Lithium Australia (ASX:LIT) cements position in green tech space in latest quarter - Kalkine Media

Highlights

• Lithium Australia (ASX:LIT) has tabled December 2022 quarter report.
• Envirostream, a 100%-owned LIT subsidiary, collected 275 tonnes of mixed batteries and engaged with a new trading company for the sale of MMD during the last quarter.
• VSPC saw completion of an engineering study for LFP pre-qualification pilot plant (PQPP), a major step expected to aid in offtake and joint development opportunities.
• LIT ended the quarter on a firm financial footing with AU$13.5 million in cash and AU$6.2 million as investments in listed equities.

Lithium Australia (ASX:LIT) has reported another quarter of major developments in the battery technology space. The company operates through its battery recycling business Envirostream Australia Pty Ltd, lithium ferro phosphate (LFP) cathode powder-focused division VSPC Pty Ltd and Lithium Chemicals division.

Besides encouraging developments across these divisions, the quarter witnessed the reclassification of the company’s listing on the Australian stock exchange to a standard materials entity from a "mining exploration entity".

Also, the company sold its 20% share of the Greenbushes South Lithium Project to Galan Lithium for AU$1.0 million in equity plus AU$2.0 million in cash.

At the quarter end, the company held a cash balance of AU$13.5 million and investments in listed equities of AU$6.2 million.

Let us take you through major developments across the company’s divisions during the reported quarter.

Envirostream makes strides in battery recycling space

Envirostream received 275 tonnes of end-of-life (EOL) batteries during the December quarter. The company highlighted increased EOL battery collections, backed by its partners like LG Energy Solution and B-cycle volumes, over the last one-year period.

The quarter saw Envirostream attending the Asia International Li-ion Battery Recycling Summit in South Korea. During the event, the company engaged with current partners and held discussions with new customers. As a result, the period witnessed a shipment of mixed metal dust (MMD) to a new trading company, resulting in the customer base diversification and economic return improvements for this product.

VSPC moves closer to LFP commercialisation 

VSPC reported the completion of an engineering study for its planned LFP PQPP. The company aims to commercialise a 10,000-tpa LFP manufacturing facility. The company highlights that the study will aid in determining the optimal commercialisation pathway and engaging with potential offtake and joint development partners.

Also, the quarter saw improvements to lithium manganese ferro phosphate (LMFP) cathode powder for use in lithium-ion batteries.

VSPC highlights that it received multiple requests for LMFP samples, resulting in the further development of LMFP cathode powder.

Major tech developments at Lithium Chemicals

Lithium Chemicals is working in partnership with the Australian Nuclear Science and Technology Organisation (ANSTO) to develop its next-generation LieNA® processing technology. The technology is designed to produce lithium chemicals boasting high purity by refining low-grade or fine spodumene. The lithium chemicals produced are then used for LFP production.

The company reported evaluation of potential LieNA® commercial partners during the quarter.    

In essence, the latest quarter developments indicate that Lithium Australia is going strong in the battery technology space. The ASX-listed company remains committed to developments ensuring an ethical and sustainable future for the global battery industry.

LIT shares were trading at AU$0.048 in the early hours of 1 February 2023.