Iondrive (ION) Q4 2024 earnings summary

Executive summary

• Pre-Feasibility Study (PFS) for lithium-ion battery recycling technology is on track for completion in October 2024, aiming to de-risk commercialization and leverage early mover advantage in a rapidly growing market.

• The DES-based recycling process demonstrated high metal recoveries (>95%) and low solvent losses (<2%) in large-scale bench trials, supporting scalability and economic viability.

• Strategic collaborations and benchmarking studies with Wood Group, RWTH Aachen University, and Koch Modular Process Systems are underway to optimize process economics and plant design.

• Exploration activities in South Korea, under a joint venture with KoBold Metals, yielded promising lithium assay results and ongoing fieldwork.

• $2M placement completed to fund PFS, industry collaborations, pilot plant planning, and working capital.

Financial highlights

• Net cash inflows for the quarter totaled $400,000, with operating outflows of $618,000, investing inflows of $46,000, and financing inflows of $992,000.

• Consolidated cash balance at 30 June 2024 was $2,759,000.

• Estimated quarters of funding available is 4.5, indicating a strong liquidity position.

Outlook and guidance

• PFS completion expected in October 2024, with independent verification of bench trial results due by end of July.

• Anticipated R&D Tax Incentive claim in excess of $500,000 and further funding from KoBold and placement proceeds in the next quarter.

• Focus remains on advancing battery recycling technology, pilot plant development, and expanding industry partnerships.