagement and validation of results from pilot operations [20][21] Question: What is the company's comfort level regarding securing feedstock? - Management expressed confidence in the availability of feedstock, highlighting the need to secure bankable contracts before proceeding with facility construction [24] Question: Can you provide more details on the nickel product pathway? - Management discussed the long-term view on nickel production and the potential for deep-sea mining, emphasizing the unique capabilities of the company to produce metals for various markets [26][27]

Core Viewpoint - The increasing retirement of electric vehicle batteries has led to significant pressure for proper waste battery disposal and resource recycling, highlighting the urgent need for effective recycling technologies [1][2]. Group 1: Industry Developments - The project "Efficient Stripping and Regeneration Technology for Retired Lithium Iron Phosphate Power Battery Cathode Materials" from Nanjing University of Information Science and Technology has been recognized as one of the top ten technological advancements in the environmental energy sector in Jiangsu Province for 2024 [1]. - The project aims to address the challenges of high energy consumption, pollution, and low efficiency in the lithium-ion battery recycling industry by focusing on the recycling of cathode materials [1]. Group 2: Technological Innovations - The proposed "Efficient Stripping and Regeneration" method involves the precise separation of core cathode materials from retired batteries, allowing for the recovery of lithium iron phosphate and its reintegration into battery manufacturing [2]. - A demonstration line and production line have been established in Jiangyan District, Taizhou City, Jiangsu Province, in collaboration with local enterprises to facilitate the transformation of this technology [2].