American Battery Technology Co (ABAT) 2024 Q4 法說會逐字稿

Good afternoon, everyone.

大家下午好。

I'm excited to welcome you to our first earnings call.

我很高興歡迎您參加我們的第一次財報電話會議。

My name is Jesse Deutsch, I'm CFO at American Battery Technology Company.

我叫 Jesse Deutsch，是美國電池技術公司的財務長。

We appreciate you attending and listening in I'm joined by Ryan Melsert, our CEO, and I will now read the forward-looking statements.

我們感謝您出席並聆聽我們的執行長 Ryan Melsert 的參與，我現在將閱讀前瞻性聲明。

Ryan if you could please flip over to there.

瑞安，如果可以的話，請翻到那裡。

So this presentation contains forward-looking statements within the meaning of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

因此，本簡報包含 1995 年美國私人證券訴訟改革法案安全港條款意義內的前瞻性聲明。

All statements other than statements of historical fact are forward-looking statements, although American Battery Technology Company's also known as the management -- the company, management believes such forward-looking statements are reasonable, it cannot guarantee that such expectations are or will be correct.

除歷史事實陳述外的所有陳述均為前瞻性陳述，儘管美國電池技術公司也稱為管理層——該公司，管理層認為此類前瞻性陳述是合理的，但不能保證此類預期是正確的或將是正確的。

These forward-looking statements involve a number of risks and uncertainties which could cause the company's future results to differ materially from those anticipated.

這些前瞻性陳述涉及許多風險和不確定性，可能導致公司未來業績與預期有重大差異。

Potential risks and uncertainties include, among others, risks and uncertainties related to the company's ability to continue as a going concern interpretations or reinterpretations of geologic information on favorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions, and conditions affecting the industries in which the company operates, the uncertainty of regulatory requirements and approvals, fluctuating mineral and commodity prices, final investment approval, and the ability to obtain necessary financing on acceptable terms or at all.

潛在風險和不確定性包括與公司持續經營能力有關的風險和不確定性，對有利勘探結果的地質資訊的解釋或重新解釋，無法獲得未來勘探、開發或生產所需的許可，總體經濟狀況以及影響公司所在行業的條件、監管要求和批准的不確定性、礦產和大宗商品價格的波動、最終投資批准以及以可接受的條件或根本獲得必要融資的能力。

Additional information regarding these factors that may cause actual results to differ materially from those forward-looking statements is available in the company's filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ending June 30, 2024.

有關這些可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱該公司向美國證券交易委員會提交的文件，包括截至 2024 年 6 月 30 日的年度 10-K 表格年度報告。

The company assumes no obligation to update any of the information contained or referenced in this presentation.

本公司不承擔更新本簡報中包含或引用的任何資訊的義務。

I would like to now hand over the presentation to Ryan Meltzer, our CEO.

我現在想將演講交給我們的執行長 Ryan Meltzer。

Thank you.

謝謝。

Great.

偉大的。

Thank you, Jesse, and welcome, everybody, to our fiscal year '24 earnings call.

謝謝傑西，歡迎大家參加我們的 24 財年財報電話會議。

Today we'll be going through some opening remarks talking about our two main business lines, so both our lithium ion battery recycling system as well as our primary clay standard lithium hydroxide technologies, going through some of our financial summaries for the past fiscal year and closing out the meeting.

今天，我們將進行一些開場白，討論我們的兩個主要業務線，即我們的鋰離子電池回收系統以及我們的初級粘土標準氫氧化鋰技術，回顧我們上一財年的一些財務摘要和會議結束。

As many of you are likely aware, we have a multipart business that fits into the ecosystem shown here.

你們中的許多人可能都知道，我們擁有適合此處所示生態系統的多部門業務。

We are moving towards a circular economy within the electric vehicle and battery space.

我們正在電動車和電池領域邁向循環經濟。

Within the US right now, there are large amounts of cell manufacturers, large amounts of end use OEMs, and where the other portions of the supply chain are virtually non-existent.

目前在美國，有大量的電池製造商、大量的最終用途原始設備製造商，而供應鏈的其他部分幾乎不存在。

This is making for a very imbalanced domestic supply chain and what we had ABTC are working to address.

這導致國內供應鏈非常不平衡，我們 ABTC 正在努力解決這個問題。

So first, in order to make sure that when materials enter this market, they stay there throughout their lifetimes.

因此，首先，為了確保材料進入這個市場時，它們會在整個生命週期中停留在那裡。

We've developed their own lithium ion battery recycling system that we designed a bench scale over the past few years.

我們開發了自己的鋰離子電池回收系統，並在過去幾年中設計了台秤。

And then within the past year, we have built our first commercial scale facility brought that online and now operating this recycling plant.

然後在過去的一年裡，我們建造了第一個商業規模的設施，並將其上線，現在正在運作這個回收工廠。

Closing the loop on these batteries is very important.

關閉這些電池的循環非常重要。

But as the amount of occupied batteries in the field grows, recycling alone cannot solve these problems.

但隨著現場使用的電池數量不斷增加，僅靠回收並不能解決這些問題。

We also need to fill the loop the first time in addition to closing this loop.

除了關閉這個循環之外，我們還需要第一次填充循環。

So as a result, we've also developed separate technologies for how to manufacture the same battery metals made to the same specifications, but from primary mineral resources found within the US.

