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• Battery Recycling: ABAT develops and commercializes processes for the efficient and sustainable recycling of lithium-ion batteries from electric vehicles and other applications.
• Primary Battery Mineral Extraction: The company is developing innovative methods to extract and refine primary battery minerals like lithium from domestic resources.
• Battery Material Manufacturing: ABAT focuses on producing critical battery materials, such as lithium hydroxide, nickel, cobalt, and manganese, suitable for reintroduction into the battery manufacturing supply chain.

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American Battery Technology (symbol: ABAT) primarily sells its products and services to other companies (B2B) in the battery and electric vehicle supply chain, rather than directly to individuals. Its business model focuses on lithium-ion battery recycling, primary lithium manufacturing, and battery metal purification.

The company is currently scaling its operations, and its major customers and strategic partners include:

• Ford Motor Company (Symbol: NYSE: F): Ford is a key strategic partner for ABAT. In late 2023, ABAT and Ford announced a joint venture to build a commercial-scale facility in Nevada to recycle lithium-ion batteries for electric vehicles. Through this partnership, Ford will be a significant off-taker and user of the recycled battery materials produced.
• BASF SE (Symbol: OTCQX: BASFY): ABAT has a multi-year agreement with BASF, a global chemical company and major battery materials producer, to recycle BASF's manufacturing scrap from its North American battery cathode production facility. This represents a direct B2B customer relationship for recycling services.

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Ryan Melsert, Chief Executive Officer, Chief Technology Officer, and Director

Ryan Melsert was appointed CEO of American Battery Technology Company (ABTC) in October 2019. He brings over 20 years of multidisciplinary expertise in technology development and business. Melsert co-founded M2 Thermal Solutions LLC, an engineering design firm. Previously, he served as R&D Manager for Tesla's Gigafactory Battery Materials Processing group, where he was one of the founding design engineers for the battery manufacturing Gigafactory and later led an R&D team. His experience also includes roles as R&D Manager at Southern Research, leading the design and development of energy systems and receiving Department of Energy grants. He also held positions at Lockheed Martin, GE, and Bechtel. Melsert holds a Ph.D. and M.S. in Mechanical Engineering from Georgia Institute of Technology, an MBA from Georgia Tech Scheller College of Business, and a B.S. in Mechanical Engineering from Penn State University.

Paul McGarry, Interim Chief Financial Officer

Paul McGarry is set to become the Interim Chief Financial Officer of American Battery Technology Company, effective February 1, 2025, following the retirement of Jesse Deutsch. Currently, he serves as the company's Controller. Prior to joining ABTC, McGarry was the Senior Vice President, Finance and Chief Accounting Officer at Rockwell Medical Inc., where he was involved in multiple financings and commercial product launches. He also worked as Corporate Financial Controller at Alyvant, Inc., and oversaw financial operations at Champions Oncology Inc. His early career includes an Audit Manager position at Deloitte & Touche LLP. McGarry is a Certified Public Accountant in New York and holds a B.S. in Accounting from Pennsylvania State University.

Steven Wu, Chief Operating Officer

Steven Wu was appointed Chief Operating Officer of American Battery Technology Company on August 26, 2024. He brings an extensive background in successfully scaling first-of-kind technologies into high-volume manufacturing operations from his previous companies. Wu's prior experience includes serving as the Director of Product and Programs at Rivian, where he led efforts to ramp products and manage partnerships with key customers and suppliers. He also worked at the autonomous vehicle startup Nuro.

Scott Jolcover, Chief Resource Officer

Scott Jolcover serves as the Chief Resource Officer for American Battery Technology Company. He possesses over 40 years of extensive experience across various sectors, including mining, drilling, water resources, real estate, permitting, mergers, acquisitions, business development, and commercial transactions. Jolcover's previous roles include Director of Business Development, General Manager, and Director at Comstock Mining Inc. He also served as President of Hard Rock Nevada, Inc. and Virginia City Ventures, Inc. He holds an Associate's degree in Automotive Technology from Southern Illinois University, Carbondale.

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The key risks for American Battery Technology (symbol: ABAT) are primarily centered around its financial viability, regulatory challenges, and operational execution in a capital-intensive industry.

1. Ability to Continue as a Going Concern and Achieve Sustained Profitability: American Battery Technology faces significant challenges related to its financial health. The company has a history of unprofitability, reporting substantial net losses, negative gross and net margins, and an accumulated deficit of $260.1 million. Auditors have expressed "substantial doubt about our ability to continue as a going concern". ABAT is in a development stage and relies heavily on external financing and equity issuances, which can lead to shareholder dilution. The company's ability to maintain sufficient funding until its recycling and lithium extraction businesses become profitable is a critical risk.
2. Regulatory and Funding Risks, including Grant Termination: The termination of a significant Department of Energy (DOE) grant has created considerable uncertainty and financial pressure for ABAT, causing a notable drop in its stock price. This event raised concerns about the company's compliance frameworks and overall business ethics. While the company is appealing the decision, such regulatory setbacks directly impact funding for critical projects and highlight the ongoing challenge of securing and maintaining essential capital.
3. Operational and Execution Challenges: ABAT operates in a capital-intensive industry and faces several operational risks. These include the risk that products from its projects may not consistently meet battery-grade quality or customer specifications, which could lead to reduced pricing and loss of customers. Furthermore, the company faces inherent challenges related to innovation, new product development, its reliance on technology, and securing necessary permits for exploration, development, and production. Managing the capital intensity of its projects and mitigating the impact of fluctuating mineral and commodity prices are also significant operational hurdles.

