Iondrive (ION) Q1 2025 earnings summary

Executive summary

• Significant progress on the Pre-Feasibility Study (PFS) for environmentally sustainable lithium-ion battery recycling technology, with large-scale trials confirming high metal recoveries and minimal solvent losses.

• Industry engagement advanced in the EU, including collaboration agreements with RWTH Aachen University and TNO to validate recycled battery materials and support commercialisation.

• Exploration activities in South Korea continued under a joint venture with KoBold Metals, with ongoing sampling and analysis at key lithium projects.

Financial highlights

• Ended the quarter with a cash balance of $2.6 million and receivables of $0.5 million, including a $406,000 R&D Tax Incentive claim.

• Net cash outflows from operating activities were $1.07 million, mainly due to R&D expenses for the battery recycling PFS.

• Net cash inflows from financing activities totaled $860,000, reflecting proceeds from the second tranche of a $2 million placement.

• Net cash inflows from investing activities were $42,000, primarily from the sale of surplus equipment and a deposit for the Deokon tenements.

• Estimated 2.4 quarters of funding available at current cash burn rate.

Outlook and guidance

• Completion of the PFS is expected by the end of October 2024, with final consultant reports to include cost benchmarking and engineering optimisation.

• PFS completion will enable pursuit of industry partnerships and non-dilutive funding for pilot plant development in FY2025.