Element 25 Limited

Quarterly Activities and Cash Flow Report December 2022

Element 25 Limited (E25 or the Company) (ASX:E25) is pleased to present its Quarterly Report and Cash Flow Report.


Quarterly Highlights

High Purity Manganese

Key Offtake and Financing Agreement Signed:

  • Element 25 Ltd (E25) and Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) (Stellantis) sign definitive agreements for the supply of battery-grade high purity manganese sulphate (HPMSM) for Stellantis’ EV battery requirements.
    • E25 to supply up to 45,000t HPMSM over five years with provisions to increase volumes and extend term.
    • Stellantis to part-fund development of E25’s HPMSM processing facility with US$30M investment in two tranches.
  • Combined offtake/financing solution with OEMs and cathode manufacturers remains preferred strategy to deliver Project.

Project Location

  • The United States Inflation Reduction Act (IRA) to inject hundreds of billions of dollars into clean energy EV incentives.
  • Geopolitical shift due to the IRA causes perceptible shift in appetite for North American battery materials including HPMSM.
  • Discussions with OEMs drives potential shift to a USA base case for the HPMSM Feasibility Study.
  • Multiple sites in the USA being actively assessed to minimise capital, explore local incentives, prioritise local reagent supply, investigate co-location opportunities and optimise supply chains.
  • E25 appoints Worley Group to lead the engineering studies for FS localisation for a USA site.
  • Ernst & Young to advise on potential federal, state and local funding support for a USA based HPMSM Facility.
  • Sarawak Malaysia remains a favourable location for a second HPMSM facility subject to approval of (government incentives).
  • Feasibility Study (FS) delivery date shifted to Q1 CY23 to accommodate USA activities, overall project timeline on track.

Process Test Work

  • Purification test work produced very high-quality HPMSM liquor. Continuous crystallisation test in progress.
  • Test work supports future ambition to offer an ultra-high purity manganese sulphate monohydrate (UHPMSM) product.

Corporate

  • Heavily oversubscribed A$35 million Placement completed to fund HPMSM feasibility, engineering optimisation works and costs, as well as working capital.


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This article includes content from Element 25, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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