Queensland Government Grant Funding Update

• Company will not proceed with A$1.4m grant funding agreement with Queensland Government
• Established lower-cost options to complete pouch cell testing and support commercial scale cell design
• Decision provides net cashflow savings of ~A$2.2m

AnteoTech Ltd (ASX: ADO) has advised that it will not proceed with the A$1.4m grant funding agreement with the Queensland Government under the Queensland Critical Minerals and Battery Technology Fund (QCMBTF Agreement). The company has now established service agreements allowing it to access third-party's established equipment rather than purchase equipment, providing a more cost-effective option to complete pouch cell testing and support commercial scale cell design performance refinement across its Ultranode™ product range, without the additional A$2.2m investment required in accessing the grant funding. The decision not to proceed with the funding agreement is anticipated to provide net cashflow savings of ~A$2.2m for the company. There is no impact on the company's prospect of proceeding with the ~A$4 million grant offered by the Australian Renewables Energy Agency (ARENA) in relation to its next generation Ultra High Silicon Anode Ultranode™ X. The company's priorities over the next 12 months include the commercialization of its Ultranode™ 95 and Ultranode™ 70 products, with investment in the high-performance, cost-efficient Ultranode™ X product, targeting road passenger vehicle EV applications, expected to be progressed through carefully selected fully funded strategic partnerships.

The company's priorities over the next 12 months include the commercialization of its Ultranode™ 95 and Ultranode™ 70 products. Investment in the high-performance, cost-efficient Ultranode™ X product, targeting road passenger vehicle EV applications is expected to be progressed through carefully selected fully funded strategic partnerships.