International Battery Metals (IBAT) Precious Metals & Critical Minerals Virtual Investor Conference summary

Conference highlights

• Presented advancements in direct lithium extraction (DLE) technology, emphasizing modular, U.S.-sourced solutions and a secure supply chain.

• Discussed robust global lithium demand growth, projected to reach 4–6.5 million metric tons by 2035, driven by EVs and energy storage.

• Outlined the shift toward nearshoring and supply chain diversification away from China, with policy support in the U.S., Europe, and other regions.

• Highlighted successful commercial-scale DLE plant operations in Utah, producing over 25 tons of battery-grade lithium carbonate.

• Stressed the importance of ongoing R&D, patent protection, and a focus on being the low-cost operator in the lithium sector.

Strategic initiatives and outlook

• Actively pursuing redeployment of the modular plant, targeting operational status in 2026, with modifications for lower lithium concentrations.

• Engaged in multiple projects across North America, South America, and the Middle East, including partnerships and exclusive collaborations.

• Exploring three commercial models: licensing, service/lease, and project participation, to align with diverse customer needs.

• Management team with deep infrastructure and commodity experience, focused on execution and scaling operations.

• Identified key catalysts for the next 12 months, including plant redeployment and potential new pilot plant announcements.

Industry trends and technology differentiation

• DLE market expected to grow to 15–20% of global lithium supply by 2035, with modular technology offering lower capital intensity and scalability.

• Proprietary media enables high selectivity, efficiency, and resiliency, reducing refining costs and supporting long-term plant operation.

• Emphasized the need for low-cost production to remain profitable through commodity cycles, given the lack of lithium hedging instruments.

• Addressed skepticism about DLE by referencing proven commercial viability and ongoing improvements in technology.

• Anticipated continued policy and industrial focus on critical mineral supply chain security, regardless of political changes.