因此，我們也開發了單獨的技術，用於如何製造符合相同規格的相同電池金屬，但採用的是美國境內發現的初級礦產資源。

So we've purchased large amounts of land in Nevada that holds the lithium in the form of a sedimentary clay stone, develop their own bench scale systems, how to economically extract lithium from this type of material, and have now built our own integrated pilot facility that demonstrates how we go all the way from this raw clay stone material to making a battery-grade lithium hydroxide.

因此，我們在內華達州購買了大量以沉積粘土形式存在鋰的土地，開發了自己的小型系統，研究如何經濟地從這種材料中提取鋰，現在已經建立了我們自己的綜合試點該設施展示了我們如何從這種原始黏土石材一路生產電池級氫氧化鋰。

They were able to sell to our commercial partners.

他們能夠向我們的商業合作夥伴出售產品。

So we're one of the very few companies within North America and in the world that is developing and commercializing both sets of these technologies.

因此，我們是北美和世界上極少數正在開發和商業化這兩種技術的公司之一。

We see it as necessary for both them to move forward and very synergistic to have them built within one company.

我們認為，他們都有必要向前發展，並且在一家公司內建立它們可以發揮非常協同的作用。

Many of the unit operations used in each technology are the same.

每種技術中使用的許多單元操作都是相同的。

We have the same engineers and scientists working developing both technologies, the same operators running both plants, and we make identical products that we sell to the same customers.

我們有相同的工程師和科學家致力於開發這兩種技術，相同的操作員運行這兩個工廠，並且我們生產相同的產品並將其銷售給相同的客戶。

So as we have now closed out our fiscal year '24 back in June 30, '24, we'll start up with some of the financial output that we've had over the past 12 months.

因此，我們已經在 24 年 6 月 30 日結束了 24 財年，我們將從過去 12 個月的一些財務產出開始。

So as we work to ramp up both of those technologies, two years ago, we were really in the bench scale development phase.

因此，當我們努力提升這兩項技術時，兩年前，我們確實處於實驗室規模開發階段。

A year ago, we were in the piloting system, and we have now moved into commercial operations for our battery recycling system and ramping demonstration and commercial operations for our primary lithium business.

一年前，我們處於試點系統，現在我們的電池回收系統已進入商業運營，並逐步擴大我們的主要鋰業務的示範和商業運營。

We manufactured large amounts of recycled metals over the past fiscal year and within this year, we have sold our first set of products and generated the first revenue for the company.

我們在上一財年生產了大量的回收金屬，在今年內，我們銷售了第一套產品，並為該公司創造了第一筆收入。

So this is for the products sold up until the end of June this calendar year, and we've continued to manufacture products since then.

這是截至今年六月底銷售的產品，從那時起我們就繼續生產產品。

So obviously, a long time in the making going through first of kind system design, bench optimizations, piloting, and then constructing and operating this first plant over the past year.

顯然，在過去的一年裡，我們花了很長時間進行首個系統設計、工作台優化、試點，然後建造和運營第一座工廠。

So we're excited to have sold the first lots of material back in the spring and to now be recognizing these as revenue for the company.

因此，我們很高興在春季售出了第一批材料，現在將這些材料視為公司的收入。

We have secured many government grants over the past few years.

在過去的幾年裡，我們獲得了許多政府撥款。

Several of these were just contracted over the past year and started ramping up last fall.

其中一些是在去年才簽訂的合同，並在去年秋天開始增加。

So this is a very strategic way to take funds in.

所以這是一個非常具有策略意義的吸收資金方式。

It's non-dilutive, non-debt.

它是非稀釋性的，非債務的。

These are not loans and other than the overhead for operating these grants, there's no other expense to the company.

這些不是貸款，除了經營這些贈款的管理費用外，公司沒有其他費用。

So we're happy that within the fiscal year ending back in June, we were able to take on about $3.3 million from these grants.

因此，我們很高興在截至 6 月的財政年度內，我們能夠從這些贈款中獲得約 330 萬美元。

As mentioned, many of these ramped up over the past year, and we have several new grants we've just won recently that we'll talk through as well.

如前所述，其中許多項目在過去一年中有所增加，而且我們最近剛剛獲得了幾項新的資助，我們也將對此進行討論。

And we see this as a growing income source for the business going forward.

我們認為這是未來業務不斷成長的收入來源。

On a cash basis, over the past year, we've reduced substantially the amount of cash used in investing activities.

以現金為基礎，在過去的一年裡，我們大幅減少了投資活動中使用的現金量。

This really comes down to purchasing the building for our first recycling plant and much of the equipment that went in that plant.

這實際上取決於為我們的第一個回收工廠購買建築物以及該工廠的大部分設備。

So most of that was purchased within fiscal year '23, a year ago spring, which really let us secure that building, install the initial set of equipment, and then ramping commission that plant starting last fall.

因此，其中大部分是在 23 財年（一年前的春天）內購買的，這確實讓我們能夠保護該建築，安裝初始設備，然後從去年秋天開始加大該工廠的調試力度。

Correspondingly, we've increased our expenses on the operating side as we've ramped that plant increase the shift count and now move to steady-state operations at our first recycling plant.

相應地，我們增加了營運方面的費用，因為我們增加了工廠的班次，現在我們的第一個回收工廠轉向穩態運作。

Last summer, we did take out a convertible note option for about $25 million.

