Lithium Australia Delivers Improved FY24 Results
Key points
- Battery recycling division Envirostream achieved positive operating profits in Q4 FY24
- Lithium extraction technology LieNA® progressed under joint development agreement with Mineral Resources
- Advancing commercialisation of LFP and LMFP cathode active material technology
Full summary
Lithium Australia Limited reported its FY24 results, highlighting the progress made across its key business divisions. The company's battery recycling division, Envirostream, achieved the significant milestone of delivering positive operating profits in Q4 FY24, driven by the strategic transition towards an upstream service model. This increased revenues and reduced exposure to market and pricing volatility. Envirostream collected a record 1,542 tonnes of batteries in FY24, including a 170% increase in large-format lithium-ion batteries. The company also signed exclusive recycling agreements with leading OEMs and battery manufacturers. In the lithium chemicals segment, Lithium Australia advanced its LieNA® lithium extraction technology through a joint development agreement with Mineral Resources. The companies plan to form a 50:50 joint venture to commercialise LieNA® through a licensing model. For battery materials, Lithium Australia announced MOUs with First Phosphate and Centrex to develop LFP and LMFP cathode active material manufacturing plants. The company remains focused on securing government funding and strategic partners to unlock value in its patented battery materials technology.
Guidance
Lithium Australia expects to grow shareholder value in FY2025 by executing on its strategic growth plan, including sustaining positive operating cashflows in battery recycling, progressing the LieNA® technology towards demonstration scale, and securing government funding or a strategic partner for its battery materials technology.
Summary generated by a large language model. Please interpret with care.