AMERICAN BATTERY TECHNOLOGY Co
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ABAT$1.34+11.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001641172-25-011038
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001493152-25-021111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 51 current paragraphs.
23 unchanged; 17 reworded; 11 added; 23 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
The TFLP is one of the largest identified lithium resources in the United States, and the Company recently published a PreFeasibility Study (“PFS”) that details the lithium mineral resources and reserves at this property, as well as the technical and financial roadmap for bringing the associated lithium mine and lithium hydroxide monohydrate (“LHM”) refinery to commercialization. This PFS has concluded that the TFLP contains approximately 21.3 million tonnes LHM resource, with 2.7 million tonnes of LHM further classified as proven and probable reserve. The total processing costs for manufacturing this battery grade LHM is published to be $4,307 per tonne LHM. This project was recently selected by the National Energy Dominance Council (NEDC) and the FAST-41 Permitting Council within the Trump Administration to become a Priority Project, in order to enable streamlined federal permitting to accelerate the commercialization of this project.
Current report
A reconciliation of fiscal fourth quarter 2025 GAAP to non-GAAP cost of goods sold
Current report
Components of Statements of Operations
Current report
The following table sets forth the Company’s operating results for the periods indicated:
Current report
Cost of goods sold during the three months ended September 30, 2025 and 2024 were $4.5 million and $2.5 million, respectively. The increase in cost of sales was primarily driven by higher headcount as the plant was commissioned, and employees were hired to support expanded production capacity. In addition, cost of goods sold reflects depreciation expense associated with the recycling facility fixed assets, which commenced upon the facility’s in-service date during the three months ended September 30, 2024. We expect these costs to be reduced as a percentage of revenue as we scale our production and gain efficiencies in the production process.
Current report
Research and development expenses consist primarily of personnel, laboratory leases, and supplies. Research and development expenses for the three months ended September 30, 2025 and 2024, were $2.7 million and $2.0 million, respectively.
Current report
Other expense was $0.2 million in the three months ended September 30, 2025, versus other expense of $1.9 million during the same period in the prior year. The changes for the three months ended September 30, 2025 primarily resulted from a change in fair value of the derivative liability of $0.7 million (see Note 13 of the condensed consolidated financial statements for further detail), $0.7 loss on debt extinguishment, $0.6 million loss on private placement, $0.2 million for change in fair value of liability classified instruments, and a decrease in the amortization and accretion of financing costs of $0.9 million.
Current report
At September 30, 2025, the Company had available cash of $30.1 million and total assets of $101.5 million compared to available cash of $7.5 million and total assets of $84.5 million at June 30, 2025. The increase of cash is due to the raising of capital through the exercising of warrant agreements, utilization of the ATM sales agreement with Virtu Americas, LLC, and revenue from sales of its products.
Current report
The Company had total current liabilities of $5.3 million at September 30, 2025, compared to $13.7 million at June 30, 2025. The decrease related to conversion of the debt as discussed in Note 11 and timing of payments for accounts payable and accrued expenses.
Current report
As of September 30, 2025, the Company had working capital of $35.4 million compared to $10.9 million at June 30, 2025.
Current report
The Company received proceeds of $26.3 million from equity financings during the three months ended September 30, 2025, compared to $8.8 million in the prior year period. In the three months ended September 30, 2024, equity financing proceeds were offset by the repayment of $3.6 million of notes payable, with no new borrowings during that period. In the current period, the carrying value of notes payable totaling $8.0 million was fully extinguished through conversion to equity, and no amounts remain outstanding.
Removed paragraphs (23)
Previous report
ABTC has filed an amended Initial Assessment for its Tonopah Flats Lithium Project (TFLP). The TFLP is one of the largest identified lithium resources in the U.S., and while initial pit designs and economic analyses in previous assessments evaluated the full resource, this updated Initial Assessment utilizes a commercialization pathway with a more rigorous mine plan that contemplates utilization of only Measured and Indicated Mineral Resources, and excludes Inferred Mineral Resources, to supply the planned commercial-scale lithium hydroxide refinery. This commercialization pathway allows for an engineered phased development, with improved access to the higher quality portions of the resource, and improved project economics.
Previous report
On September 23, 2024, the U.S. DOE announced that the Company had been selected for award negotiations for a highly competitive grant for $150 million to be applied towards the construction of a new lithium-ion battery recycling facility. On December 18, 2024, the Company received a contracted grant award for $144 million of federal investment by the DOE, with these funds awarded to the Company and an additional $6.4 million awarded to its subcontractor Argonne National Laboratory, to support the construction of a new lithium-ion battery recycling facility.
