Neometals Ltd has released its Quarterly Activities Report for the quarter ended 31 December 2023. The report highlights the completion of a capital raising, resulting in a cash balance of A$19.5 million, investments of A$24 million, and no debt. The company's core battery materials business units have shown significant progress in various areas.
In the lithium-ion battery recycling sector, Neometals has made advancements in the construction and installation of a shredding Spoke plant for Mercedes-Benz, with a purchase order for a refinery Hub awarded post the end of the quarter. Additionally, the company has achieved successful operation of the 2,500 tpa integrated Pilot plant for Mercedes-Benz and obtained outstanding lithium and nickel quality test work results from a demonstration trial.
In the lithium chemicals business, Neometals has completed the purification stage of a pilot test work program at SGS in Canada and is preparing for a demonstration plant and engineering studies under a new cooperation framework with Lifthium Energy SA for the commercialization of RAMs ELi process in Portugal.
Regarding vanadium recovery, the company has provided technical support to Recycling Industries Scandinavia AB to commercialize the technology through the development of the Vanadium Recovery Project (VRP1) in Finland and has advanced testing activities and commercial discussions with potential feedstock providers.
In the upstream mineral extraction sector, Neometals has focused on commercial discussions in relation to product offtake and equity investment for the Barrambie Titanium and Vanadium project and has been conducting activities associated with reviewing and updating historical data sets, field verification, re-sampling, and assaying of logged pegmatites in historical drilling core final assay results pending for the Spargos Lithium Project.
The comprehensive report provides a detailed overview of Neometals' activities and progress across its various business units, reflecting the company's commitment to advancing its core battery materials and mineral extraction projects.