International Battery Metals (IBAT) Registration Filing summary

Company overview and business model

• Focuses on modular direct lithium extraction (MDLE) plants using proprietary, patented technology to extract lithium chloride from brine, enabling production of battery-grade lithium carbonate for the battery industry.

• MDLE Plants are modular, scalable, and can be redeployed to different brine deposits, targeting both traditional lithium brine sources and industrial by-products.

• The company is pre-revenue, has not yet delivered MDLE Plants or licensed its technology, and is actively marketing to U.S. brine reservoir owners, especially in the Smackover formation.

• Strategy includes deploying MDLE Plants, licensing technology, joint ventures, and providing turnkey solutions from brine to lithium carbonate.

• Competitive advantages include demonstrated commercial-scale technology, high lithium recovery, water conservation, elimination of hazardous chemicals, and modular design for cost efficiency.

Financial performance and metrics

• As of September 30, 2025, accumulated deficit was $34.9 million, with working capital of $9.6 million.

• Fiscal year ended March 31, 2025: net loss of $3.5 million, compared to $8.5 million net loss in 2024.

• Revenue for the six months ended September 30, 2025, was $0.1 million, primarily from brine testing; no product sales to date.

• Operating losses continue, with reliance on private placements for funding; $24.4 million raised in FY2025.

• Cash used in operating activities for FY2025 was $13.5 million; cash balance at September 30, 2025, was $9.4 million.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling shareholders; may receive proceeds from cash exercise of warrants.

• Proceeds from recent private placements are allocated to working capital, R&D, and customization of MDLE Plants for initial customers.

• Anticipates needing $1–10 million to customize MDLE Plant for deployment at customer sites, with additional fundraising expected within six months.