AMERICAN BATTERY TECHNOLOGY Co

The Company is engaged in the operation of a critical mineral recycling facility to recycle end-of-life lithium-ion batteries, the design and construction of a second recycling facility for the recycling of lithium-ion batteries, and in the development and construction of a mine and refinery for the manufacturing of high-purity lithium from its lithium-bearing claystone unpatented mining claims. To do so, the Company owns or holds long-term leases on multiple properties, all located within the United States, along with leases on laboratory facilities that support our research and development functions. In addition, the Company holds rights to certain assets, which facilitate the effective use of our properties. We believe that all of our properties and facilities are well maintained, effectively used, and are adequate for operating our business. Information regarding significant properties operated by us is outlined below.

Corporate Headquarters

The Company currently leases executive offices located at 100 Washington Street, Suite 100 in Reno, Nevada, USA. The office space consists of approximately 5,831 square feet and the lease expires November 30, 2027.

Critical Mineral Recycling Operations

McCarran, Nevada – Recycling Facility

The Company purchased a facility in August 2023 to implement its internally-developed critical mineral recycling technologies in the Tahoe-Reno Industrial Center, located at 2500 Peru Drive, McCarran, Nevada. The facility houses the Company’s first-of-kind integrated battery recycling system which utilizes a strategic de-manufacturing and targeted chemical extraction train to recover domestic critical minerals with high yields, low cost, and with a low impact footprint. These processes are fundamentally different than conventional methods of battery recycling, which utilize high temperature furnaces, such as smelters, or non-strategic shredding or grinding systems.

As the Company ramps up operations of its integrated recycling processes, the facility is being commissioned in phases. The first phase is currently installed and is operated, which mechanically processes battery materials into products including copper, aluminum, steel, a lithium intermediate, and a black mass intermediate material. In the second phase, this lithium intermediate will be further refined into a battery grade lithium hydroxide product, and the black mass intermediate material will be further refined into battery grade nickel, cobalt, manganese, and lithium hydroxide products.

McCarran, Nevada – Recycling Storage Facilities

On June 28, 2021, the Company purchased approximately 13.87 acres of industrial-zoned land in McCarran, Nevada. The Company utilizes this property for the storage of feedstock, products, and other materials.

On January 14, 2026, the Company purchased approximately 5.76 acres of industrial-zoned land in McCarran, Nevada. The Company intends to utilize this property for supplemental storage of feedstock, product, and other materials.

Fernley, Nevada – Recycling Facility

On August 14, 2020, the Company purchased approximately 12.44 acres of undeveloped industrial land in Fernley, Nevada in a Qualified Opportunity Zone. The Company began construction of a recycling facility before prioritizing the new location in McCarran, Nevada.

On June 30, 2025, the Company classified this land and a partially constructed facility at this Fernley, Nevada location as assets held for sale. On July 28, 2025, a potential buyer for such property terminated the purchase agreement governing such proposed sale. During fiscal year 2026, the Company is making improvements to the property, including working towards securing the final certificate of occupancy and completing additional upgrades. The property, with a carrying value of approximately $7.0 million, was reclassified into property and equipment as construction in progress during the fiscal year ended June 30, 2026.

Water Rights

The Company purchased water rights in the City of Fernley, Nevada for $3.8 million. The Company allocated approximately $0.1 million of water rights to the Company’s Fernley plant.

The Company’s acquisition of the commercial-scale battery recycling facility at the Tahoe-Reno Industrial Center included water rights valued at $0.8 million and are described as an 18.45 acre-foot/year portion of the Truckee-Carson Irrigation District, Serial Number 1081-A-1.

These have an unlimited useful life upon assignment to a property through use of a will-serve, which has no expiration date.

Laboratory Facilities

To support the development of both its critical mineral recycling and claystone-to-lithium technologies, the Company operates out of two laboratory facilities:

Nevada Center for Applied Research - Reno, Nevada

The Company leases laboratory and office space from the University of Nevada, Reno. As of June 30, 2026, the Company occupies 2,889 square feet at the Nevada Center for Applied Research (“NCAR”). The laboratory space is used to advance the Company’s in-house, first-of-kind developed battery metals extraction technologies for both the recycling of spent batteries and for the manufacturing of primary battery metals from domestic-based resources.

Greentown Labs - Somerville, Massachusetts

The Company is a member of and occupies space in Greentown Labs, which is the largest clean technology incubator in North America. The Company has access to both desk and lab space at the facility. The Company was afforded this opportunity by winning the Greentown Labs Circularity Challenge, an accelerator program for start-ups developed in partnership with BASF, one of the world’s leading chemical companies.

