Quarterly Report - Q3 2025

The Q3 quarter was marked by intense activity in both silica and lithium.

Our flagship silica plant returned to service well - following the Contact Energy planned shutdown earlier in the year - and monthly production continues to increase as our silica-augmentation strategy gathers pace, backed by consistently-strong market demand. Our small Ngawha Plant is also back in production after a sustained Contact Energy shutdown. We have completed work on a new lower-capital silica offering which we are now marketing to the geothermal industry, alongside our new field piloting service.

The quarter was also notable for the construction of our most ambitious direct lithium extraction plant to date.

As we go to print, commissioning is underway. We look forward to hosting the biggest names in lithium in New Zealand as we really show what our technology can do. Our intention here is to build appetite for this asset amongst those most motivated to get into production in lithium, fast. While the North American lithium industry has moved more slowly than we had anticipated, compelling opportunities are now emerging in South America, Europe and the Middle East and we’re busy doing them justice with our new fly-in/fly-out field pilot. We expect that the forecast lithium price recovery in 2026 will improve market dynamics, and we certainly plan to be ready.