Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has announced substantial progress in FY24. The company excelled in Battery Recycling, Lithium Chemicals, and Battery Materials.

Record Achievements in Battery Recycling

Lithium Australia’s Battery Recycling Division reported maiden operating cash profits in the final quarter. The strategic transition towards an upstream service model boosted its revenue to AU$6.7 million, a 22% increase from last year. The company collected 1,542 tonnes of batteries, including 514 tonnes of large-format lithium-ion batteries, reflecting significant growth.

New Recycling Agreements Signed

During the year, Lithium Australia signed significant agreements with LG Energy Solution, Hyundai Glovis, and Volvo Group Australia. Additionally, a 3-year offtake agreement with SungEel HiTech was established, securing the purchase of 60% of annual Mixed Metal Dust (MMD) production.

Expansion in Battery Materials Division

In the Battery Materials sector, new MOUs were signed to explore developing a lithium ferro phosphate (LFP) and lithium manganese ferro phosphate (LMFP) plant. The company plans either an Australian demonstration plant or an offshore semi-commercial plant with strategic partners.

LieNA® Lithium Chemicals Development

Lithium Australia advanced its LieNA® lithium chemical through a joint development agreement with Mineral Resources. The agreement supports a piloting plant and engineering studies for commercialization. Progress is ongoing, with completion expected by year-end.

Overall, Lithium Australia remains focused on growth through exclusive agreements and completing strategic ventures.

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