AMERICAN BATTERY TECHNOLOGY Co

AMERICAN BATTERY TECHNOLOGY CO 2023 YEARLY REVIEW
What You Need to Know as an Investor

---

THE BIG PICTURE
This year’s report leaves investors with more questions than answers. While the company continues to focus on battery recycling and lithium extraction, their financial disclosures are unclear and filled with formatting errors. The big story? They’re still relying heavily on government grants rather than product sales to stay afloat.

---

WHAT WE KNOW

• Core Business: Recycles EV batteries and tests new lithium mining methods.
• Key Projects: A Nevada lithium mining site remains stuck in permitting delays (3 years and counting).
• Customers: Supplies materials to 3 major automakers (likely Ford, GM, or Stellantis), but no contracts are publicly confirmed.

NEW DEVELOPMENTS

• Staff Cuts: Layoffs occurred this year, referred to as “technical team optimization” in the report.
• Grant Dependency: 40% of R&D costs are now covered by taxpayer funds, including an $11.7M Department of Energy grant.
• Lithium Prices: Recovered to $23,500/ton (+18% vs. 2022), giving the company a slim $1,500/ton profit margin.

---

RED FLAGS 🚩

• Financial Fog: No clear revenue numbers, cash balance, or debt details provided. The company didn’t clarify why financial tables include garbled text and symbols.
• Permit Delays: Critical Nevada mining permits are still pending after 3 years. The phrase “Phase 2 commissioning” appears repeatedly with no timeline.
• Cash Concerns: Based on 2022 spending, they likely have less than 12 months of cash left.

---

SILVER LININGS

• Government Backing: DOE funding increased 21% this year despite operational hiccups.
• Industry Visibility: Presented at 6 industry conferences (double 2022’s count), suggesting growing recognition.

---

SHOULD YOU INVEST?
✅ Consider if: You’re comfortable with high-risk bets on the EV supply chain and trust government support will continue.
❌ Avoid if: You need financial transparency, steady growth, or dislike companies dependent on permits/grants.

3 THINGS TO WATCH IN 2024

1. Nevada Permits: Approval could unlock $235M/year in lithium production.
2. Cash Lifespan: Will grants or sales extend their runway beyond 12 months?
3. Lithium Prices: Must stay above $22,000/ton to avoid losses.

---

THE BOTTOM LINE
American Battery Technology Co feels like a lottery ticket for the EV era. There’s real potential in recycling and lithium demand, but major hurdles remain: unclear finances, permit delays, and reliance on taxpayer money. The company provided limited operational details in their annual report, which raises transparency concerns.

Only invest here if you’re okay with high risk and can afford to lose your stake. For most investors, waiting for clearer financials or permit progress makes sense.

Last updated: March 2024 | Data source: ABTC 2023 Annual Report