American Battery Technology Company Releases First Fiscal Quarter FY2023 Financial Results
Increased Investment in the Acceleration of Its Critical Minerals Extraction Technologies, and Significant Reduction in Operating Costs, Reinforce Capabilities to Address Domestic Battery Metals Supply Shortages
RENO, Nev., Nov. 15, 2022 /PRNewswire/ -- American Battery Technology Company (ABTC) (OTCQB: ABML), an American critical battery materials company that is commercializing both its primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies, is pleased to announce financial results from its first fiscal quarter 2023, ending on September 30, 2022.
ABTC Q1 Fiscal FY2023 Financial Results Reinforce Capabilities to Address Domestic Battery Metals Supply Shortages
The company has continued to advance the construction of its lithium-ion battery recycling ABTC Pilot Plant in Fernley, Nev, while also further investing in the development of its Tonopah Flats Lithium Project near Tonopah, Nev. These projects are key to accelerating the commercialization and scale-up of ABTC's first-of-kind, low-cost, and low-environmental impact lithium-ion battery recycling and primary battery metals manufacturing processes.
Key highlights from the first fiscal quarter of 2023 include:
Cash was $20.9 million as of September 30, 2022; investments in property and equipment continue at the battery recycling ABTC Pilot Plant
Total operating costs were down 87% year-over-year for the quarter ended September 30, 2022, largely due to a reduction of $17 million in stock issued for professional services as compared to the three months ended September 30, 2021
The company invested a total of $0.5 million in research and development, offset by $0.3 million in grant income, up 140% from the prior year
"We are excited to be completing the construction of our ground-up, internally designed battery recycling facility and to be moving into the installation and commissioning of our processing and utility equipment," stated ABTC CEO Ryan Melsert. "There is immense demand for domestic-US sourced recycled battery metals, and we are engaging with our strategic partners to deliver these products to market as rapidly as possible."
A continued focus on operating costs has resulted in a significant decrease in year-over-year expenses, as the company has brought key talent in-house to advance the construction and development of the battery recycling ABTC Pilot Plant and primary lithium extraction technologies, reducing the reliance on external consultants and driving operational efficiencies. ABTC expects the first fiscal quarter operating expenses to reflect its run-rate operating expenses, until the Pilot Plant begins operations.
The company has also increased its investment in research and development. The investments ABTC continues to make advance the extraction of critical minerals through both its advanced hydrometallurgical process for recycling lithium-ion batteries and its extraction and manufacturing of lithium hydroxide from its claystone resources. These investments are offset by income received for grants previously awarded to ABTC by the U.S. Advanced Battery Consortium and the U.S. Department of Energy's (DOE) Advanced Manufacturing Office.
Subsequent to the end of the quarter, the company was selected for a competitive award from the U.S. DOE through the Bipartisan Infrastructure Law for approximately $57 million to support the construction of its commercial-scale primary lithium hydroxide manufacturing facility to develop its unconventional, sedimentary claystone resource near Tonopah, Nev. This recent grant accelerates progress on the demonstration and facility commercialization efforts already underway, as ABTC, in collaboration with DuPont and the University of Nevada, Reno, was awarded a $4.5 million grant from the U.S. DOE in 2021 to build and operate a multi-ton per day demonstration-scale system to accelerate the commercialization and scale-up of this critical lithium manufacturing technology.
The company also intends to advance the development of its lithium-bearing sedimentary claystone deposit with an SK-1300 compliant Inferred Resource report during Fall 2022.
About American Battery Technology Company
American Battery Technology Company is uniquely positioned to supply low-cost, low-environmental impact, and domestically sourced battery metals through its three divisions: lithium-ion battery recycling, primary battery metal extraction technologies, and primary resources development.
American Battery Technology Company has built a clean technology platform that is used to provide a key source of domestically manufactured critical and strategic battery metals to help meet the near insatiable demand from the electric vehicle, electrical grid storage, and consumer electronics industries. This ESG-principled platform works to create a closed-loop circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical and strategic materials.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are "forward-looking statements." Although the American Battery Technology Company's (the "Company) management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2022. The Company assumes no obligation to update any of the information contained or referenced in this press release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/american-battery-technology-company-releases-first-fiscal-quarter-fy2023-financial-results-301678468.html
SOURCE American Battery Technology Company