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Welcome to the annual meeting for American Battery Technology Company. Our host for today's call is Ryan Meltzer, Chief Executive Officer, Chief Technology Officer, and member of the board. I will now turn the call over to your host, Mr. Meltzer. You may begin, sir. Good afternoon, and welcome to the 2025 Annual Meeting of Shareholders of the American Battery technology company. As mentioned, my name is Ryan Melsert, and I am the CEO, CTO, and member of the Board of Directors of the company, and I will act as the chairperson of this meeting. It is my pleasure to welcome you here today, and I want to express my sincere and personal thanks for joining us. As is our custom, we will conduct the business portion of our meeting first, followed by a company update, and answer questions at the end of this meeting. In keeping with the digital approach to this year's meeting, it is now shortly after 12 p.m. Pacific time on November 13, 2025, and this meeting is officially called to order. At this time, I would like to recognize the following members of the Board of Directors at today's meeting. Rick Feazell, Elizabeth Lowery, Susan Yoon Lee, and Lavanya Balakrishnan. I would also like to introduce the members of the ABTC executive team, Jesse Deutsch, CFO, Gott Jolkover, Chief Mineral Resource Officer, Stephen Wu, Chief Operations Officer, and Brett Meech, our General Counsel and Company Secretary. Brett will also act as Secretary of the meeting. And Brett, would you please address some of the other formalities relating to this meeting? Thank you, Ryan. Certain formalities are required to convene this meeting, after which the matters stated in the notice of this meeting and in the proxy statement which was distributed shall be addressed. I will include the oath of the Inspector of Election and the reports of the inspector of election when completed regarding the quorum and voting in the minutes of this meeting. After the formal meeting has been adjourned, we will provide time for general questions. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question. Please note that this meeting is being recorded, however, no one attending via the webcast or telephone is permitted to use any audio recording device. I also want to remind everyone that statements or comments made today may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may vary. They may differ significantly from those projected or suggested, and any forward-looking statements due to a variety of factors which are disclosed in detail in our SEC filings. Additionally, Regulation SK-1300 establishes specific standardized definitions for mineral resources and reserves to ensure consistent and transparent disclosure. The Board of Directors' 6th, September 15, 2025, is the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either a notice of internet availability of the notice of meeting, the proxy statement, and the 2025 annual report to stockholders or the documents themselves were mailed on or about October 3rd, 2025 to all stockholders as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of this record date, there were 118,046,888 shares common stock outstanding and entitled to vote at this annual meeting we are informed by the inspector of election that there are represented in person or by proxy shares in common stock representing 66 million 224 thousand 46 votes or approximately 50 percent 56 percent of the voting power of the common stock on the record date since this represents more than a third of the voting power of all issued and outstanding stock entitled to both on the recorded date A quorum is present for purposes of transacting business. Now I will present the matters to be voted on. We will address any questions you may have regarding the business of the company later in the program. Proposal one is the election of directors. The current board nominated Ryan Melsert, Elizabeth Lowery, Susan Yun Lee, Rick Feazell, Lavanya Balakrishnan for election as directors to hold office until the next annual meeting of shareholders or until their successors are duly elected, qualified, subject to prior death, resignation, or removal. And proposal two is to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm. It is now 12.05 p.m. Pacific Time on November 13, 2025, and the polls are open. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change the vote do not need to take any further action. Now that everyone has the opportunity to vote, I declare the polls closed. With respect to Proposal 1, we have been informed by the Inspectorate of Election that the preliminary vote report shows that the nominees for the Board have been duly elected. And with respect to proposal 2, the preliminary vote reflects that the appointments of KPMG LLP as our independent registered public accounting firm has been ratified. We will be reporting the final vote results in a form 8K to be filed within four business days. Thank you, Brett. I hereby accept the report and certification and I declare that the resolutions proposed and voted on by the stockholders have been approved. Now we will give a brief presentation on the status of the company, followed by our question and answer session. As was mentioned, there are forward-looking statements being made in this presentation, and we are discussing different types of mineral resources and reserves for our material as we move forward in this present. As many of you are aware, at American Battery Technology Company, we are working to institute a closed-loop supply chain within the critical battery materials industry in the U.S. In order to do this, we have developed these three different sets of technologies that we're moving into commercialization. The first is our internally developed technology for the recycling of lithium-ion batteries. In this business, we take an end-of-life in waste material from many partners and companies throughout the supply chain, receiving waste from different types