REG - Neometals Ltd - Quarterly Activities Report

NeometalsAnnouncement

30/07/2024 07:30

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RNS Number : 3595Y  Neometals Ltd  30 July 2024

 

30 July 2024

 

Neometals Ltd

("Neometals" or "the Company")

 

Quarterly Activities Report

For the quarter ended 30 June 2024

 

 

Highlights

CORPORATE

·      Cash balance of $9.8 million: Investments, receivables and
inventories of $15.5 million and no debt.

 

OPERATIONS

Lithium-ion Battery Recycling (50% NMT via Primobius GmbH, an incorporated JV
with SMS group GmbH)

·      Primobius continued construction of an integrated 2,500tpa
lithium-ion battery ("LiB") recycling facility for Mercedes-Benz at
Kuppenheim, Germany; and

·      Installation of Stage 1 shredding 'Spoke' section of Mercedes
Pilot Plant materially complete.

 

PRE-COMMERCIAL TECHNOLOGIES

Lithium Chemicals (70% NMT, 30% Mineral Resources Ltd via Reed Advanced
Materials Pty Ltd ("RAM"))

·      The patented ELi Process has the potential to deliver users a
step-change in the cost to convert lithium brines to lithium hydroxide or
carbonate through electrolysis rather than chemical precipitation; and

·      Commenced the long-duration (1,000hr) pilot-scale electrolysis
trials on natural South American brine to increase confidence in power
consumption, membrane life and lithium product quality assumptions to support
ongoing commercial partner selection and technology licensing activities.

 

Vanadium Recovery (100% NMT via Avanti Materials Ltd)

·      The patent-pending Vanadium Recovery Process has the potential to
produce high-purity, low-cost vanadium from the recycling of steel slag
by-products which practically eliminates carbon footprint; and

·      Assisting first commercial project vehicle, RISAB (88% NMT) to
procure external funding to support a new equity financing process and advance
technology licensing activities.

 

RESEARCH AND DEVELOPMENT

·      Secured an option to acquire 80% of a private US company
developing a hydrometallurgical process to selectively recover precious metals
from industrial waste streams; and

·      Commenced second phase of trials testing preferred feedstock,
reagent regime and recovery techniques identified in first phase of trials,
with completion and results expected in August 2024.

 

UPSTREAM MINERAL PROJECTS

Barrambie Titanium and Vanadium ("Barrambie") (100% NMT)

·      Commenced preparation of an Exploration Target for gold in
parallel with preparations for asset divestment.

 

 

 

Company Overview

Neometals facilitates sustainable critical material supply chains and reduces
the environmental burden of traditional mining in the global transition to a
circular economy.

The Company is commercialising a portfolio of sustainable processing solutions
that recycle and recover critical materials from high-value waste streams.

Neometals' core focus is on the commercialisation of its patented, Lithium-ion
Battery ("LiB") Recycling technology (50% NMT), under a plant supply and
technology licensing business model.  Primobius GmbH is the 50:50
incorporated JV with 150-year-old German plant builder, SMS group GmbH, that
is commercialising the technology. Primobius is building a 2,500tpa recycling
plant for Mercedes-Benz under a long-term Cooperation Agreement.  It also
operates its own LiB disposal service in Germany and plans to offer its first
commercial 21,000tpa plant to North American licensee, Stelco, in JunQ 2025.

Neometals is also developing two advanced battery materials technologies for
commercialisation under low-risk, low-capex technology licensing business
models:

·      Lithium Chemicals (70% NMT) - Patented ELi™ electrolysis
process, co-owned 30% by Mineral Resources Ltd, to produce battery quality
lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile
operating costs. Pilot scale test work and Engineering Cost Study update
planned for completion in DecQ 2024; and

·      Vanadium Recovery (100% NMT) - Patent pending hydrometallurgical
process to produce high-purity vanadium pentoxide from steelmaking by-product
("Slag") at lowest-quartile operating cost and carbon footprint.

     Figure 1 - Neometals' Technology Projects and Technology Readiness
Level Commercialisation System.

