American Manganese Inc. and its R&D partner Kemetco Research Inc. announced that the Company has achieved over 99% lithium recovery from LFP (lithium iron phosphate) battery cathode materials during bench-scale tests. Since 2016, the Company has facilitated up to 100% extraction of valuable battery materials from nickel-rich manganese-rich cobalt-rich, and now LFP cathode chemistries. These battery cathode chemistries all contain lithium, which has seen more than a 350% increase in price year-over-year.

According to Benchmark Mineral Intelligence, China's forecasted share of LFP cathode production in 2022 is 99%, while UBS analysts recently raised their outlook of the global LFP battery market share to 40% by 2030. To capture a domestic and comprehensive battery recycling market share in the near-term and long-term, the Company has continued to anchor its position as an innovation-driven company that aims to provide a robust and complete solution for various lithium-ion battery chemistries. The Company's growth plan is to work with potential strategic partners, such as the battery, electric vehicle, and cathode manufacturers, to integrate the Company's patented technology under a licensing and joint development business model.