NEO Battery Materials Ltd. provided updates on the construction process for the South Korean Commercial Plant, material evaluation of further-enhanced silicon anodes. Following the construction permit approval of the South Korean Commercial Plant, NEO Battery Materials has advanced discussion with 3 contractors for a request for quotation (RFQ) process. In the next two weeks, the Company will accordingly receive construction quotes.

Based on essential procurement factors, such as technical expertise, project execution, and cost-effectiveness, NEO will select the most qualified contractor to advance commercialization to the next step. With 3 U.S.-based battery cell manufacturers including a solid-state battery developer, the Company is scheduled to send further-optimized NBMSiDE™, NEO's proprietary silicon anode materials, samples for material evaluation and validation in lithium-ion battery cells. Additionally, optimistic developments have allowed the Company to discuss domestic and international expansion plans with working partners.

Both parties aim to carry forward collaborative ventures and projects for active NBMSiDE™ integration in EV batteries.