Tonopah Flats Lithium Project (“TFLP”)

Property Area and Claim Type

The area where Tonopah Flats Lithium Project (“TFLP”) is located is known for its unique sedimentary claystone resources. The Tonopah Flats property consists of 631 unpatented Federal lode mining claims covering approximately 13,037 acres and is centered at 38.1099° North Latitude and 117.3479° West Longitude. The Company owns 100% of the claims comprising the Tonopah Flats property. Ownership of the unpatented mining lode claims is in the name of the holder (locator), subject to the paramount title of the United States of America. Under the Mining Law of 1872, the locator has the right to explore, develop, and mine minerals on unpatented mining lode claims without payments of production royalties to the U.S. government. The 631 unpatented lode claims include rights to all locatable subsurface minerals.

The project is located approximately seven miles northwest of Tonopah in Esmeralda and Nye Counties, Nevada and is intersected by Highway 6. The project has other necessary infrastructure nearby including access to power, additional road access, and water. In addition, there is an available workforce in Tonopah and the surrounding area.

On September 1, 2021, the Company signed an exploration agreement with 1317038 Nevada Ltd., which gave the Company exclusive access to explore 305 Unpatented Lode Claims in the Tonopah Mining District (“Tonopah Flats”) in Nye and Esmeralda Counties, Nevada. The agreement gave the Company the right to explore the claims for critical battery materials. The agreement also gave the Company the option to purchase the Claims upon expiration of the exploration agreement. The Company completed its preliminary surface sampling of the property in February 2022 and proceeded with an exploration drilling program. In July 2022, the Company exercised the option to acquire the rights to those claims. In addition to signing the exploration agreement mentioned above, the Company also staked additional claims in the region surrounding the claims included in the agreement.

The TFLP is one of the largest identified lithium resources in the United States, and in September 2025 the Company published a Pre-Feasibility Study (“PFS”) (full report available at; https://americanbatterytechnology.com/wp-content/uploads/ABTC_Pre-FeasibilityStudy_2025.pdf) that details inferred, indicated, and measured resources and proven and probable 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 estimated that the TFLP contains approximately 21.3 million tonnes LHM resource, with 2.7 million tonnes of LHM further classified as proven and probable reserves. The total processing costs for manufacturing this battery grade LHM is projected to be $4,307 per tonne LHM. Inferred, indicated, and measured resources have lower levels of geological confidence than proven and probable reserves, and in certain cases may not be considered when assessing the economic viability of a mining project.

In June 2025, the TFLP was selected by the National Energy Dominance Council and the FAST-41 Permitting Council as a Transparency Priority Project for streamlined federal permitting. This designation highlights the project’s role in advancing domestic critical mineral lithium production and supporting U.S. energy independence. In August 2025, the TFLP was further approved by the FAST-41 Permitting Council as a Covered Priority Project, which provided additional resources to streamlining the permitting efforts for this project. The project is featured on the FAST-41 Permitting Dashboard.

TFLP Exploration and Geotechnical Drilling

To date there have been several drill programs conducted at the TFLP consisting of a total of 38 exploration and/or geotechnical drill holes. The 2025 drill program was initiated to further inform the Mine Plan of Operations and provide geotechnical data for pit slope stability and waste rock storage facilities. Drillholes TF25-GT1 through TF25-GT8 were drilled by True North Drilling (“True North”) of San Tan Valley, Arizona between January 2025 and February 2025. Total footage for this program was 2,056.5 meters in eight holes.

The holes were advanced utilizing a Torque Drill TD9000D track-mounted rig by conventional wireline core drilling methods using 3 m, HQ diameter equipment. Water was injected continuously during drilling. Each drillhole collar location was recorded with a survey grade GPS RTK unit accurate to 1 cm. Holes were drilled at angles ranging from –80 to -60 degrees and ranged from 233 to 300 m in depth. Various downhole surveys were collected during this program. A map of the eight drillholes is shown below.

True North recovered core on 3 meter runs unless broken ground or difficult drilling conditions made shorter runs necessary. The drillers stored all recovered core in wax-coated core boxes. The drillers recorded drill-run lengths and recoveries on wooden blocks placed between runs in the core boxes. Redrilled or reamed core was identified by the drillers and that information relayed to the onsite geologists.

Core boxes were transported daily by the drillers or ABTC staff to the secure core logging facility in Tonopah. ABTC geologists logged the core, recording core recovery, rock quality designation, lithology, rock alteration, veining, and geological structures. The core was also logged by Barr Engineering Co. engineers for geotechnical analysis and select samples taken for laboratory analysis, and after logging but before splitting, geologists or technicians sprayed the whole core with water and photographed it.

ABTC geologists or technicians saw-split the drill core at a workstation at the core logging facility. One half-core was retained for reference. The other half-core was bagged and labeled for analysis and was prepared for transport to the laboratory.

Mineral Resource Estimate

The mineral resources for Tonopah Flats described and tabulated in the PFS are classified as Measured, Indicated, and Inferred in accordance with SK-1300 and were estimated to reflect potential open-pit extraction. These resources were constrained with an optimization and cutoff grade satisfactory to meet the requirement of reasonable prospects for economic extraction. The pit shells created using these optimization parameters were further constrained to limit the project resources to a grade of 300ppm within claystone only, which was done as a conservative measure to avoid extremely low cutoff grades despite economics. It should be noted that without the grade constraint, the resulting pit shell using these parameters would be larger than has been used for the resources reported herein.