去年夏天，我們確實購買了約 2,500 萬美元的可轉換票據選擇權。

Over the past fiscal year, we've paid back over $18 million of this through redemption of their notes.

在過去的財年中，我們透過贖回他們的票據償還了超過 1800 萬美元。

This has been one of the major cash uses for us over the past fiscal year, and we are near the end of paying back this note in full.

這是我們上一財年的主要現金用途之一，我們即將全額償還這張票據。

With all of this, our cash balance has increased over the past year, up to $7 million as of the end of June.

儘管如此，我們的現金餘額在過去一年中有所增加，截至 6 月底已達 700 萬美元。

And as we look at opportunities for funding over the near term, again, we have just over $67 million of government grants that have already been contracted that we've yet to draw down on.

當我們考慮近期的融資機會時，我們再次發現，我們已經簽訂了超過 6,700 萬美元的政府撥款，但尚未動用。

A very large increase over the end of fiscal year '23, where we only had a handful of grants contracted.

與 23 財年末相比，增幅非常大，當時我們只簽訂了少量贈款合約。

So again, these are agreements that we have in hand.

再說一次，這些都是我們手頭上的協議。

These are projects already underway.

這些項目已經在進行中。

And the way these grants work is that at the start of the project, we develop a multiyear budget, it's approved by the government, and then we draw down on these funds based on the budget that we set for each of those projects.

這些補助金的運作方式是，在專案開始時，我們制定多年預算，並獲得政府批准，然後我們根據為每個專案設定的預算提取這些資金。

So this will continue to be an increasing source of cash for us as we move forward.

因此，隨著我們的前進，這將繼續成為我們不斷增加的現金來源。

We did just announce a few days ago that we've been selected for another government grant.

幾天前我們剛宣布，我們已被選中獲得另一項政府撥款。

This one is significantly larger, $150 million of federal funds.

這筆資金規模要大得多，有 1.5 億美元的聯邦資金。

We were just selected this past Friday.

我們上週五剛被選中。

We were in the negotiations phase, but we expect this project to be contracted and begin in early 2025.

我們正處於談判階段，但我們預計該項目將於 2025 年初簽訂合約並開始。

So again, this can make up a very large portion of our income going forward and help to fund our operations.

同樣，這可以占我們未來收入的很大一部分，並有助於為我們的營運提供資金。

Outside of traditional Department of Energy grants, this spring we were also able to win almost $60 million worth of quantified tax credits from both the Department of Energy and the IRS.

除了傳統的能源部撥款之外，今年春天我們還從能源部和國稅局獲得了價值近 6000 萬美元的量化稅收抵免。

We'll talk through some specifics of what these really mean.

我們將討論這些真正含義的一些細節。

But we've drawn down no funds as of now from the $60 million that has already been allocated to us by the IRS.

但到目前為止，我們還沒有從 IRS 分配給我們的 6000 萬美元中提取任何資金。

When we look at our specific projects within the recycling business, within the fiscal year '24, we had a handful of goals that we really tried to attack during that 12 month period, the most important one being to implement and accelerate operations of our first recycling plant.

當我們審視 24 財年回收業務中的具體項目時，我們在這 12 個月期間確實嘗試實現了一些目標，其中最重要的一個是實施並加速我們第一個項目的運營。

So initially, we were constructing a greenfield site for our own facility.

因此，最初，我們正在為自己的工廠建造一塊綠地。

Last spring, we did find an opportunity to purchase an existing building that was vacant with infrastructure facilities already installed.

去年春天，我們確實找到了購買一棟空置且基礎設施已安裝的現有建築的機會。

We purchased that building throughout the summer of '23, and they were actually able to start operations last fall in the fall of '23.

我們在 23 年夏天購買了那棟大樓，他們實際上在 23 年秋天開始營運。

So this significantly accelerated our time to market to bring our first recycling systems online.

因此，這大大加快了我們將第一個回收系統上線的上市時間。

Once that facility was purchased, the goal was to ramp the throughput within that plant.

購買該設施後，目標就是提高該工廠的吞吐量。

So since last fall, we've been adding shift counts, adding personnel, and increasing the throughput of that facility.

因此，自去年秋天以來，我們一直在增加班次、增加人員並提高該設施的吞吐量。

The goal was then to manufacture commercial quantities of recycled products from this facility.

當時的目標是從該工廠生產商業數量的回收產品。

We've done that over the past few quarters and as mentioned, have now sold the first commercial quantities of these recycled products to the market to our strategic partners and recognize that revenue within the fiscal year.

我們在過去幾個季度就做到了這一點，正如前面提到的，現在已經將這些回收產品的第一批商業數量出售給我們的戰略合作夥伴，並在本財年內確認收入。

In addition to these initial recycled products that we've made, we also have designs for how to make even higher value add materials.

除了我們製造的這些最初的回收產品之外，我們還設計瞭如何製造更高附加價值的材料。

So these are to make battery-grade components through our internally designed [hydrometallurgical] train.

因此，這些是透過我們內部設計的[濕式冶金]列車來製造電池級組件。

So we've been running this at bench scale for the past few years.

所以過去幾年我們一直在實驗室規模上運行這個專案。

We have been making large batches of material, sending them to our strategic customers and have had these products qualified and certified by these partners that each of these battery-grade materials meets the requirements that they need in order to purchase through their supply chain.

