Quarterly Report - Q4 2024

We have locked away our fourth consecutive strong silica sales quarter and a solid full calendar year performance as we head towards silica plant profitability. As we go to print, our North American lithium piloting assets have arrived in West Virginia where we will process three brines from across the Marcellus oil-and-gas shale.

We were successful in recovering battery grade lithium carbonate from Saskatchewan and Alberta brines in Canada, helping to validate our technology there. During the quarter, we completed the first phase of our new silica/lithium field testing programme in Chile and we signed a contract to do similar work in Indonesia, consistent with our broader strategy to expose our mineral recovery technology widely. This initial work was technically successful.

During the quarter, the Board signed off the investment case for a NZ$8m lithium demonstration/pre-commercial plant. As a result of the 2024 exercise of Tembo and Vision Blue’s call options, this plant is fully funded and is now under construction, with deployment planned for North America around Q3 this year.