International Battery Metals (IBAT) Registration Filing summary

Company overview and business model

• Focuses on environmentally responsible direct lithium extraction (DLE) from brine, targeting oilfield brines, aquifers, and industrial by-products.

• Proprietary modular DLE plant (MDLE) designed for rapid deployment, customization, and high lithium recovery with minimal environmental impact.

• Pre-revenue, early commercialization stage; no current customers but completed a commercial-scale demonstration project.

• Business model includes technology licensing, equipment rentals, joint ventures, and management fees for lithium extraction facilities.

• Plans to expand geographically, license technology, and enter joint ventures with resource holders.

Financial performance and metrics

• Fiscal year ended March 31, 2025: $871,000 in revenue (from reimbursable costs), net loss of $3.5 million, compared to $8.5 million net loss in 2024.

• Accumulated deficit of $39.6 million as of March 31, 2025; working capital of $10.6 million after recent private placements.

• Cash used in operations: $13.5 million in 2025; cash provided by financing activities: $24.5 million in 2025.

• Raised over $24 million in private placements in 2025, including significant investments from EV Metals and Encompass Capital.

• No product sales revenue to date; ongoing operating losses expected until commercial contracts are secured.

Use of proceeds and capital allocation

• Proceeds from warrant exercises will be used for working capital, R&D, and deployment of MDLE plants.

• Recent private placements fund operations, R&D, and support for initial commercial deployments.

• No proceeds from resale of shares by selling shareholders; company only receives funds from warrant exercises.