Previous report
During the three months ended March 31, 2025, our revenue was $1.0 million. This is related to the sale of our recycled products produced from recycling operations. The Company more than doubled production of recycled battery materials at its commercial-scale lithium-ion battery recycling facility in the three months ending March 31, 2025 as compared to the previous quarter.
Previous report
Cost of goods sold during the three months ended March 31, 2025 was $3.7 million. After the removal of non-cash items of $1.4 million which comprises depreciation expense of 1.2 million and stock-based compensation of $0.2 million, cash cost of goods sold was $2.3 million. The high cost of goods sold is related to the depreciation of the recycling facility fixed assets which are time based, and labor and overhead costs. We expect these costs to continue to rise on an absolute basis but will be reduced as a percentage of revenue as we scale our production and sales and gain efficiencies in the production process.
Previous report
Research and development expenses consist primarily of laboratory leases, supplies, personnel, stock-based compensation, and employee benefits. Research and development expenses for the three months ended March 31, 2025 and 2024 were $3.3 million and $4.0 million, respectively. The decrease in the current period is primarily due to allocation of a portion of such costs to inventory and cost of goods sold as part of phase 1 recycling operations coming online in the fourth quarter of fiscal 2024. Research and development expenses are partially offset by federal grant funds for awards the Company has contracted with various federal agencies. The Company recognized an offset to its research and development costs of $2.0 million and $0.7 million related to these awards for the three months ended March 31, 2025 and 2024 respectively.
Previous report
During the three months ended March 31, 2025, the Company recorded other expense of $0.9 million compared to other expense of $1.4 million for the three months ended March 31, 2024. The decrease is primarily due to lower amortization and accretion of financing costs of $0.3 million resulting from a reduced debt balance, as well as the elimination of fair value adjustments for a derivative liability of $0.2 million which is no longer required following the debt modification.
Previous report
Results of Operations for the Nine Months Ended March 31, 2025 and 2024
Previous report
Revenue
Previous report
Cost of Goods Sold
Previous report
Cost of goods sold during the six months ended March 31, 2025 was $9.5 million. After the removal of non-cash items of $3.2 million which comprises depreciation expense of $2.6 million and stock-based compensation of $0.6 million, cash cost of goods sold was $6.3 million. The high cost of goods sold is related to the depreciation of the recycling facility fixed assets, which is time based, and the finalization of the production process. We expect these costs to continue to rise on an absolute basis but will be reduced as a percentage of revenue as we scale our production and sales and gain efficiencies in the production process.
Previous report
Operating Expenses
Previous report
During the nine months ended March 31, 2025, the Company incurred $26.2 million of operating expenses compared to $25.4 million during the nine months ended March 31, 2024.
Previous report
General and administrative expenses consist of personnel, stock-based compensation, office, legal, recruitment, business development, public relations, and general facility expenses. For the nine months ended March 31, 2025, general and administrative expenses were $16.3 million, an increase of $5.6 million over the same period in the prior year primarily related to increased employee stock-based compensation$4.5 million recognized based on the establishment of executive performance milestones and the determination that achievement is probable and $1.1 million in investor relation expenses for debt modifications and capital raises during fiscal year 2025.
Previous report
Research and development expenses consist primarily of laboratory leases, supplies, personnel, stock-based compensation, and employee benefits. Research and development expenses for the nine months ended March 31, 2025 and 2024 were $8.2 million and $11.1 million, respectively. The decrease in the current period is primarily due to allocation of a portion of such costs to inventory and cost of goods sold as part of phase 1 recycling operations increasing throughput in the fourth quarter of fiscal 2024. These costs are partially offset by federal grant funds for awards that it has contracted with various federal agencies. The Company recognized an offset to its research and development costs of $4.3 million and $2.3 million related to these awards for the nine months ended March 31, 2025 and 2024 respectively.
Previous report
Other Income (Expense)
Previous report
During the nine months ended March 31, 2025, the Company recorded other expense of $2.3 million, compared to other expense of $3.6 million for the nine months ended March 31, 2024. The current period other expense primarily consisted of $2.8 million for amortization of debt financing costs, a $0.7 million loss on debt extinguishment, and a $0.6 million loss related to a private placement transaction. These expenses were partially offset by other income of $0.9 million related to the change in fair value of liability-classified instruments and $0.7 million from the change in fair value of a derivative liability.
