HIGHLIGHTS:
• The Company commenced the precursor cathode active material (“pCAM”) NCM811 (nickel-cobalt- manganese in a ratio of 8-1-1) pilot program in May 2024. This is the last stage of outstanding testwork required to finalise the definitive feasibility studies (“DFS”).
• The Company is in the final stages of completing the Ta Khoa Refinery (“TKR”) DFS. Outstanding DFS activities include, pCAM piloting program, residue handling testwork and facility design and finalising geotechnical assessments. Completion of these activities will allow the Company to release the DFS within CY24.
• The Company continues to engage the Son La Provincial Government and with respect to the TKR Investment Policy application. The Company has progressed drafting the Ta Khoa Nickel (“TKN”) Investment Policy Application document.
• End of quarter cash position of $4.16m, following receipt of ~$1m research and development advance funding agreement.
• Listed investments of $1.6m at the end of the quarter.
PROJECT UPDATE
TA KHOA REFINERY COMMENCES pCAM PILOTING
After successful completion of both the Ta Khoa Nickel (“TKN”) and Ta Khoa Refinery (“TKR”) pilot campaigns to produce battery grade nickel and cobalt sulphates (Refer to ASX announcement 15 November 2022), Blackstone commenced pCAM piloting in May 2024.
The pCAM pilot program is the last stage of testwork required to allow the Company to finalise TKR DFS testwork activities. The pCAM pilot program will utilise feedstock generated during the TKR pilot program to produce on-specification pCAM material in the chemistry of NCM811 to ‘typical’ lithium-ion battery standards for the EV market.
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