OPERATIONS

   Lithium-ion Battery Recycling

   (Intellectual Property via ACN 630 589 507 Pty Ltd - NMT 50%, SMS
   50%)
   (Plant construction via Primobius GmbH, NMT 50% SMS group GmbH 50%)

Primobius GmbH ("Primobius") is the incorporated joint venture established in
2020 to commercialise Neometals' lithium-ion battery ("LiB") recycling
technology ("LiB Recycling Technology"). The co-owner is SMS group GmbH, a
150-year old German plant builder, with in excess of 14,000 employees globally
and fabrication facilities in Europe, USA, India and China.

 

Primobius was granted an exclusive licence from Neometals' LiB Recycling
Technology holding company, ACN 630 589 507 Pty Ltd ("ACN 630") to supply LiB
recycling plants incorporating the patented flowsheet. Primobius will pay
royalties to ACN 630 where it operates as principal and will also pass through
royalties from plant supply and technology licensing arrangements. ACN 630 is
the ultimate beneficiary of five  third party technology licences issued to
date. The structure is designed to flow plant supply margin and technology
royalties separately to co-owners.

 

 

Figure 2 - Technology royalty and plant supply margins flow chart.

 

 

Intellectual Property and Status

The LiB Recycling Technology recovers materials contained in LiB production
scrap and end-of-life cells that might otherwise be disposed of in land fill.
Current LiB recycling processes predominantly rely on high carbon emission
pyrometallurgical processes. Primobius' two stage process recovers nickel,
cobalt, lithium and manganese battery materials (and physically recovers
metals and plastics) into saleable products that can be reused in the LiB
supply chain. The LiB Recycling Technology prioritises maximum safety,
environmental sustainability and product recoveries to support the circular
economy and decarbonisation.

During the quarter, ACN 630 was granted an additional national phase patent in
Indonesia. Five (5) patents have now been granted with twelve (12) other
national phase patents at various stages of prosecution globally.

Figure 3 - High level flowsheet showing the movement of materials from
Shredding and Beneficiation

('Spoke') through to refining ('Hub') stages for the LiB Recycling Technology.

 

Commercialisation Status

The LiB Recycling Technology is at Technology Readiness Level (TRL) 8:
Industrial Validation.

Primobius / ACN 630's current business model is targeting revenue from:

1.   Gate fees and product sales from its LiB Disposal Operation in
Hilchenbach, Germany;

2.   Mechanical equipment and plant supply agreements (e.g. Mercedes-Benz
Plant); and

3.   Royalties from the sale of products from future commercial plant supply
agreements.

 

Hilchenbach Disposal Operation

Primobius upgraded the Spoke section of its demonstration plant in
Hilchenbach, Germany ("Hilchenbach Spoke") to provide a commercial LiB
disposal service to the German EV and lithium battery supply chain. Primobius
receives a gate fee to accept batteries for disposal. The Hilchenbach Spoke
produces an intermediate mixed nickel/cobalt product ("Black Mass") and a
mixed copper/aluminium product ("Black Copper") which are sold on a spot basis
with pricing set according to nickel/cobalt and copper content respectively.

During the quarter the Primobius Board approved an investment in equipment to
increase throughput to its approved limit of 9 tonnes per day. This will
require the hydromet refinery to be decommissioned and stored for future
utilisation to provide sufficient space for additional equipment.

Mechanical Equipment and Plant Supply

Primobius entered into a Co-operation Agreement with Mercedes-Benz
("Mercedes") ("Mercedes Cooperation") in March 2022. Under the Mercedes
Cooperation, Primobius entered into a five (5)-year research collaboration
aimed at jointly developing an industrial-scale solution for Mercedes(( 1 
(#_ftn1) )). Primobius accepted purchase orders from Mercedes for the Spoke
section of the plant in August 2023 and the Hub section in January 2024.

During the quarter, Primobius continued the installation of the Spoke to
practical completion and the fabrication of the Hub section of the Mercedes
Pilot Plant.

 

        Figure 5 - Part of the Integrated LiB Plant installed by Primobius.

 

 

Technology Licensing

·      Technology licensing and joint venture option agreements are in
place with a subsidiary of Stelco Inc. ("Stelco") ("Stelco Agreements"). The
Stelco Agreements allow Primobius to acquire a 25-50% equity interest in the
technology licensee at any time up to 30 June 2025(( 2  (#_ftn2) )).