Previous report
At March 31, 2025, the Company had cash of $7.8 million (of which $2.8 million was available and $5.0 million is restricted) and total assets of $76.5 million compared to available cash of $7.0 million and total assets of $77.7 million at June 30, 2024. On March 24, 2025, the conversion rate of the 2024 Notes was amended for $2.0 million of principal payments upon which the payments were converted to common shares. The conversion rates for the remaining principal of the 2024 Notes were not amended. Total common shares of 2,284,410 were issued with a fair market value of $2.3 million. The amendment was accounted for as debt modification and as a result, the excess fair market value of the common shares over the principal payments was recorded as an additional debt discount.
Previous report
The Company had total current liabilities of $10.6 million at March 31, 2025, compared to $15.8 million at June 30, 2024. The decrease is related to the paydown of outstanding payables with the proceeds from the registered direct offerings and the issuance of the 2024 Notes.
Previous report
As of March 31, 2025 the Company had working capital of $7.7 million compared to $2.6 million at June 30, 2024. The positive working capital at the end of both periods results from the classification of $12.2 million of held-for-sale assets as current at March 31, 2025 and June 30, 2024 and the increase in cash due to proceeds from the registered direct offerings and the issuance of the 2024 Notes. Absent the held-for-sale classification of certain assets, the working capital would have been a positive $0.5 million and a deficiency of $5.8 million at March 31, 2025 and June 30, 2024, respectively.
Previous report
The continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt or equity financing. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions. These uncertainties cause substantial doubt to exist as to the Company’s ability to continue as a going concern for 12 months from issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material.
Previous report
Based on our current operating plan, unless we generate income from the operations of our facilities or raise additional capital (debt or equity), it is possible that we will be unable to maintain our financial covenants under our existing debt agreements. If such covenant violations are not waived by the holders of the Notes and the 2024 Notes, it would result in an event of default, causing an acceleration of the outstanding balances. If we do raise additional capital through public or private equity offerings, as opposed to debt issuances, the ownership interest of our existing stockholders may be diluted.
Previous report
For the nine months ended March 31:
Previous report
The Company had proceeds from equity and debt financings of $25.9 million in the nine months ended March 31, 2025 compared to $27.5 million in the prior year period. The decrease in cash provided by equity financings in the nine months ended March 31, 2025 is primarily related to issuance of notes payable offset by principal payments on the debt.
Reworded paragraphs (17)
Previous wording
While we believe our forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements, which are based on information available to us on the date of this report or, if made elsewhere, as of the date made. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Factors that might cause such a difference include, without limitation, the risks and uncertainties discussed in this report, “Item 1A — Risk Factors” in our Form 10-K for the year ended June 30, 2024 and from time to time in our other reports filed with the SEC.
Current wording
While we believe our forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements, which are based on information available to us on the date of this report or, if made elsewhere, as of the date made. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Factors that might cause such a difference include, without limitation, the risks and uncertainties discussed in this report, “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and from time to time in our other reports filed with the SEC.
Previous wording
American Battery Technology Company (the “Company”) is an integrated critical battery materials company within the lithium–ion battery industry that is working to increase the domestic U.S. production of critical battery materials, such as lithium, nickel, cobalt, and manganese through its exploration of new domestic-US primary resources of battery metals, development and commercialization of new technologies for the extraction of these battery metals from primary resources, and commercialization of an internally developed integrated process for the recycling of lithium–ion batteries. Through this three–pronged approach the Company is working to both increase the domestic production of these battery materials, and to ensure spent batteries have their elemental battery metals returned to the domestic manufacturing supply chain in an economical, environmentally-conscious, closed–loop fashion.
Current wording
American Battery Technology Company (the “Company”) is a growth-stage company in the lithium–ion battery industry that is working to increase the domestic U.S. production of battery materials, such as lithium, nickel, cobalt, and manganese through its: (i) exploration of new, United States primary resources of battery materials, (ii) development and commercialization of new technologies for the extraction of these battery materials from primary resources, and (iii) commercialization of an internally developed integrated process for the recycling of lithium–ion batteries. Through this three–pronged approach the Company is working to both increase the domestic production of these battery materials, and to ensure spent batteries have their elemental battery metals returned to the domestic manufacturing supply chain in an economical, environmentally-conscious, closed–loop fashion.
Previous wording
To implement this business strategy, the Company has constructed its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, stationary storage, and consumer electronics industries. The ramp-up and operations of this facility are of the highest priority to the Company, and as such it has significantly increased the resources devoted to its execution including the further internal hiring of technical staff, expansion of laboratory facilities, and purchasing of equipment. The Company has been awarded a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project to accelerate the development and demonstration of the technologies within this integrated lithium–ion battery recycling facility. The Company has also been awarded an additional grant from the DOE to support a $20 million project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation disruptive advanced separation and processing recycling technologies.