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The rapid emergence and market consolidation by well-capitalized and vertically integrated competitors, notably companies like Redwood Materials, poses a clear emerging threat to American Battery Technology (ABAT). These competitors are quickly establishing dominant positions by securing significant funding, forging exclusive, long-term partnerships with major automotive OEMs and battery manufacturers (e.g., Ford, Volkswagen, Toyota, Panasonic), and rapidly scaling their battery recycling and critical mineral production facilities. This trend could severely limit ABAT's access to sufficient feedstock (end-of-life batteries) for its recycling operations and restrict its ability to secure off-take agreements for the battery materials it aims to produce, effectively cornering key market segments before ABAT can fully commercialize and scale its own technologies.

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American Battery Technology Company (ABAT) operates in three primary market segments: lithium-ion battery recycling, primary battery metal extraction, and battery manufacturing (specifically battery-grade materials).

• Lithium-ion Battery Recycling: The global lithium-ion battery recycling market was valued at approximately $7.2 billion in 2024 and is projected to reach $46.4 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of over 20.6%. For the U.S. alone, this market was valued at $900 million in 2024.
• Primary Battery Metal Extraction (Lithium): The global lithium market size was estimated at $5.17 billion in 2024 and is projected to grow from $5.589 billion in 2025 to $12.18 billion by 2035, exhibiting a CAGR of 8.1%. North America currently holds the largest share of the lithium market.
• Battery Manufacturing (Battery-Grade Critical Materials): The global critical minerals market, which includes battery-grade materials such as lithium, cobalt, and nickel, reached approximately $328.19 billion in 2024 and is expected to grow to $586.63 billion by 2032, at a CAGR of 7.53%. The Asia-Pacific region held a significant share of this market, valued at around $97.73 billion in 2022.

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American Battery Technology Company (ABAT) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of Battery Recycling Operations: ABAT has demonstrated substantial revenue growth from its existing battery recycling facility. The company received a $144 million grant from the U.S. Department of Energy (DOE) for the construction of a second battery recycling facility in the Southeast U.S., indicating a significant planned expansion of its processing capacity and market reach.

2. Commercialization of the Tonopah Flats Lithium Project: The company is advancing its Tonopah Flats Lithium Project in Nevada, which focuses on the commercial production of primary battery-grade lithium. ABAT has completed baseline studies and a pre-feasibility study (PFS) for this project, which outlines significant production capacity and economic viability. Furthermore, the project has garnered support, including a $900 million loan interest letter from the US Export-Import Bank for its commercial construction.

3. Increasing Demand for Battery Materials and Recycling Services: The rapidly growing electric vehicle (EV), stationary energy storage, and consumer electronics markets are fueling a strong demand for both recycled battery materials and new critical minerals. ABAT's focus on innovative battery recycling and primary mineral extraction technologies positions it to capitalize on this expanding market.

4. Strategic Partnerships and Offtake Agreements: ABAT is establishing strategic partnerships, such as with Call2Recycle to broaden consumer lithium-ion battery recycling across the U.S.. The company is also securing customer offtake agreements for the lithium produced from its Tonopah Flats project, which are crucial for guaranteeing future sales and revenue streams.

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Share Issuance

• American Battery Technology (ABAT) raised $21.9 million through its at-the-market (ATM) offering during the first quarter of fiscal year 2026, with aggregate gross proceeds increasing to $23.6 million after the quarter ended on September 30, 2025.
• During fiscal year 2025, ABAT issued equity and converted debt into common shares, which led to approximately 97.4 million shares outstanding as of June 30, 2025. The company also had $36.94 million in financing activities for the year, including proceeds from equity offerings and warrant exercises.
• In April 2024, the company filed for an at-the-market (ATM) equity offering to sell up to $50 million in common stock.

Inbound Investments

• ABAT secured a $144 million federal grant from the U.S. Department of Energy to support the development of a second battery recycling facility.
• The company received approximately $40 million and $20 million in tax credit awards under the 48C Qualifying Energy Project Credit program for capital expenditures toward its second and first lithium-ion battery recycling facilities, respectively.
• ABAT also received a letter of interest for up to $900 million in potential financing from the Export-Import Bank of the United States.

Capital Expenditures

• American Battery Technology utilized $2.55 million in cash for investing activities during fiscal year 2025.
• The primary focus of capital expenditures includes the construction and development of battery recycling facilities and a commercial-scale lithium hydroxide refinery.
• Capital expenditures were significantly reduced in the second quarter of fiscal year 2025 as the company's initial recycling plant near Reno, Nevada, was constructed, and the focus shifted towards operations.