·      Three (3) exclusive licences have been issued for Scandinavia,
the Balkans and Italy and one non-exclusive licence to the UK. Neometals is
the largest individual shareholder in the licensees and ACN 630 is entitled to
receive a 10% gross revenue royalty from the technology licences.

Commercial

·      Primobius signed a MoU with NEO Mobility Asia Company Ltd ("Neo
Mobility"), for the potential supply of battery recycling equipment and
services. NEO Mobility is a joint venture of MGC-Asia Green Tech Company
Limited, an affiliate of Millennium Group Corporation (Asia) Public Company
Limited ("MGC") and Arun Plus Mobility Holding Company Limited, an affiliate
of PTT Public Company Limited ("PTT").

·      Through Neo Mobility, MGC and PTT are aiming to build up an
ecosystem that also includes battery recycling in Southeast Asia and are
seeking to collaborate with Primobius as the technology provider.

Corporate

·      Continued recruitment activities to expand the Primobius
technical, operational, commercial and management teams in line with corporate
milestones associated with offering mechanical plant and equipment package
supply contracts.

PRE-COMMERCIAL TECHNOLOGIES

   Lithium Chemicals

(Intellectual Property via Reed Advanced Materials Pty Ltd ("RAM") - NMT 70%,
   Mineral Resources Ltd 30%)

RAM is an incorporated joint venture commercialising the patented ELi™
Process ("ELi™") which produces lithium hydroxide and carbonate from lithium
chloride solutions using electrolysis. RAM has successfully converted lithium
chloride solutions from both natural spodumene and brine feedstocks into
battery quality lithium hydroxide at semi-pilot scale. ELi™ has the
flexibility to produce lithium hydroxide and/or lithium carbonate at
potentially significantly lower operating cost and carbon footprint compared
to conventional production processes. ELi's key economic advantage lies in the
potential to replace costly, imported bulk chemical reagents with electricity
and low-cost internally generated reagents.

 

Intellectual Property Status

RAM now holds nineteen (19) granted patents in hard rock and brine producing
countries and has a further fourteen (14) pending national phase patents at
various stages of prosecution globally.

 

Figure 6 - Schematic showing a comparison of the conventional flowsheet for

the production of lithium hydroxide from brines with the patented Eli™
process.

Commercialisation Status

The ELi Process is at TRL 6: Batch Pilot. RAM's current business model is to
generate royalties from licensing the ELi Process to lithium brine and
hard-rock operators, developers and processing equipment suppliers.

RAM is completing pilot scale trials on a natural brine provided by the owners
of an operating South American lithium operation. RAM successfully concluded
the first stage purification trials in 2023. This quarter RAM completed the
second stage electrolysis of the purified lithium chloride. The final stage of
the trials will evaporate and crystallise the lithium hydroxide catholyte
solution produced in the electrolysis trials into lithium hydroxide
monohydrate, for assessment and evaluation by LiB cathode producers.

 

Technical

·      The long-duration (1000hr) electrolysis component of the ELi™
Pilot was undertaken in the USA at the Electrosynthesis Company Inc, the
associated testing facility of RAM's proposed electrolyser vendor, NORAM. The
electrolysis campaign will provide data to increase confidence in the expected
power consumption, membrane performance and product quality assumptions in the
2023 Engineering Cost Study.

 

·      The results are expected in the September quarter and will be
incorporated into a review of the 2023 Engineering Cost Study ("ECS Review").

Commercial

·      RAM will use the results of the ELi Pilot and the ECS Review to
advance its commercial partner selection and technology licensing activities;
and

·      RAM is funded to complete the aforementioned activities planned
for completion in December 2024.

 

 

   Vanadium Recovery
   (Intellectual Property via Avanti Materials Ltd - NMT 100%)

   Vanadium Recovery Project 1 via Recycling Industries Scandinavia AB ("RISAB")
   - 88% NMT

Neometals has developed a proprietary sustainable vanadium recovery process
("VRP Technology") that produces vanadium products for battery and aerospace
alloying applications from stockpiles of vanadium-bearing steel making waste.
The VRP Technology offers:

A processing flowsheet utilising conventional equipment at atmospheric
pressure, mild temperatures, and non-exotic construction materials; and

Potential lowest-quartile operating costs(( 3  (#_ftn3) )) and
carbon-footprint from processing steelmaking waste ("Slag"), eliminating the
cost, risks and environmental impact of mined upstream feedstocks.

