Neometals Ltd has released its Quarterly Activities Report for the quarter ended 31 March 2024. The report highlights the company's strong financial position with a cash balance of A$14 million, investments, receivables, and inventories of A$17.3 million, and no debt. In operations, the company's Lithium-ion Battery Recycling project, in partnership with Primobius GmbH, received a significant purchase order from Mercedes-Benz for the refinery Hub section of the integrated recycling plant being built in Germany. This plant is designed to validate Neometals' technology and enable Primobius to offer its first commercial-scale plant supply agreement to a subsidiary of Stelco Inc by 30 June 2025.
Neometals is also in advanced discussions for plant supply and licensing with participants across the entire EV battery supply chain. The company has made progress in its pre-commercial technologies, including Lithium Chemicals and Vanadium Recovery. Additionally, Neometals has commenced evaluating third-party technology for recovering precious metals from industrial waste streams in the US. In terms of upstream mineral extraction, the company is conducting tenement maintenance activities for the Barrambie Titanium and Vanadium project and preparing for asset divestment for the Spargos Lithium and Nickel Project.
The report provides a comprehensive overview of Neometals' activities, showcasing its financial stability, operational advancements, and strategic evaluations in various projects. The company's focus on technology development, commercialization, and strategic partnerships is evident throughout the report, reflecting its commitment to innovation and growth in the industry.