Quarterly Report - Q3 2023

The quarter featured some key milestones for the Company, notwithstanding some significant challenges. Firstly, we took our Direct Lithium Extraction (DLE) technology beyond the 300-cycle mark for the first time. In addition, we welcomed investment from highly-respected resources investor Tembo Capital, as their first foray into lithium. We also welcomed highly-experienced director Richard Crookes to the board as we navigated a challenging reporting season.

Colloidal-silica market volatility and softening of demand has put our silica business under pressure as we seek to manage the balance of production, inventory levels and operating costs. Following the completion of design, the fabrication of our North American lithium pilot plant is now underway with the expectation of pilot testing commencing early in the new year. As we go to print, Toronto-based professional director Lisa Riley has joined our board, aligned with our strategic push into North America, and this brings our board back to full strength.