 

Intellectual Property Status

Neometals' Vanadium Recovery IP holding company, Avanti Materials Ltd, has
eighteen (18) pending national phase patents for the VRP Technology across two
patent families, with two patents at examination stage.

Commercialisation Status

The VRP Process is at TRL 6: Continuous Pilot. The current business model is
to generate royalties from licensing the VRP Process to steel slag producers.

Vanadium Recovery Project 1 ("VRP1") - Finland

RISAB was incorporated to evaluate the feasibility of recovering high-purity
vanadium pentoxide ("V(2)O(5)") from high-grade vanadium-bearing steel Slag in
Scandinavia. In March 2023, Neometals announced the results of a feasibility
study that confirmed the potential for lowest-quartile operating costs with a
low-to-negative carbon footprint(3). In the ensuing 6 months the vanadium
price fell more than 50% and equity financing could not be secured.
Neometals advised the market in October 2023 that it could not commit to a
positive final investment decision on VRP1 and would pursue commercialisation
through a technology licensing business model.

Technical

No technical activity was undertaken during the quarter.

 

 

Commercial

During the quarter, Neometals assisted RISAB to explore value realisation
options and advanced discussions with potential licensees of the VRP
Technology. More specifically:

·      RISAB applied for grant funding from EIT RawMaterials GmbH, which
is co-funded by the European Union, to advance Europe's transition into a
sustainable economy. The application under the 'Booster 2024 Program' will
enable a new equity financing process to be managed by leading Nordic bank,
SEB. New financiers for the equity required to execute the project will become
the majority equity holders of RISAB.

·      RISAB entered a non-binding MoU with a German Steel maker
Salzgitter AG regarding collaboration towards potential future arrangements
for the supply of Slag.

Corporate

During the quarter Neometals increased its equity in RISAB from 72.5% to 88%
by subscribing for new shares.

 

RESEARCH AND DEVELOPMENT

   Precious Metals Recovery
   Option to acquire 80% Precious Metals Recovery, LLC ("PMR")

Neometals is evaluating the acquisition of a majority stake in a proprietary
precious recovery process ("PMR Technology") and associated processing plant
("PMR Pilot") that potentially recovers previous metals from industrial waste
streams.

The opportunity to acquire an advanced, TRL 5: Batch Pilot, technology with
potential to scale and generate positive cashflow from hedge-able commodities
uncorrelated with battery materials whilst keeping with a focus on
recycling/recovery of high-value waste streams, is attractive.

The PMR option structure and term allows Neometals' technical team to complete
its due diligence on PMR and its business (including the PMR Technology). The
PMR Pilot is located in Colorado, USA and represents the culmination of nearly
two years of research and development activities and can process batches up to
250 kilograms in size. The pilot plant is designed to process 2 tonnes per day
and is currently capable of processing 0.5 tonnes per day. Industrial waste
feedstocks are purchased from third parties on an as required basis

During the quarter, the Neometals technical team completed the first and
second phases of a metallurgical test work program. The first phase tested
multiple feed sources with varying reagent and final product recovery regimes.
Approximately 4.28 tonnes from two purchased feedstocks were processed in 10
campaigns totalling 24 batches of 120-245 kilograms. There was significant
variability of recovered metal. However, the results were sufficiently
encouraging to proceed with a second test work program to confirm the
repeatability of the most successful feedstock/reagent/recovery regimes. The
leaching and primary recovery stage of the program was completed during the
quarter with the final recovery through external refining outstanding. Final
refinery outturns are expected, and results will be reported prior to the
option expiry date of 31 August 2024.

