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Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has released its annual report, detailing notable achievements in its Battery Recycling, Lithium Chemicals, and Battery Materials sections. In FY24, the company made significant progress with its battery recycling business model, achieving maiden operating cash profits and securing landmark recycling agreements.
Battery Recycling Milestones
The Battery Recycling Division of Lithium Australia recorded its first operating cash profits during the last quarter of FY24. This success is attributed to its strategic shift toward an upstream service model, boosting revenue growth and upfront earnings. The firm amassed a record 1,542 tonnes of batteries for recycling, with 514 tonnes being large-format lithium-ion batteries. This growth underscores the effectiveness of partnerships with OEMs and battery manufacturers.
Revenue and Agreements Growth
Through robust battery collections, Lithium Australia’s recycling revenue surged by 22% to A$6.7 million in FY24. Moreover, gross profits increased by 53%, demonstrating profitability driven by the upstream service approach. Anticipating continuous growth in LIB collections, the company signed key supply agreements with energy giants such as LG Energy Solution and Hyundai Glovis.
Advancements in Battery Materials
In the Battery Materials segment, the company pursued several MOUs for developing a lithium ferro phosphate manufacturing plant, considering options for an Australian demonstration plant or offshore production. Furthermore, Lithium Australia entered a joint development agreement with Mineral Resources for its LieNA® technology, which remains on track for commercial trials by late 2024.
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