of chemical refiners, cell manufacturers, end-use OEMs, end of life materials, and even second life applications. We take all these materials in, process them through our internally developed technologies, and make a wide variety of battery grade critical materials that would then sell back into that market to implement this closed loop. If the amount of batteries in the market was fixed, this recycling technology, which closes the loop, would be sufficient in its own to supply all of the industry needs. However, the amount batteries in market for electric vehicles, for stationary grid-scale storage, for consumer electronics is growing rapidly. So, in addition to closing this loop, the industry also needs to have this loop filled the first time. So, in addition to our recycling technologies, we have also developed technologies for how to recover these critical battery materials from primary resources located within the U.S. We've purchased large amounts of mineral claims within central Nevada that has a lithium-bearing claystone material on it. For the past several years, we've been developing this claystone resource and also developing our own internally developed technology where we can access the lithium in the claystone material, purify and convert it into a final battery-grade lithium hydroxide product at an economically competitive price. So we'll now go through some updates from the past year from these different different business units. Major highlight from the past year is that we've continued to ramp our first commercial battery recycling facility near Reno, Nevada. This is something we've constructed over the past two years, continued to ram. In fiscal year 24, we had some initial sales of these recycled products for about $300,000 within that fiscal year. And in the past year, within fiscal 25, we have grown that revenue over tenfold to about $4.3 million, so a substantial increase as we have ramped our facility over the past year. We've also had strong market action over the past few months. And as of November 5th this year, we had a strong cash balance of about $55.6 million. This allows us to continue moving forward with the expansions of the business units as described beforehand. We've also hit some major milestones with our institutional investors and with different types of markets. Over the past year, We've been added to several indices, including the Russell 2000 and 3000 index. industry-specific ETFs and indexes. And with this as a major contributing factor, we have increased our dollar trading volume by about tenfold from spring of 2025 to summer 25. We have a large increase in institutional shareholders and have had positive market action over the past few months. With this action, we've been able to extinguish all previously held long-term debt and convertible notes. And at this point, we have no long-term debt on the books of the company. We've substantially increased headcount over the past year, from fewer than 100 last year to about 170 team members as of now. And over the last year, we've had a lot of headcount. And we've also had a over the previous year, there is now a new presidential administration that we've been working with closely over the pass few months. And there's been a specific focus on the critical minerals industry. So working with the Trump administration, we were proud to have been selected by the FAST-41 Permitting Council and the National Energy Dominance Council to be selected as a transparency priority project to help streamline the federal permitting for our lithium mine and refinery to help bring that to commercialization even faster. Through the executive order that President Trump signed that was titled Immediate Measures to increase American mineral production. After being selected as that transparency priority project, we were then again proud to be upgraded to a full covered project by the FAS 41 Permitting Council. And this really has resulted in dedicated staffers really working to help progress each of our federal permits through the system and to coordinate all the different types of federal, state and local agencies that participate in these permitting efforts. In last year's meeting, we identified many goals we had for the upcoming year that really spread across our recycling business, our lithium mining and refining, and general company operations. So, we'll now go through the status of some of these goals from the previous year. The first one was the publishing of our pre-feasibility study for our lithium mine and refinery, our Tonopah Flats lithium project. In early 2024, we had published the initial assessment, which showed the initial technology and financial roadmap of how to commercialize this project. Substantial effort went into additional drill programs, additional laboratory testing, operation of our pilot demonstration scale facility, and additional financial analyses that allowed us to now publish this enhanced pre-feasibility study, which really builds upon the initial assessment from last year. of the main highlights are that we were able to implement material beneficiation techniques, which essentially allow us to screen out low lithium-bearing components of our claystone material and allow us high lithium-baring components to pass through. This has a substantial effect on upgrading the type of material that actually enters into a refinery, and we've seen almost a tripling of the lithium concentration entering. This allows us to have a substantially smaller set of equipment and corresponding energy loads for the same material output. Along those lines, we've had many different types of enhancements in our selective leaching operations, our purification and conversion techniques, which has allowed us to lower our production cost by almost 10% from what we presented in the IA last year. The production cost of about $4,300 per ton of lithium hydroxide monohydrate produced is an extremely competitive price, and we're looking forward to continuing to