Current wording
To implement this business strategy, the Company has constructed its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, stationary storage, and consumer electronics industries. The ramp-up and operation of this facility remain a top priorities, and the Company has significantly expanded resources to support its development. These efforts include hiring additional technical staff, expanding laboratory facilities, and purchasing equipment. As a result, the Company generated its first revenue in the fourth quarter of fiscal year 2024 and achieved continued growth in production volumes and revenue throughout fiscal year 2025. The Company was awarded and has completed a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project to accelerate the development and demonstration of the technologies within this integrated lithium–ion battery recycling facility. The Company has also been awarded an additional grant from the DOE to support a $20 million project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation disruptive advanced separation and processing recycling technologies.
Previous wording
On March 28, 2024, ABTC was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project Credits program (48C). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This $19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment and infrastructure for additional value-add operations at ABTC’s battery recycling facility in the Tahoe-Reno Industrial Center (TRIC) in Storey County, Nevada. As of March 31, 2025, the Company has incurred qualifying expenditures for this tax credit but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards.
Current wording
On March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This $19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment and infrastructure for additional value-add operations at the Company’s battery recycling facility in the Tahoe-Reno Industrial Center (“TRIC”) near Reno, Nevada. As of September 30, 2025, the Company has incurred qualifying expenditures for this tax credit but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards.
Previous wording
Also on March 28, 2024, ABTC was selected for an additional $40.5 million tax credit through the Qualifying Advanced Energy Project Credits program (48C) to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. As with ABTC’s initial $19.5 million tax credit under the 48C program supporting the construction and buildout of its battery recycling facility in Nevada, this additional award was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. As of March 31, 2025, the Company has not incurred any qualifying expenditures towards this tax credit.
Current wording
Also on March 28, 2024, the Company was selected for an additional $40.5 million tax credit through the 48C program to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. This award was granted by the U.S. Department of Treasury Internal Revenue Service following a competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. As of September 30, 2025, the Company has not incurred any qualifying expenditures towards this tax credit.
Previous wording
Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company has been awarded a competitive grant from the DOE’s Advanced Manufacturing and Materials Technologies Office through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies. The Company has also been awarded an additional grant award under the Bipartisan Infrastructure Law to support a $115.5 million project to design, construct, and commission a first-of-kind commercial-scale refinery to produce 30,000 MT of battery-grade lithium hydroxide per year from this resource.
Current wording
Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company was awarded and has completed a grant cooperative agreement from the DOE’s Advanced Manufacturing and Materials Technologies Office through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies.
Previous wording
ABTC has completed the construction and commissioning of its claystone to lithium hydroxide (LiOH) pilot plant, marking a significant milestone in the commercialization of its internally-developed processes to access an unrealized domestic primary lithium resource. The construction and commissioning of this pilot plant enables ABTC to demonstrate its technologies for accessing the lithium housed in its unconventional resource, Tonopah Flats Lithium Project (TFLP), in an integrated and continuous system, and to generate large amounts of battery grade lithium hydroxide for delivery to customers for qualifications and evaluation. The construction and operation of this pilot demonstration plant are supported by a competitively awarded grant from the DOE for this $4.5 million effort.
Current wording
The Company has completed the construction and commissioning of its lithium hydroxide (“LiOH”) pilot plant. The construction and commissioning of this pilot plant enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional resource, Tonopah Flats Lithium Project (“TFLP”), in an integrated and continuous system, and to generate large amounts of battery grade lithium hydroxide for delivery to customers for qualifications and evaluation.
Previous wording
During the nine months ended March 31, 2025, our revenue was $1.5 million. This is related to the sale of our recycled products produced from recycling operations.
Current wording
During the three months ended September 30, 2025 and 2024, our revenue was $0.9 million and $0.2 million, respectively, which related to the sale of our black mass and byproducts resulting from recycling operations.
Previous wording
Management uses certain non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends as well as to view the results from management’s perspective. Non-GAAP Cost of Goods sold excludes certain non-cash charges including depreciation expense and stock-based compensation. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP.
Current wording
Management uses certain non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analysing business trends as well as to view the results from management’s perspective. Non-GAAP cost of goods sold excludes certain non-cash charges including depreciation expense and stock-based compensation. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP.
Previous wording
During the three months ended March 31, 2025, the Company incurred $8.0 million of operating expenses compared to $8.6 million during the three months ended March 31, 2024.