 

UPSTREAM MINING PROJECTS

   Barrambie Titanium/Vanadium Project
   (Neometals 100%)

Barrambie, located approximately 80km north-west of Sandstone in Western
Australia ("WA"), is one of the largest vanadiferous titanomagnetite ("VTM")
Mineral Resources globally (280.1Mt at 9.18% TiO(2) and 0.44% V(2)O(5)),
containing the world's second highest-grade hard rock titanium Mineral
Resource (53.6Mt at 21.17% TiO(2) and 0.63% V(2)O(5)). The Mineral Resource is
secured under a granted mining lease and has a granted mining proposal to
extract approximately 1.2Mtpa of mineralisation.

Activity Summary

During the quarter the following activities were undertaken to support the
divestment of Barrambie:

Technical

·      Activities associated with preparation of an Exploration Target
for gold. The Barrambie Greenstone Belt hosts a number of historic gold mines
and the town was established upon the discovery of gold by contractors
building the rabbit-proof fence in 1905.

 

 

Figure 7 - The Barrambie Greenstone belt and surrounding gold mines and mills.

 

CORPORATE

During the quarter the Company continued to further reduce cash outflows
across its projects, reducing non-essential activities, staffing levels and
administrative costs.

A number of new senior management appointments and resignations were announced
during the quarter:

·      Non-executive director Dr Jennifer Purdie is now executive
director and Chief Operating Officer for six months(( 4  (#_ftn4) ));

·      Mr Chris Kelsall as Chief Financial Officer and Company
Secretary. The highly credentialled Mr Kelsall replaced Neometals' long
serving Chief Financial Officer and Company Secretary, Mr Jason Carone who
resigned from his role after almost 17 years to pursue new opportunities(( 5 
(#_ftn5) ))(( 6  (#_ftn6) )); and

·      Dr Natalia Streltsova resigned as a Non-Executive Director of the
Company, effective 30 June 2024.

During the quarter Neometals securities commenced trading on the OTCQX®
Market in the U.S. under the symbol 'NMTAY'. No new securities were issued as
part of quotation on the OTCQX market(( 7  (#_ftn7) ));

Financial

Finances (unaudited)

Cash and term deposits on hand as of 30 June 2024 totalled $9.8 million,
including $0.3 million in restricted use term deposits supporting contractual
obligations. The Company has investments totalling $14.2 million, net
receivables of $1.0 million and inventories of $0.3 million.

Related Party payments for the quarter outlined in the ASX Appendix 5B
released contemporaneously at section 6.1 total $250,000 and are made up of
Director fees and superannuation.

Issued Capital

The total number of Company shares on issue as at 30 June 2024 was
622,810,316.

Redivium Ltd (Formerly Hannans Limited) (ASX: RIL) ("Redivium") (Battery
Recycling)

As at 30 June 2024 Neometals held 879,812,014 ordinary fully paid shares (~26%
of the issued capital) in Redivium on an undiluted basis. Redivium holds
exclusive technology licences to Neometals' original LiB Recycling Technology
in Italy, Greece and the Balkans, a non-exclusive licence in the United
Kingdom and it is earning a 50% interest in an exclusive licence for
Scandinavia held by Critical Metals Limited.

Critical Metals Limited (Unlisted, Scandinavian Lithium/Cobalt/Base Metals)

Neometals holds ~18% of unlisted public company Critical Metals Ltd, a company
which holds an exclusive licence to Neometals' original LiB Recycling
Technology in Scandinavia, in joint venture with Redivium.

Authorised on behalf of Neometals by Christopher Reed, Managing Director.

 

For more information, please contact:

 

 Neometals Ltd
 Chris Reed, Managing Director & Chief Executive Officer       +61 8 9322 1182
 Jeremy McManus, General Manager - IP & IR                     +61 8 9322 1182

 Cavendish Capital Markets Limited - NOMAD & Broker
 Neil McDonald                                                +44 (0)131 220 9771
 Peter Lynch                                                  +44 (0)131 220 9772
 Adam Rae                                                     +44 (0)131 220 9778

 

 

Compliance Statement
The information in this report that relates to Mineral Resource Estimates for the Barrambie Vanadium/Titanium Project is extracted from the ASX Announcement listed below, which is also available on the Company's website at
www.neometals.com.au (http://www.neometals.com.au)

 
17/04/2018        Barrambie - Updated Barrambie Mineral Resource Estimate
 
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

 

APPENDIX

Appendix 1: Global Resource

Table 1: Barrambie Mineral Resource Estimate, April 2018*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 2: Tenement Interests

As at 30 June 2024, the Company has an interest in the following projects and
tenements in Western Australia.