demonstrate this technology as we scale up our operations. With these different enhancements, we also updated our financial model, which is showing that this Tonopah Flats project now has an after-tax net present value of about 2.57 billion dollars an internal rate of return about 21.8 percent and has a seven and a half year payback from initial investment including the construction and ramp up of this facility so we're excited to have completed this first milestone from our past year and we'll be continuing to develop this project our second goal was to publish a proven improbable reserve at Tonopah Flats. As mentioned in the initial assessment, we showed a large resource, which really is a measure of the classification of the mineral within the deposit. As additional drill programs, additional analyses are performed, the same minerals can be increased in classification from inferred, indicated, measured resources up into proven and probable resources. So, through the work we've done over the past year, we've both substantially increased the amount of measured and indicated resource by about 53 percent from the IA. We've also been able to establish a reserve for the first time. So we're demonstrating we have about 2.7 million tons of lithium hydroxide as proven and probable reserves. Very few projects in the U.S. actually go through the steps all the way through to making a proven reserve in addition to the demonstrations we've had in our conversion techniques. So these are great milestones to be advancing our TFLP project. The battery-grade lithium hydroxide made from this Tonopah Flats project is designed to be made about 30,000 tons per year from this mine and refinery. Over the past year, we've been working, making large-scale samples of this battery-grade product, sending samples to our prospective customers. And over the past years, from our multi-ton-per-day pilot demonstration scale facility, we confirmed we're making battery- grade products in these large batches of material and are using those products to go through the qualification steps with our prospective consumers. So, this is an effort that will be continuing as we go forward. We mentioned about a year and a half ago, we were awarded a competitive tax credit from the IRS after selection from the U.S. Department of Energy. This credit is specifically to be applied towards the construction and purchase of equipment for our first battery recycling near Reno, Nevada. We have received a certification from the IRS about moving forward with this tax credit and as we continue to build out this first battery recycling facility, this is an avenue that will allow us to continue to move forward with that project and receive this tax credit once we reach that level. Our recycling facility near Reno is meant to go all the way from receiving all different types of battery feedstock from packs and modules and cells and manufacturing waste to making battery grade products out the back end. There are very few customers in the world that buy these types of specialty chemical battery grade materials. So we've been working closely with each of these prospective partners and from our recycling operations we have been sending them qualification samples to analyze the purity of our products and to evaluate each of the materials. Over the past year, we've received back from strategic customers that the qualification material we sent them met all of their specifications and has been an important milestone in moving forward with that process. In order to demonstrate how we process the claystone from our Tonopah Flats lithium project into this battery-grade product. Back in 2021, we were awarded a competitive grant from U.S. Department of Energy for about $2.3 million to construct this multi-ton-per-day integrated pilot demonstration scale facility to take hundreds of tons of our claystone material, process through this plant, actually make battery-grade lithium hydroxide product at the back end, and again, deliver these materials to our prospective customers. We formally completed this grant project within the past year, went through our project closeout, and it was determined that we had met all technical milestones and goals within that project. So we were excited to receive that news from the Department of Energy. And even back in December 2024, from the Department of Energy Advanced Manufacturing Office, we were asked to go and present to a DOE event about how we were able to run this successful multi-year project, how this scales into now us constructing a commercial scale lithium refinery from these technologies. And we're really able to demonstrate how startups and government can work together to scale what at the time was laboratory-level technology into pilot demonstration scale systems. In September 2024, we announced that we were selected by the U.S. Department of Energy for a $150 million grant to take the technology that we've developed in our first battery recycling plant and to construct a second battery recycling facility within the U.S. Once you're selected for a grant, there are still many steps that have to be gone through for negotiations of specific line items in the contract to diligence steps with different agencies within the US government. And it generally takes many months to go through that process. We were excited that after being notified in September, by mid-December, we had completed all of those steps and were actually issued a contract by the Department of Energy. They mentioned we were one of the first projects within this program to actually receive a contract in hand. So we were very proud of our contracting and project management team to be able to go through that process in such a streamlined fashion and to receive that contract in hand, and that project was formally kicked off back on January 1st, 2025. As we received that grant to support the project, we're also working to move forward with the final selection and construction of this batter