Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) reported a strong financial performance for FY24. Managing Director and CEO Simon Linge discussed the company’s growth with Proactive’s Tylah Tully. The company reported a record revenue increase to A$6.7 million, driven by a significant 50% growth in Lithium-Ion Battery collection, reaching 829 tonnes.

Gross profit rose by 53%, reaching A$2.2 million, due to their upstream service model. The company secured exclusive recycling agreements with major partners, including LG Energy Solution, Hyundai Glovis, and Volvo Group Australia. A joint development agreement with SungEel HiTech was also finalized, aiming to purchase 60% of Lithium Australia’s annual production.

Commercial Progress in Battery Recycling

Lithium Australia is advancing in commercializing its patented technologies in Lithium Chemicals (LieNA®) and Battery Materials. The LieNA® technology is moving forward with piloting and study plans. The company aims to commercially scale this through a 50:50 joint venture with MinRes. Licensing the technology globally could generate significant revenue per annum from a single licence.

LieNA® Technology Development

The pilot plant is operational, producing up to 2 tonnes annually of Lithium Iron Phosphate, and moving towards commercial production, with potential revenues of US$319 million annually.

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