American Battery Technology Company

American Battery Technology Company is a U.S.-focused, growth-stage battery materials company building a domestic supply chain for lithium-ion battery metals. Its operating model combines (1) exploration of U.S. primary battery-metal resources, (2) development of extraction technologies to produce battery metals from those resources, and (3) an internally developed, integrated lithium-ion battery recycling process intended to return metals to U.S. manufacturing in a closed-loop pathway. The company targets battery-material inputs such as lithium, nickel, cobalt, and manganese, with end-market demand tied to electric vehicles and stationary energy storage. Commercial success depends on scaling projects to full operations while meeting battery-grade specifications required by downstream customers.

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2.16

2.13

— American Battery Technology Company
%
Battery recycling and recycled metal products35% Processing spent lithium-ion batteries into recovered battery metals for resale into the supply chain.
Primary resource exploration and development25% Exploration and advancement of domestic U.S. battery-metal resources (e.g., Tonopah Flats) toward potential mining operations.
Extraction and processing technology25% Development and commercialization of proprietary processes to extract lithium and other metals from primary resources.
Government incentives and other project support15% Support from awarded tax credits and grants that help fund operations and project buildout alongside external financing.

Demand for the company’s outputs is ultimately driven by lithium-based end products, especially lithium-ion batteries...

  • Battery manufacturers (EV and stationary storage)primary

    Buy battery-grade lithium and other metals to meet cell performance specs and secure supply for EV/ESS production.

  • Battery materials processors and refinersprimary

    Purchase recovered/recycled metal products and intermediates to refine into cathode/anode supply inputs.

  • Automotive and industrial OEM supply chainssecondary

    Support domestic sourcing and closed-loop recycling to reduce supply risk and meet sustainability goals.

  • Government and public-sector programssecondary

    Provide grants/tax credits aligned with domestic critical-minerals and recycling capacity buildout.

The company’s strategy is centered on building domestic U.S. production of battery materials, with exploration and...

  • U.S.-focused battery materials strategy to support domestic supply chains
  • Operations exposed to U.S. permitting and environmental approval timelines
  • Project economics still linked to globally set lithium/metal prices
  • Site selection and infrastructure access can drive capex and ramp timing
  • Domestic footprint aligns with U.S. policy incentives for critical minerals

The company’s strategy is to combine primary resource development, proprietary extraction technology, and lithium-ion...

01
Commercialize and scale integrated lithium-ion battery recyclingshort-term

Recycling can return battery metals to U.S. manufacturing and create a closed-loop feedstock source.

02
Deliver battery-grade product quality and customer specificationsshort-term

Pricing and customer retention depend on purity/performance and meeting end-user specs.

03
Advance U.S. primary resource projects through development milestonesmedium-term

Primary resources provide longer-duration supply optionality but require permitting and infrastructure buildout.

04
Maintain funding capacity to support growth-stage operationsshort-term

The company expects to rely on equity/debt financings in addition to internal revenue and incentives.

The business is highly exposed to the pace of adoption of lithium-ion batteries in electric vehicles and stationary...

high

Demand depends on adoption of lithium-ion batteries in EV and stationary storage

If these markets develop slower than expected, lithium product demand and project viability may be impaired.

Scope
End-market growth and policy support for clean energy
Materiality
high
high

Lithium and battery metal price volatility

Global metal prices fluctuate due to supply/demand, policy, macro factors and can materially affect profitability of recycling/extraction projects.

Scope
Global commodity markets
Materiality
high
high

Product quality/specification risk (battery-grade requirements)

If output does not meet battery-grade quality or customer specs, realized pricing may be reduced and customers may be lost.

Scope
Process performance, QA/QC, customer qualification
Materiality
high
high

Permitting and development risk for new mining operations (e.g., Tonopah Flats)

New mining projects require environmental and governmental approvals and significant construction/infrastructure, which can delay or prevent commercialization.

Scope
Regulatory approvals, capex execution
Materiality
medium
high

Financing and dilution risk

The company expects to rely on equity/debt financings beyond internal revenue and incentives; additional equity can dilute shareholders.

Scope
Capital markets access
Materiality
high
medium

Cybersecurity incidents

Attacks could compromise systems, disrupt operations and safety procedures, and expose sensitive data or intellectual property.

Scope
IT/OT systems and remote work environment
Materiality
medium
medium

Key personnel dependency

Loss of senior management or key employees could materially impair execution of growth-stage projects and technology commercialization.

Scope
Talent retention and hiring
Materiality
medium
Revenue recognition with claims and discounts (recycled metals)
Can shift revenue between periods and affect gross margin comparability
Impairment of long-lived assets (including ROU assets)
Non-cash charges can materially affect operating results and asset values
Share-based compensation valuation
Impacts operating loss and per-share metrics
Deferred tax assets and valuation allowance
Affects effective tax rate and balance sheet tax accounts

: 11/08/2026