我們一直在生產大量的材料，將它們發送給我們的策略客戶，並讓這些產品獲得這些合作夥伴的資格和認證，證明每種電池級材料都滿足他們透過供應鏈購買所需的要求。

So with these qualifications at the bench scale behind us, we're moving forward with the installation and commissioning of our own internally developed hydrometallurgical train that we'll be installing inside the same facility and our recycling plant near Reno, Nevada.

因此，有了這些實驗室規模的資質，我們正在推進我們自己內部開發的濕式冶金列車的安裝和調試，我們將安裝在同一設施和內華達州里諾附近的回收工廠內。

And in addition to this, battery recycle products, there's another set of materials that are beyond recycled metals.

除此之外，電池回收產品，還有另一組超出回收金屬範圍的材料。

So many non-metal portions with and a battery that most recyclers cannot access.

如此多的非金屬部件和電池是大多數回收商無法獲得的。

At the bench scale, we have several technologies that are able to recover these additional components, we've been proving at the bench scale that we can access these materials in an economically competitive fashion.

在實驗室規模上，我們擁有多種能夠回收這些額外成分的技術，我們已經在實驗室規模上證明，我們可以以具有經濟競爭力的方式獲得這些材料。

And last year, we were fortunate enough to win another government grants for $10 million federal to help bring these technologies to market going from bench scale to piloting and then being implemented inside our current Reno battery recycling plant again.

去年，我們很幸運地贏得了另一筆 1000 萬美元的政府撥款，幫助將這些技術推向市場，從實驗室規模到試點，然後再次在我們現有的里諾電池回收工廠內實施。

So these were the major goals for fiscal year '24 ending back in June and how each one of them were addressed.

這些是截至 6 月的 24 財年的主要目標以及每項目標的實現方式。

Selling these recycled products was one of the major goals for the past year.

銷售這些回收產品是過去一年的主要目標之一。

We've made large amounts of these intermediate filter cakes and recycled metals that we've been able to sell to the market, both through our strategic customers and through different types of brokers.

我們已經生產了大量的中間濾餅和回收金屬，並透過我們的策略客戶和不同類型的經紀人向市場出售。

So initial sales were recorded back before June in the spring time within fiscal year '24.

因此，最初的銷售額是在 24 財年春季 6 月之前記錄的。

And we're continuing to operate this plant and sell product into the market.

我們將繼續運營該工廠並向市場銷售產品。

Now that we have this initial product made, the initial portions of the plant running, a major goal is to ramp the throughput at this facility to really be able to increase how quickly we feed material, the rate at which we generate products, and the operational efficiencies within this plant.

現在我們已經製造了這個初始產品，工廠的初始部分正在運行，一個主要目標是提高工廠的吞吐量，以真正能夠提高我們供給材料的速度、我們生產產品的速度以及生產效率。內的營運效率。

So in order to do that, over the past year, we brought on a new Chief Operating Officer, whose goal really is to drive the ramp rate and operational efficiencies of this recycling plant to increase the operations of our other business unit as well that clay stone lithium hydroxide demonstration scale facility and to define and really start the achievement of a lot of our key performance indicators and really make sure we're achieving our company milestones.

因此，為了做到這一點，在過去的一年裡，我們任命了一位新的首席營運官，他的目標實際上是提高該回收工廠的產能利用率和營運效率，以增加我們其他業務部門以及黏土業務部門的運作。

So we're excited to have Steven Wu onboard really help driving these goals and his experience throughout the manufacturing and battery space over the past few decades has really demonstrated his abilities to come into existing operations and really help to drive the growth and ramp rate of these different types of facilities.

因此，我們很高興史蒂芬·吳加入，真正幫助推動這些目標，他過去幾十年在製造和電池領域的經驗確實證明了他進入現有業務的能力，並真正幫助推動了增長和斜坡率這些不同類型的設施。

So we're excited to have him onboard and look forward to sharing information going forward about increased operations at our recycling plant, at our clay stone lithium hydroxide pilot facility, and throughout the company.

因此，我們很高興他加入，並期待分享有關我們的回收工廠、黏土石氫氧化鋰試點工廠以及整個公司未來增加營運的資訊。

I mentioned our project of how we're making these products beyond the recycled metals, is partially funded by a government grant that was kicked off last fall.

我提到了我們如何利用回收金屬來製造這些產品的項目，該項目的部分資金來自去年秋天啟動的政府撥款。

So these $10 million federal are really set to show that beyond the initial materials, beyond the battery grade products that the remaining of the materials, and the battery can also have value and be recovered with positive margin.

因此，這 1000 萬美元的聯邦資金確實是為了表明，除了最初的材料、電池級產品之外，其餘的材料和電池也可以具有價值，並且可以以正利潤回收。

So within the bench scale, we've been working recovering different components of the battery, including the active anode materials, the graphite, and silicon materials, developing methods of re-graphitization, about how to recover these components, which are generally over 30 weight percent of the battery, how to recover them, how to regenerate them, and how to return them to initial performance before they were inserted into batteries themselves.

