Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.53.

EBIT: As of FY2025 Q3, the actual value is USD -3.814 M.

Segment Revenue

• No revenue was reported for the three and nine months ended September 30, 2025, and 2024.

Operational Metrics

• Net Loss: For the three months ended September 30, 2025, the net loss was $4,459,764, compared to $10,092,312 for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $11,973,902, compared to $14,185,887 for the same period in 2024.
• General and Administrative Expenses: For the three months ended September 30, 2025, these expenses were $3,825,671, compared to $8,980,965 for the same period in 2024. For the nine months ended September 30, 2025, these expenses were $12,610,666, compared to $11,483,389 for the same period in 2024.

Cash Flow

• Operating Cash Flow: Net cash used in operating activities was $6,548,760 for the nine months ended September 30, 2025, compared to $8,514,161 for the same period in 2024.
• Investing Cash Flow: Net cash used in investing activities was $3,001,632 for the nine months ended September 30, 2025, compared to $1,279,257 for the same period in 2024.
• Financing Cash Flow: Net cash provided by financing activities was $10,222,822 for the nine months ended September 30, 2025, compared to $10,108,680 for the same period in 2024.

Unique Metrics

• Change in Fair Value of Warrant Liability: For the three months ended September 30, 2025, the change in fair value of warrant liability was -$511,109, compared to -$2,753,964 for the same period in 2024. For the nine months ended September 30, 2025, the change in fair value of warrant liability was $1,660,583, compared to -$2,753,964 for the same period in 2024.
• Change in Fair Value of Sponsor Earnout Shares: For the three months ended September 30, 2025, there was no change, compared to $1,636,100 for the same period in 2024. For the nine months ended September 30, 2025, the change was $528,000, compared to $1,636,100 for the same period in 2024.
• Loss on Sale of Investment in Equity Securities: For the three months ended September 30, 2025, the loss was $84,626, compared to $0 for the same period in 2024. For the nine months ended September 30, 2025, the loss was $179,805, compared to $0 for the same period in 2024.
• Loss on Write-off of Promissory Note and Deposit: For the nine months ended September 30, 2025, the loss was $232,481, compared to $0 for the same period in 2024.

Future Outlook and Strategy

Core Business Focus

• The company plans to develop a large-scale lithium refinery in the United States, with an initial phase targeting 25,000 metric tons per annum (mtpa) of battery-grade lithium, and a second phase to add another 25,000 mtpa, totaling 50,000 mtpa.
• The company has entered into non-binding agreements for the supply of lithium carbonate equivalent, including a 6,000 mtpa agreement with Prairie Lithium Limited and a 7,500 mtpa agreement with Mandrake Resources Limited.
• The company is negotiating long-term sales contracts with EV manufacturers, with a pricing strategy that includes cap and floor pricing.

Non-Core Business

• The company sold its investment in IRIS Metals Limited for $570,255, recognizing a loss on sale of $179,805 for the nine months ended September 30, 2025.
• The company is evaluating other strategic partnerships and investments to secure additional feedstock and expand its supply chain.

Priority

• The company aims to raise additional capital through equity or debt financing to fund its operating and investing activities over the next year.
• The company plans to continue investing in research and development activities to advance its technologies and expand its operations.