Battery X Metals achieved a significant milestone in its battery recycling endeavors. The Company successfully acquired end-of-life lithium-ion batteries and processed them through a meticulous discharging and shredding process, resulting in the creation of a high-value finished product known as black mass. Black mass is the industry term used to describe the material remaining once spent lithium-ion batteries are shredded, and all casings have been removed. This material contains an array of valuable elements, including nickel, cobalt, manganese, copper, lithium, and graphite. Once recovered, these elements can be recycled to produce new lithium-ion batteries, contributing to a more sustainable and eco-friendly approach to battery production. In collaboration with the University of British Columbia ("UBC"), Battery X Metals has commenced a Joint Development Partnership, leveraging the expertise and research capabilities of UBC to advance battery recycling technology. The delivery of the black mass marks a crucial step in propelling the research and development efforts, with the aim of validating and optimizing the company's proprietary recovery process for these critical elements. Through this strategic partnership, Battery X Metals aims to revolutionize the recycling of end-of-life lithium-ion batteries and play a significant role in the transition towards a more circular economy. By recovering and reusing these valuable materials, the Company contributes to reducing waste and lessening the environmental impact of battery disposal by facilitating urban mining from end-of-life lithium-ion
batteries. As the Joint Development Partnership with UBC progresses, Battery X Metals is dedicated to refining its black mass processing technology, with the ultimate goal of enhancing the efficiency and effectiveness of critical element recovery. The Company looks forward to sharing the outcomes of this ground-breaking
research and reinforcing its position at the forefront of sustainable battery recycling technology. Upon successful validation, the Company plans to file its first provisional patent for this groundbreaking
technology.