Shareholder Letter - Strategic Update

Our shareholder letter outlines our strategic focus on becoming a recycling-centric organization, leveraging our expertise to pursue commercial opportunities in the battery recycling sector. We have made significant strides during FY25, particularly in the Lithium-Ion Batteries (LIBs) market, with a focus on large-format batteries for energy storage and electric vehicles. Our efforts have diversified our revenue sources and expanded our customer base, reducing reliance on key partners. Looking ahead, we are committed to scaling up our processing capacity and establishing cutting-edge battery sorting facilities to support our growth projections. Additionally, we are exploring adjacent recycling opportunities, such as rare earth element (REE) recycling, to further enhance our capabilities and address emerging commercial opportunities. While we have encountered challenges in securing funding for key projects, we are actively exploring funding options and assessing viable paths forward. Our strategic focus on disciplined capital allocation, coupled with our resilient business model, positions us well for sustainable growth and enhanced shareholder value.