Financial Data and Key Metrics Changes - The company achieved record high revenues of approximately $4.8 million for the quarter ending December, along with an additional $300,000 in interest income, totaling $5.1 million in revenue and interest income for the quarter [5][14] - Operating costs increased to about $4.9 million for cash expenses, with total costs including non-cash items reaching approximately $6.4 million, indicating a close alignment between revenue generation and operational costs [6][8] - The company reported a cash balance of $48.7 million at the end of the quarter, marking one of the highest cash positions in years and eliminating all debt, resulting in a strong balance sheet [7][8] Business Line Data and Key Metrics Changes - The company operates two main business units: lithium-ion battery recycling and lithium hydroxide production from claystone [2][3] - The first recycling facility has scaled operations significantly, receiving increased material from both the automotive sector and stationary grid battery energy storage systems [8][9] - The second battery recycling facility is under design and construction in the Southeast US, while the Tonopah Flats Lithium Project is progressing through permitting and feasibility studies [10][12] Market Data and Key Metrics Changes - The company has received substantial material from the Moss Landing project in Northern California, contributing significantly to feedstock for the recycling facility [16] - The company has established strong relationships with the EPA, receiving a rare CERCLA certification to manage materials from various stationary facilities [9] Company Strategy and Development Direction - The company is focused on implementing a closed-loop infrastructure for battery recycling and critical mineral extraction, aiming to close the supply chain for lithium [3][4] - The strategic direction includes ramping up operations at existing facilities while also advancing the construction of new facilities to meet growing demand [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about passing the break-even point for the recycling plant and continuing to grow margins as operational efficiencies are implemented [7] - The company is actively engaging with federal agencies to expedite the permitting process for the Tonopah Flats Lithium Project, which is expected to be a competitive facility in the market [12][13] Other Important Information - The company has published a pre-feasibility study indicating attractive returns for the lithium hydroxide facility, with a production cost of just over $4,300 per ton [13][14] - The company is working on a definitive feasibility study to finalize the design and secure investment for the lithium refinery [14] Q&A Session Summary Question: Can you discuss progress related to the ramp-up of the $30 million EPA cleanup agreement? - Management confirmed that the Moss Landing project has been receiving material since the end of summer, contributing significantly to the factory's feedstock, and they are on pace to receive more material from this and other sources [16]

Core Insights - Mandrake Resources has entered a supply agreement with Stardust Power to deliver up to 7,500 tons of lithium chloride annually to Oklahoma [1][3] - Stardust plans to produce up to 50,000 metric tons of battery-grade lithium carbonate per year once its Muskogee facility is operational [2][3] - The partnership between Mandrake and Stardust is set for a minimum of twelve years, with an option to extend until 2042 [3] Strategic Context - The agreement aligns with the U.S. efforts to reduce reliance on critical minerals from potentially hostile countries, particularly China [4] - Mandrake's control of a Utah location provides a strategic advantage in the supply chain [5] Financial and Development Aspects - The Muskogee facility is backed by approximately US$257 million in state incentives and funding [5] - Stardust aims to enhance sustainable energy leadership and create jobs through this project [6]

Core Viewpoint - Stardust Power Inc. has signed a Letter of Intent with Prairie Lithium to secure a supply of 6,000 metric tons per annum of lithium carbonate equivalent, which is crucial for the company's lithium processing operations in Oklahoma and supports its growth strategy [1][2][7]. Supply Agreement Details - The supply agreement with Prairie Lithium will provide a near-term feedstock that accelerates Stardust Power's business model and reduces risks associated with the development of Phase 1 [2][7]. - The agreement allows for flexibility in future phases to incorporate multiple chloride sources as production scales [2]. - Initial deliveries are expected to start in 2027, with the potential to scale up to 6,000 metric tons per annum, and Prairie Lithium has identified a production capacity of up to 17,000 metric tons per annum [3][7]. Strategic Location and Infrastructure - Feedstock will be delivered to the Port of Muskogee's Free Trade Zone, which offers strategic access to transportation networks and potential tariff exemptions [3]. - The Prairie Lithium Project is located in a resource-rich area with access to critical infrastructure, including electricity, water, and transportation [5][9]. Operational and Financial Implications - The agreement enhances Stardust Power's commercial position and opens new financing opportunities, including project-level debt and equity [7]. - The company is advancing in permitting and construction, with ground already broken at the Muskogee site, indicating strong operational execution [7]. Commitment to Sustainability - Stardust Power emphasizes its commitment to sustainability and aims to bolster North America's energy security through resilient supply chains [8][9]. - Prairie Lithium's project is designed to minimize environmental impact by using less freshwater and land, aligning with sustainable lithium production goals [9].

Financial Performance - Q4 FY2025 revenue increased to $2.8 million, a 183% increase from $1.0 million in Q3 FY2025[13] - FY2025 revenue substantially increased to $4.3 million, a 1,149% increase from $0.3 million in FY2024[13] - FY2025 cash cost of goods sold increased by 483% to $10.5 million, compared to $1.8 million in FY2024, which is far below the rate of revenue growth[13] - FY2025 total operating expenses decreased 30% to $31.4 million, from $44.8 million in FY2024[13] - The company's cash balance was $25.4 million as of September 15, 2025[13] Battery Recycling Business - Q4 throughput at the first battery recycling facility increased 70% over Q3[17] - The company completed all requirements in its contract with the U S Advanced Battery Consortium (USCAR) in FY2025[17] - The company was awarded a $144 million grant from the U S DOE for the construction of a second battery recycling facility[17] Claystone to LiOH Business - The company successfully manufactured battery-grade lithium hydroxide from Nevada-based claystone at its multi-tonne per day integrated pilot facility[24] - The company completed all requirements in its $2.3 million grant award from the U S DOE for the claystone to lithium hydroxide pilot facility[25] - The company designed a commercial scale lithium refinery as part of its Tonopah Flats Lithium Project to manufacture 30,000 tonnes of lithium hydroxide per year[25] Other Highlights - The company's Tonopah Flats Lithium Project was selected as a Transparency Priority Project and a Covered Project to streamline permitting processes[28] - The company received an approved Letter of Interest from the US Export-Import Bank for a $900 million low-interest loan for the Tonopah Flats Lithium Project[28]

Core Points - American Battery Technology Company (ABTC) has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for $900 million in financing to support the construction of a commercial-scale lithium mine and a lithium hydroxide refinery in Nevada [1][13][14] - The project aligns with EXIM's initiatives to promote domestic manufacturing of critical minerals and reduce reliance on foreign supply chains, particularly from China [2][14] - ABTC's lithium mine and refinery project is part of a broader U.S. government effort to increase domestic mineral production, as outlined in an Executive Order from March 2025 [3] Company Overview - ABTC is focused on commercializing technologies for primary battery minerals manufacturing and lithium-ion battery recycling [1][8] - The company has developed low-cost and low-impact technologies to extract lithium from unconventional claystone resources found in central Nevada [5][6] - ABTC has partnered with Black & Veatch for the design and construction of a 30,000 tonne per year lithium hydroxide refinery, which is based on one of the largest known lithium resources in the U.S. [4][13] Industry Context - The U.S. currently lacks large quantities of conventional lithium feedstock, which necessitates the development of alternative sources like the claystone in Nevada [5] - The demand for domestically produced lithium is critical for supporting the electric vehicle, stationary storage, and consumer electronics industries [8][6] - The EXIM Bank plays a vital role in supporting U.S. businesses by providing financing options to enhance competitiveness in global markets [9]