Current wording
During the three months ended September 30, 2025, the Company incurred $6.6 million of operating expenses compared to $7.5 million of operating expenses during the three months ended September 30, 2024. The decrease is primarily due to the items described below:
Previous wording
General and administrative expenses consist of personnel, stock-based compensation, office expenses, legal, recruitment, business development, public relations, and general facility expenses. For the three months ended March 31, 2025 and 2024, general and administrative expenses were $3.7 million and $3.2 million, respectively. The increase in the current period is primarily due to $0.2 million of increased external fees associated with capital raising activities, $0.6 million increase in stock-based compensation related to performance based awards program that began in first quarter 2025, and offset by $0.3 million in other administrative cost as a result of cost-saving measures.
Current wording
General and administrative expenses consist of stock-based compensation, office expenses, legal, recruitment, business development, public relations, and general facility expenses. For the three months ended September 30, 2025, general and administrative expenses were $3.6 million, a decrease of $1.4 million from the same period in the prior year, primarily related to a decrease in payroll costs of $0.7 million, driven by changes in employee activity, resulting in a decrease in general and administrative expenses with a corresponding increase to research and development expenses; $0.5 million in stock compensation expense; and $0.2 million in accounting, audit and insurance expenses.
Previous wording
Exploration costs consist primarily of drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse, travel, and other costs related to exploration of claims in central Nevada. Exploration expenses totaled $1.7 million for the nine months ended March 31, 2025 compared to $3.6 million during the same period in the prior year. The decrease year-over-year resulted principally from higher costs in the prior year related to drilling, assaying and engineering to further define and potentially upgrade the geological classification of the mineral rights.
Current wording
Exploration costs consist primarily of drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse, travel, and other costs related to exploration of claims in central Nevada. Exploration expenses totaled $0.3 million for the three months ended September 30, 2025, compared to $0.4 million during the same period in the prior year. The increase resulted principally from costs related to drilling, assaying, and engineering to further define and potentially upgrade the geological classification of the mineral rights.
Previous wording
Results of Operations for the Three Months Ended March 31, 2025 and 2024
Current wording
For the three months ended September 30:
Previous wording
During the nine months ended March 31, 2025, the Company used $23.1 million of cash for operating activities, compared to $12.4 million used during the nine months ended March 31, 2024. In both periods, the cash used has supported an increased scale of operations including increased employee headcount and personnel costs, increased production, and increased administrative costs related to insurance, legal and accounting.
Current wording
During the three months ended September 30, 2025, the Company used $7.1 million of cash for operating activities, compared to use of $5.6 million during the three months ended September 30, 2024. In both periods, the cash used supported an increased scale of operations including increased employee headcount and personnel costs, increased production, and increased administrative costs.
Previous wording
During the nine months ended March 31, 2025, the Company used cash in investing activities of $2.0 million for acquisition of property and equipment for its recycling facilities. This is in comparison to cash used in investing activities of $11.4 million for the nine months ended March 31, 2024. The decrease is due to the Company’s purchasing more equipment in the beginning stages of the recycling plant build-out in the prior year.
Current wording
During the three months ended September 30, 2025, the Company used cash in investing activities of $0.8 million for acquisition of property and equipment for its recycling facilities. This is in comparison to cash used in investing activities of $0.9 million for the three months ended September 30, 2024. The decrease in purchases reflects the completion of major capital investments, as the recycling plant has transitioned from expansion to fully operational status.
Previous wording
During the nine months ended March 31, 2025, the Company had cash provided by financing activities of $25.9 million, compared to $27.5 million provided during the nine months ended March 31, 2024. The Company has relied on equity and debt financing to support its increased operating activities, the ramp up of the recycling plant, development of the lithium ore pilot plant, and upgrades to the geological category of its Tonopah claims through additional studies and assessments.
Current wording
During the three months ended September 30, 2025, the Company had cash provided by financing activities of $26.3 million, compared to $5.2 million provided during the three months ended September 30, 2024. The Company has relied on equity and debt financing to support its increased operating activities, the ramp up of the recycling plant, development of the lithium claystone pilot plant, and upgrades to the geological classification of its Tonopah Flats claims through additional studies and assessments.
Previous wording
While some of our significant accounting policies are more fully described in Note 2, “Summary of Significant Accounting Policies” in the notes to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q, all our critical accounting policies and significant estimates are detailed in our Annual Report on Form 10-K for the year ended June 30, 2024.
Current wording
While some of our significant accounting policies are more fully described in Note 3, “Summary of Significant Accounting Policies” in the notes to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q, all our critical accounting policies and significant estimates are detailed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Exploration costs consist primarily of drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse, travel, and other costs related to exploration of claims in central Nevada. Exploration expenses totaled $1.0 million for the three months ended March 31, 2025 compared to $1.4 million during the same period in the prior year. The decrease quarter-over-quarter resulted principally headcount reallocation to plant operations from exploration.