所以在實驗室規模內，我們一直致力於回收電池的不同成分，包括活性陽極材料、石墨和矽材料，開發再石墨化的方法，關於如何回收這些成分，這些成分通常超過30電池的重量百分比，如何恢復它們，如何再生它們，以及如何將它們恢復到插入電池之前的初始性能。

Different ways of recovering the electrolyte solvents and dissolve species, these are generally 10 to 15 weight percent of a battery and are very rarely recovered within recycling operations and also different methods of making one of our main products, lithium hydroxide without the very energy and capital expensive conventional process of mechanical vapor recompression technologies.

回收電解質溶劑和溶解物質的不同方法，它們通常佔電池的10 至15 重量％，並且很少在回收操作中回收，並且也有不同的方法來製造我們的主要產品之一氫氧化鋰，而無需太多的能源和資金機械蒸汽再壓縮技術的昂貴傳統製程。

So again, each of these we're running at the small bench scale right now.

再說一遍，我們現在正在小規模運行這些專案。

We'll be ramping up through pilot operations, and then we'll be plugging into our existing Reno recycling facility.

我們將透過試點營運加大力度，然後我們將連接現有的里諾回收設施。

So while this project kicked off last fall, this first year up until June really was mainly design work without many purchase of components yet.

因此，雖然該項目於去年秋天啟動，但截至六月的第一年實際上主要是設計工作，尚未購買太多組件。

$So out of this 10 million of awarded funds, we've only drawn down about $600,000 so far.

到目前為止，在這 1000 萬美元的獎勵資金中，我們只提取了大約 60 萬美元。

So the remaining $9.4 million we will be receiving over the next two years of this project.

因此，我們將在該專案的未來兩年內收到剩餘的 940 萬美元。

The tax credits are something many people have asked about.

稅收抵免是很多人會問的問題。

These are through an ITC, so an investment tax credit, which is a relatively standard program.

這些是透過 ITC 進行的，即投資稅收抵免，這是一個相對標準的計劃。

But within the IRS Section 48C, they've made a couple of customizations.

但在 IRS 第 48C 條中，他們進行了一些客製化。

So within investment tax credits, generally companies apply for them after expending dollars and at the end of their fiscal year.

因此，在投資稅收抵免中，公司通常在支出美元後並在財政年度結束時申請。

And they hope that as they meet those qualifications, they're approved for that type of investment tax credit.

他們希望，當他們滿足這些資格時，他們就能獲得此類投資稅收抵免的批准。

The 48C program is a little different where it pulls the proposal and qualification phase up to the beginning.

48C 計劃略有不同，它將提案和資格階段拉到了開始。

So last fall, the DOE and IRS put out a solicitation to apply for these tax credits.

因此，去年秋天，能源部和國稅局發出了申請這些稅收抵免的邀請。

So this first round had a fixed allocation of $4 billion.

因此第一輪的固定撥款為 40 億美元。

So we've put together proposals for how our current and future capital expenditures could apply under the requirements of this program and demonstrated what funds we thought were applicable.

因此，我們就如何根據該計劃的要求應用當前和未來的資本支出提出了建議，並展示了我們認為適用的資金。

We went through an evaluation round last fall and then another one this spring and in March, we're notified that we have been allocated these funds by the IRS.

去年秋天我們進行了一輪評估，今年春天又進行了另一輪評估，三月我們收到通知，美國國稅局已為我們分配了這些資金。

So we've won $20 million to be applied for our current battery recycling plant.

因此，我們贏得了 2000 萬美元，用於建造我們目前的電池回收工廠。

So again, the technology evaluation, the financial evaluation has already been completed.

那麼，技術評估、財務評估已經完成。

We've already been allocated these funds by the IRS.

美國國稅局已經為我們分配了這些資金。

And now as we simply follow through with what we proposed to do, continue to build out this recycling plant, we'll be able to claim these $20 million of tax credits through this program.

現在，只要我們按照我們的提議去做，繼續建造這個回收工廠，我們就可以透過這個計畫申請這 2000 萬美元的稅收抵免。

So this is a very competitive process, fewer than 9% of all dollars proposed were funded back in March.

因此，這是一個競爭非常激烈的過程，3 月只有不到 9% 的提議資金得到資助。

And as we continue on our proposed plan continuing to build out this plant, we're on pace to be able to claim this credit and then cover many of the costs for this first recycling facility.

隨著我們繼續執行擬議的計劃，繼續建造該工廠，我們正在努力爭取這項信貸，然後承擔第一個回收設施的許多成本。

We have many strategic partnerships and relationships throughout the closed-loop economy.

我們在整個閉環經濟中擁有許多戰略夥伴關係和關係。

We have a very strong relationship with BASF.

我們與巴斯夫有著非常牢固的關係。

We were working to source feedstock for our plant to sell our recycled products back into the market.

我們正在努力為我們的工廠採購原料，以便將回收的產品賣回市場。

And we've been working with just about all of the automotive OEMs, battery manufacturers, material refiners, and brokers throughout North America.

我們一直在與北美地區幾乎所有的汽車原始設備製造商、電池製造商、材料精煉商和經紀人合作。

There's a very large amount of material available to be recycled and there are very few recyclers that are able to go through the vetting in the down-select process that many of these OEMs are going through.

有大量材料可供回收，但很少有回收商能夠通過許多原始設備製造商正在經歷的篩選過程的審查。

So we've had many on-site tours on a safety basis, on a compliance basis, much of work on the ESG and compliance front with many of these strategic partners and have gone through the down-select rounds of many of them are now under negotiation for large amounts of material to be recycled on a multi-year basis.