Tonopah Flats Lithium Project – Lithium Mineral Resources Estimate

as of End of Fiscal Year Ended June 30, 2026

ktonnes = kilotonnes

LHM = lithium hydroxide monohydrate

ppm = parts per million

Mineral Reserves Estimate

In addition to its mineral resources, the TFLP also contains classifications of mineral reserves that are tabulated in the PFS as Proven and Probable, in accordance with SK-1300, and were estimated to reflect potential open-pit extraction. These reserves were constrained with an optimization and cutoff grade satisfactory to meet the requirement of reasonable prospects for economic extraction. The pit shells created using these optimization parameters were further constrained to limit the project resources to a grade of 300ppm within claystone only, which was done as a conservative measure to avoid extremely low cutoff grades despite economics.

Tonopah Flats Lithium Project – Lithium Mineral Reserves Estimate

as of End of Fiscal Year Ended June 30, 2026

Capital and Operating Costs

Mining and refining operating costs were estimated and presented in the PFS. The mining operating costs were itemized by mining, ore handling, tails handling, and backfill costs. The refining operating costs were itemized by energy, chemical consumables, and labor.

Net operating costs are estimated to be $15.45/ton processed or $5,720 per ton of LHM. The life of mine operating cost summary is presented in the table below.

ABTC and Barr created a cash-flow model based on the production schedule and resulting revenue stream in accordance with the costs presented. Only Measured and Indicated mineral resources were used to create the revenue stream. The PFS limits the TFLP to a mine life of 45 years for approximately 599.8 Mt with an average of 805 ppm Li grade processed and a total recovery including beneficiation, extraction, and refining of 48%. With $2.0 billion in initial capital costs, processing costs of $4,307/t of LHM, overall operating costs of $6,994/t of LHM produced, and average production of 30,000 tpa of LHM, this project is estimated to have a $2.57 billion after-tax net present value (NPV) at an 8% discount rate. At a discount rate of 10%, the after-tax net NPV is $1.75 billion. The project has a 21.8% Internal Rate of Return (IRR) and 7.5-year payback of initial capital. Mineral resources that are not categorized as reserves do not have demonstrated economic viability.

Mineral Rights and Annual Property Holding Costs

Ownership of the unpatented mining lode claims is in the name of the holder (locator), subject to the paramount title of the United States of America, under the administration of the U.S. Bureau of Land Management (“BLM”). Under the Mining Law of 1872, which governs the location of unpatented mining lode claims on federal lands, the locator has the right to explore, develop, and mine minerals on unpatented mining lode claims without payments of production royalties to the U.S. government, and subject to the surface management regulation of the BLM. The 631 unpatented lode claims include rights to all locatable subsurface minerals. Currently, annual claim-maintenance fees of $200 per claim are the only Federal payments related to unpatented mining lode claims. The annual property holding costs, including claim fees and county recording fees total $134,108 which include Annual Federal Claim Fees of $126,200 and Annual County Recording Fees for Notice of Intent to Hold of $7,908. Surface rights sufficient to explore, develop, and mine on the unpatented mining lode claims are inherent to the claims as long as the claims are maintained in good standing. The surface rights are subject to all applicable state and federal environmental regulations.

Significant Encumbrances and Permitting

The Tonopah Flats property is owned 100% by the Company with no significant encumbrances or agreements such as leases, options, or purchase payments known and there are no royalties associated with the property. Tonopah Flats is an exploration stage property and is currently operated as a mid-stage project with studies advancing for mineral resources, metallurgy and processing, engineering and economics, and environmental permitting. Key BLM permits and bonding for these activities are in place and include:

The BLM Nevada State Office currently holds BLM cash bond number 4969389 with the Company as principal, in the amount of $59,646. The bond provides surface reclamation coverage for operations conducted by the Company at the Tonopah Flats property. The total projected surface disturbance for the exploration permits as of June 30, 2026 is approximately 4.98 acres. The Company is currently in compliance with all issued permits.

Internal Controls

We have internal controls for reviewing and documenting the information supporting the exploration, describing the methods used, and ensuring the validity of the results. These internal control processes were not materially impacted by the adoption of S-K 1300. Information that is utilized to conduct exploration is prepared and certified by appropriate QPs and is subject to our internal review process, which includes review by a QP. The QP and management agree on the reasonableness of the criteria for the purposes of the exploration. Calculations using these criteria are reviewed and validated by the QP. We recognize the risks inherent in exploration, such as the geological complexity, interpretation and extrapolation of data, changes in operating approach, macroeconomic conditions and new data, among others. Overestimated resources resulting from these risks could have a material effect on future profitability.