Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has announced significant achievements in its FY24 annual report. The company’s Battery Recycling Division recorded its first operating cash profits, driven by strategic shifts to an upstream service model, bolstering revenue growth.

Battery Recycling Milestones

Lithium Australia’s recycling efforts saw a record 1,542 tonnes of batteries collected, with large-format lithium-ion batteries (LIBs) collection doubling compared to FY23. This growth aligns with exclusive agreements with top OEMs and manufacturers, which led to a 22% revenue increase, reaching A$6.7 million.

Strategic Supply Agreements

In FY24, Lithium Australia signed important supply agreements with industry giants such as LG Energy Solution and Hyundai Glovis. Additionally, a binding offtake agreement was inked with SungEel HiTech, securing a significant portion of Mixed Metal Dust production.

Advancements in Battery Materials

LIT pursued the development of lithium ferro phosphate (LFP) and lithium manganese ferro phosphate (LMFP) manufacturing, exploring partnerships for an Australian demonstration plant and an offshore semi-commercial facility.

Progress in Lithium Chemicals

Lithium Australia’s LieNA® lithium chemical advanced through a joint development agreement with Mineral Resources. This partnership supports a piloting plant and engineering studies for commercialization.

Lithium Australia remains focused on enhancing revenue through exclusive agreements and reinforcing its position in the recycling and battery materials sector.

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