因此，我們在安全、合規的基礎上進行了多次現場考察，與許多戰略合作夥伴一起在 ESG 和合規方面開展了大量工作，並且已經完成了其中許多合作夥伴的篩選輪次。多年回收大量材料進行談判。

So right now, already the material under negotiation is far beyond what could be processed within our first battery recycling plant here near Reno.

因此，目前正在談判的材料已經遠遠超出了我們位於裡諾附近的第一家電池回收工廠的處理能力。

And as we make these bids and go through the strategic negotiations, several of these OEMs have essentially said because the quantities are so large, they would ask us to build a new battery recycling plant near their existing facilities to make this much more of a strategic partnership than a simple contractual offtake.

當我們進行投標並進行戰略談判時，其中幾家原始設備製造商基本上表示，由於數量如此之大，他們會要求我們在其現有設施附近建造一個新的電池回收工廠，以使這更具策略意義。

So since last fall, we've been doing site selections and negotiations for property and infrastructure near a few of these strategic partners, so that as we lock down these agreements, we can expand new our partners and bring significantly larger capacity online.

因此，自去年秋天以來，我們一直在其中一些戰略合作夥伴附近進行房地產和基礎設施的選址和談判，以便在我們鎖定這些協議時，我們可以擴大新的合作夥伴並帶來更大的在線容量。

So our first Reno plant is really about proving out this first-of-a-kind technology, manufacturing commercial scale quantities of these products, and as these OEMs are now able to come into our plant to see our product, we are in these negotiations to build a second recycling plant.

因此，我們的第一個諾工廠實際上是為了證明這種首創技術，大規模生產這些產品，並且由於這些原始設備製造商現在能夠進入我們的工廠查看我們的產品，因此我們正在進行這些談判建造第二個回收廠。

Because we were in these negotiations last fall, we applied for a second award under that same higher IRS 48C program.

因為我們去年秋天參與了這些談判，所以我們根據同一更高的 IRS 48C 計劃申請了第二個獎項。

So under the same process, we detailed how we would build out our second plant, how it complied with the requirements for both the DOE and the IRS and the cost of the second facility.

因此，在同一流程下，我們詳細說明如何建造第二座工廠、它如何符合美國能源部和國稅局的要求以及第二座工廠的成本。

And again, back in March, we were awarded a $40 million allocation from the IRS to support the construction of the second recycling plant.

早在 3 月份，我們就再次獲得了美國國稅局 4000 萬美元的撥款，用於支持第二個回收工廠的建設。

So that's something we've also not drawn any funds on yet.

所以我們還沒有提領任何資金。

These are funds available to us already selected and allocated to be applied in a second battery recycling plant as we go forward.

這些資金是我們已經選擇和分配的資金，用於我們今後的第二個電池回收廠。

In addition to these tax credits, last fall, there was also another opportunity, this was more on the Department of Energy grant side.

除了這些稅收抵免之外，去年秋天還有另一個機會，這更多的是能源部的補助金方面。

So again, the DOE was looking for domestic facilities that can manufacture large quantities of critical minerals.

同樣，美國能源部正在尋找能夠生產大量關鍵礦物的國內設施。

We applied to this program last fall, went through the first down-select in January, another down-select in March, another process in July, and then just this past Friday, it was publicized that we have been selected for another Department of Energy grant.

我們去年秋天申請了這個項目，一月份經歷了第一次篩選，三月又進行了一次篩選，七月份又進行了一次篩選，然後就在上週五，有消息稱我們已被能源部選中授予。

And this one is for $150 million to be applied towards the construction of our next battery recycling plant.

其中 1.5 億美元將用於建造我們的下一個電池回收工廠。

So we are in the contracting phase.

所以我們正處於簽約階段。

We expect to have the project start in early 2025.

我們預計該專案將於 2025 年初啟動。

And this is a four-year project to go through the design, construction, operations, commissioning of this next recycling plant.

這是一個為期四年的項目，將完成下一個回收工廠的設計、施工、營運和調試。

And because we're in discussions with these strategic partners to build next to their sites, we're intentionally designing the throughput of this plant to be equal to the throughput of our partners.

由於我們正在與這些戰略合作夥伴討論在他們的場地旁邊建造工廠，因此我們有意將該工廠的吞吐量設計為與我們合作夥伴的吞吐量相同。

And because of that, we've designed this plant to be about 5 times the size of our current Reno plant.

正因為如此，我們設計的這座工廠的規模大約是我們目前裡諾工廠的 5 倍。

So we use many of the same technologies and our same internally developed system, but at a much larger scale to really be right-sized with the rest of the industry as the EV and stationary market grows over the next few years.

因此，我們使用許多相同的技術和相同的內部開發系統，但隨著電動車和固定式市場在未來幾年的成長，規模要大得多，以便真正與行業其他公司保持適當的規模。

So again, this will be a large part of our cash flow going forward, how we pay for the design and construction and operations of this facility.

同樣，這將成為我們未來現金流的很大一部分，以及我們如何支付該設施的設計、建造和營運費用。

Because we are targeting the Southeast US for our second plant, really where many of the strategic partners we've been in discussions with are located, we have decided to sell one of our existing properties.

因為我們的第二家工廠的目標是美國東南部，實際上我們一直在討論的許多戰略合作夥伴都位於那裡，所以我們決定出售我們現有的房產。

So our property in Fernley, Nevada, we've had for quite a few years, this was going to be the first construction project for our first battery recycling plant.

