Neometals has secured an option to acquire an 80% equity interest in Precious Metals Recovery, LLC (PMR), a US company with a proprietary process to recover precious metals from industrial waste streams. The purchase price for the 80% equity interest is approximately US$10 million, payable through a combination of staged cash and equity in Neometals. The potential for short-term cash generation from debottlenecking the pilot plant and increasing the recovery of precious metals aligns with Neometals' strategy. The company's technical team has completed an initial six-week variability test work program and commenced a second program in parallel with financial and legal due diligence work streams.

PMR operates a pilot plant demonstrating its proprietary hydrometallurgical processing flowsheet to recover precious metals from industrial waste streams. The option period allows Neometals' technical team to complete its due diligence on PMR and its business, including the PMR Technology. This strategic move aligns with Neometals' focus on sustainable process technology development and presents an opportunity for the company to expand its operations into the US market.