 Project Name          Licence Name  Beneficial Interest  Status
 Barrambie             M57/173-I     100%                 Live
 Barrambie             E57/769-I     100%                 Live
 Barrambie             E57/770-I     100%                 Live
 Barrambie             E57/1041-I    100%                 Live
 Barrambie             E57/1220      100%                 Pending
 Barrambie             E57/1244      100%                 Pending
 Barrambie             E57/1245      100%                 Pending
 Barrambie             E57/1379      100%                 Live
 Barrambie             E57/1401      100%                 Pending
 Barrambie             E57/1437      100%                 Pending
 Barrambie             E20/1037      100%                 Pending
 Barrambie             L57/0030      100%                 Live
 Barrambie             L57/0064      100%                 Pending
 Barrambie             L57/0065      100%                 Pending
 Barrambie             L57/0066      100%                 Live
 Barrambie             L20/0055      100%                 Live
 Barrambie             L20/0080      100%                 Live
 Barrambie             L20/0081      100%                 Live
 Queen Victoria Rocks  E15/1416-I    100%                 Live

 

 

Changes in interests in mining tenements Interests in mining tenements
acquired or increased

 Project Name  Licence Name  Acquired or increased
 Barrambie     L57/0066      Granted

 

Interests in mining tenements relinquished, reduced, or lapsed

 Project Name  Licence Name  Relinquished, reduced, or lapsed
 N/A           N/A           N/A

 

 

About Neometals

Neometals facilitates sustainable critical material supply chains and reduces
the environmental burden of traditional mining in the global transition to a
circular economy.

The Company is commercialising a portfolio of sustainable processing solutions
that recycle and recover critical materials from high-value waste streams.

·      Neometals' core focus is on the commercialisation of its
patented, Lithium-ion Battery ("LiB") Recycling technology (50% NMT), under a
plant supply and technology licensing business model.  Primobius GmbH is the
50:50 incorporated JV with 150-year-old German plant builder, SMS group GmbH,
that is commercialising the technology. Primobius is building a 2,500tpa
recycling plant for Mercedes-Benz under a long-term Cooperation Agreement.
It also operates its own LiB disposal service in Germany and plans to offer
its first commercial 21,000tpa plant to North American licensee, Stelco, in
JunQ 2025.

Neometals is developing two advanced battery materials technologies for
commercialisation under low-risk, low-capex technology licensing business
models:

·      Lithium Chemicals (70% NMT) - Patented ELi™ electrolysis
process, co-owned 30% by Mineral Resources Ltd, to produce battery quality
lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile
operating costs. Pilot scale test work and Engineering Cost Study review
planned for completion in DecQ 2024; and

·      Vanadium Recovery (100% NMT) - Patent pending hydrometallurgical
process to produce high-purity vanadium pentoxide from steelmaking by-product
("Slag") at lowest-quartile operating cost and carbon footprint.

 

Additionally, Neometals is conducting due diligence on acquiring a proprietary
process and pilot plant to produce precious metals from waste.

 

For further information visit www.neometals.com.au
(http://www.neometals.com.au/)

 

 1  For full details refer to Neometals ASX announcement headlined
"Cooperation Agreement with Mercedes Benz" released on 13(th) May 2022

 2  For full details refer to Neometals ASX announcement headlined "Primobius
Commercial Update" released on 22nd December 2023

 3  For full details refer to Neometals ASX announcement headlined "Vanadium
Recovery Project Delivers Strong Feasibility Results" released on 8(th) March
2023

 4  For full details refer to ASX announcement headlined "Neometals
Strengthens its Senior Management Team" released on 29 May 2024

 5  For full details refer to ASX announcement headlined "Appointment of Chief
Financial Officer" released on 3 June 2024

 6  For full details refer to ASX announcement headlined "Appointment of
Company Secretary" released on 11 July 2024

 7  For full details refer to ASX announcement headlined "Neometals Shares
Commence Trading on OTCQX Markey in the U.S." released on 16 May 2024

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