因此，我們在內華達州芬利的房產已經運營了好幾年了，這將是我們第一個電池回收廠的第一個建設項目。

As we did find the facility on Peru Drive that was already constructed, already had existing infrastructure, we did choose that pivot to purchase that facility and to install our equipment there instead of completing construction of this Fernley plant.

由於我們確實發現秘魯大道上的設施已經建成，並且已經擁有現有的基礎設施，因此我們確實選擇了該樞紐來購買該設施並在那裡安裝我們的設備，而不是完成這個 Fernley 工廠的建設。

Now that our second facility will likely be in the Southeast US, there's not as much of a need for this location in Fernley.

既然我們的第二個工廠可能位於美國東南部，那麼在費恩利這個地點的需求就不再那麼大了。

So we have listed this property on the market and do intend to sell this in the near term.

因此，我們已將該房產掛牌上市，並打算在短期內出售。

In addition to our battery recycling, we do have our second business unit.

除了電池回收之外，我們還有第二個業務部門。

This is our clay stone to lithium hydroxide business.

這是我們的黏土石製氫氧化鋰業務。

In a similar fashion, we've had goals for fiscal year '24 for the 12 months ending back in June.

以類似的方式，我們為截至 6 月的 24 財年 12 個月制定了目標。

We really were trying to finish out a third drill program to be able to upgrade the resource classification of our own material near Tonopah, and we were able to achieve that within the year.

我們確實試圖完成第三個鑽探計劃，以便能夠升級托諾帕附近我們自己的材料的資源分類，我們在一年內實現了這一目標。

So we finished our drill program, we wrote and published our initial assessment, and we're able to increase the classification of much of our resource there from an inferred status up to measured and indicated.

因此，我們完成了鑽探計劃，撰寫並發布了初步評估，並且我們能夠將大部分資源的分類從推斷狀態提高到測量和指示狀態。

So really showing the increased confidence in our understanding of the resource itself and increased understanding of how we process that material and make this battery-grade product.

因此，真正表明我們對資源本身的理解更加有信心，並且對我們如何處理該材料和製造這種電池級產品有了更多的了解。

As we've moved from our bench scale trials, we did use that information to publish this IA and through that data and modeling with our outside third-party qualified person, we're able to calculate our production costs of about $4,600 per ton.

當我們結束小規模試驗時，我們確實使用這些資訊來發布此 IA，並透過該數據和與外部第三方合格人員的建模，我們能夠計算出每噸約 4,600 美元的生產成本。

So it's a very competitive cost to be making a battery-grade lithium hydroxide, specifically within the domestic US.

因此，製造電池級氫氧化鋰的成本非常有競爭力，特別是在美國國內。

And after publishing this, the next step was to further prove out this technology at much larger scale.

發表此文後，下一步就是在更大規模上進一步證明這項技術。

So we have constructed and commissioned our pilot plant.

因此，我們已經建造並調試了我們的試驗工廠。

So again, this is an integrated system we built near Reno has each of the operations needed in order to go from our clay stone material to make our battery-grade lithium hydroxide at the back end.

再說一次，這是我們在裡諾附近建造的一個整合系統，具有從粘土石材到後端製造電池級氫氧化鋰所需的每項操作。

We were awarded a grant from the DOE a few years ago to support this project, so $2.3 million of federal funds.

幾年前，我們獲得了美國能源部 (DOE) 的撥款來支持這個項目，即 230 萬美元的聯邦資金。

And as of this spring, we have finished construction of that project.

截至今年春天，我們已經完成了該項目的建設。

We have commissioned this system and have made our first battery grade material from this pilot plant.

我們已經調試了這個系統，並從這個試點工廠生產了我們的第一種電池級材料。

As we finish that process, made our first battery-grade product, we did receive a visit from the US Secretary of Energy from Jennifer Granholm to come to our plant to see these operations herself and to physically examine the products that we've made, both from this clay stone to lithium pilot plants and also from our battery recycling operations.

當我們完成這個過程，製造出我們的第一個電池級產品時，我們確實接待了美國能源部長詹妮弗·格蘭霍姆（Jennifer Granholm）的來訪，她親自來到我們的工廠參觀了這些操作，並親自檢查了我們製造的產品，從黏土石到鋰試點工廠，以及我們的電池回收業務。

And because of those successes, we have moved forward with the design of our commercial scale refinery.

由於這些成功，我們已經推進了商業規模煉油廠的設計。

So this is a commercial scale facility we'll be building directly on top of our resource near Tonopah, Nevada.

因此，這是一個商業規模的設施，我們將直接在內華達州托諾帕附近的資源之上建造。

And we are in discussions with many strategic OEMs about the long-term offtake of the commercial scale quantities of products from this plant.

我們正在與許多戰略原始設備製造商討論從該工廠長期採購商業規模產品的事宜。

So again, receiving the visit from Secretary Granholm was great to have that recognition for her to come and see this pilot plant in person.

因此，再次接受格蘭霍姆部長的來訪真是太好了，她能夠親自參觀這個試點工廠。

The DOE grant supported this project.

美國能源部撥款支持該計畫。

We started back in the fall of 2021, and we'll wrap up in the next few months.

我們從 2021 年秋季開始，將在接下來的幾個月內結束。

So we've received about $1.7 million from the $2.3 million initially awarded, and the remaining $600,000 we'll be collecting over the next few months as this project winds down.

因此，我們從最初授予的 230 萬美元中收到了大約 170 萬美元，剩餘的 60 萬美元我們將在接下來的幾個月內隨著該專案的結束而籌集。

But we've had several different teams from Department of Energy on site the past few months to close out this project.

但在過去的幾個月裡，我們有來自能源部的幾個不同的團隊在現場完成這個專案。

And they've said they are very impressed that essentially what we proposed to do over three years ago, we have now done.

他們表示，我們三年多前提議要做的事情現在已經完成，這給他們留下了深刻的印象。

So for us it seems like a very straightforward process.

所以對我們來說，這似乎是一個非常簡單的過程。

We put a plan together.

我們制定了一個計劃。

We proposed how we would do it.

我們提出瞭如何做的建議。

We've achieved those milestones and now sent samples and communicated how we've done it to our funders, the DOE and to our strategic partners.

我們已經實現了這些里程碑，現在向我們的資助者、美國能源部和我們的戰略合作夥伴發送了樣品並向我們傳達了我們是如何做到這一點的。

So we're excited to have wrapped up with the construction and commissioning of that plant.

因此，我們很高興能夠完成該工廠的建設和調試。

They've made that product and to have achieved the goals we said we would back during the proposal stage of this opportunity.

他們已經製造了該產品，並實現了我們在這個機會的提案階段表示將支持的目標。

Operating this pilot plant well did lead to another government grant, which we were awarded last fall.

營運好這個試點工廠確實帶來了另一項政府撥款，我們去年秋天獲得了這筆撥款。

Again, this is now to build a commercial scale refinery based on the technologies we've proven out in that pilot plant and now to be able to sell much larger quantities to our strategic customers.

同樣，現在的目標是根據我們在該試點工廠中證明的技術建造一個商業規模的煉油廠，現在能夠向我們的策略客戶銷售更多的數量。

So this was a $57.7 million award from the government.

這是政府頒發的 5770 萬美元的獎勵。

The contracting was completed and the project started last August.

去年8月，該項目已完成承包並開工。

So this is a five-year project.

所以這是一個為期五年的計畫。

And while the contracted amount is large, the first year was largely design work and engagement with our partners.

雖然合約金額很大，但第一年主要是設計工作以及與合作夥伴的互動。

So through the end of June, we've only drawn down about $1.7 million out of the $57.7 million from this project.

因此，截至 6 月底，我們僅從該專案的 5,770 萬美元中提取了約 170 萬美元。

So $56 million remaining already contracted that we're drawing down on a monthly basis to support all of our payroll, to support purchasing equipment, and a lot of the engineering services we have from our partners.

因此，我們已經簽訂了 5600 萬美元的合同，我們每月都會提取資金來支持我們所有的工資、購買設備以及我們從合作夥伴那裡獲得的許多工程服務。

So this will be a very large portion of how we fund the company and our growth going forward and a very rigorous and defined process for how we work through the next four years of this project.

因此，這將是我們為公司提供資金和未來發展的很大一部分，也是我們在該專案的未來四年中如何工作的非常嚴格和明確的流程。

So again, the financial summary from this past fiscal year.

再說一次上一財年的財務摘要。

We are excited to be selling product from our first recycling plant, to be collecting revenue, to be collecting significant amounts of funds on a monthly basis from our current government grants and having much larger ones ramping up and going through contracting right now.

我們很高興能夠銷售我們的第一家回收工廠的產品，收取收入，每月從我們當前的政府撥款中收取大量資金，並且現在有更大的回收工廠正在建設和簽訂合約。

We have shifted from centrally using funds for buying the plants and now using funds to operate the plant in the next three months.

我們已經從集中使用資金購買工廠轉變為在未來三個月內使用資金來運作工廠。

We plan to have this convertible note fully paid off, removing a very large use of cash in the company.

我們計劃全額償還這張可轉換票據，從而消除公司大量的現金使用。

And again, that the contracted grants and the contracted and allocated tax credits are something we'll be monetizing in the very near term.

再說一次，合約贈款以及合約和分配的稅收抵免是我們將在短期內貨幣化的東西。

So having those already in place, having those technology, validations, and vetting already completed, those are very attractive sources for non-dilutive and non-base funding how we operate and grow the company going forward.

因此，有了這些已經到位的技術、驗證和審查，這些對於我們未來營運和發展公司的非稀釋和非基礎資金來說是非常有吸引力的來源。

So as we report our annual financials today, we are also scheduling our Annual Shareholder Meeting, which as of now will be in early November of this year.

因此，當我們今天報告年度財務報告時，我們也安排了年度股東大會，目前會議將於今年 11 月初舉行。

So we look forward to going much more into depth on the status of each of these projects and about our plans going forward during this next shareholder meeting.

因此，我們期待在下一次股東大會上更深入地了解每個項目的狀況以及我們未來的計劃。

So we thank everybody for joining this meeting, and we will be putting out further communications about the date and processes for this Annual Shareholder Meeting and look forward to speaking with everybody then.

因此，我們感謝大家參加本次會議，我們將就本次年度股東大會的日期和流程進行進一步溝通，並期待屆時與大家交談。

So thank you for joining.

感謝您的加入。