recycling facility. We hired a development firm to present many different site locations to us. We've gone through evaluations and down-selected down to our final few sites. Working with the new administration, we've been going through the process review audits with the Manufacturing Energy Supply Chain Group since the spring, and as we come out of that audit process, we're looking forward to moving forward with the final site selection and construction of the second recycling facility. We were awarded a second tax credit from the IRS and Department of Energy, this one to specifically support our second battery recycling facility, so this award is complementary to $150 million grant we won to go along with this tax credit. And both are to support the capital construction project for the second facility. So as we move forward with this second plant, this $40.5 million credit is available to help support that construction. And lastly, we talked about how our current batter recycling facility is what we call are our baseline design. It is operating. However, we always have enhancements that we have in the WINS that are at the early R&D level stage, moving through bench scale validation and then pilot scale optimization. We presented three of these enhancements to Department of Energy about two years ago. And from that, we're awarded another Department of energy grant for about $10 million dollars to help to advance the scale-up of these technologies. It's a three-year project. Our goal was to finish the first year of that DOE-supported grant contract and to hit all of the technical milestones within the agreement. Back in March 2025, we were notified that we had in fact completed and hit all the milestones for that project, including a technical economic assessment that we had performed by a third party by the Argonne National Laboratory that independently confirmed the economic competitiveness and attractiveness of adding these three next generation technologies into our battery recycling technology system. So now that we've completed the R&D level, the next steps are to go through bench scale validation. And then the third step is actually integrating these three new technologies into our commercial scale battery recycling facilities separate from those 10 goals we talked about last year we've also had a couple milestones that we weren't planning for one of them was with the new administration there has been extra support from the u.s export import bank to really start supporting and financing domestic critical mineral-based facilities. They reached out to us back in February. We had several discussions with them about how the XM could potentially support the construction and scale-up of our Tonopah Flats lithium project. And then we were excited that in April, we actually received a letter of interest from the Export-Import Bank for a low-interest loan for about $900 million to help support that construction. So, we're continuing to go through the efforts with the Export-Import Bank to finalize that loan to help to support that construction. Separately, we continue to work with many parts of the Department of Energy, including the Argonne National Laboratory, on early-stage R&D-type efforts. So we were selected for a separate $1 million award from the A&L Resell Center, really to start to demonstrate some of our technologies, specifically about long-term durability and performance of our conversion technologies for how we electrochemically make our lithium hydroxide product and the most efficient way of how we convert that into a battery-grade material. So this project has already kicked off between ABTC and A&O. That was the year behind us as we looked at what we've achieved over the past year. Now as we are looking forward, we also have some major catalysts and milestones that we're looking forward to in the next year. So as mentioned, we have now completed and published our preliminary feasibility study. We are now already in the process of preparing our definitive feasibility studies to further develop our Tonopah Flats resource project, to integrate new data into it, and to really update our metallurgical testing and show the technology roadmap and really the final business case of the financial attractiveness of how our Tonapah Flat lithium projects will be commercialized and brought to market. To support the DFS, we have already started a new drill program down at our Tonopah Flats project. This is really going to work to continue to expand our mineral resource and to increase the classification of each of those materials that we have from our resource level up to a reserve level. And that data would then be integrated into that final definitive feasibility study. We've substantially increased revenue from fiscal 24 to 25. We will be continuing to ramp the operations at our battery recycling facility. And our goal for the next year is to increase our revenue by at least 200% from our fiscal year 25 data that we've presented. In addition to increasing revenue, we have substantial enhancements that have been implemented to reduce our operating costs and increase our gross margin. So within FY26, our goal is to have an entire year operating in a positive cash gross profit operations. And as we continue to go through the qualification process with our battery grade materials from our hydrometallurgy train, we'll be continuing to deliver our next generation of our qualification scale recycled battery metals to our strategic partner, continue to through that qualification process and enter the final offtake agreement for the commercial scale quantities out of the Hydro-Met train of our recycling facility. So, with that review of our past year and some of our goals for the upcoming year, we will now open up to some questions. Thank you, Ryan. Our first shareholder question is, what are the greatest challenges for the company and how is the company working to address these challenges? Yes, thank you. On our battery recycling side, we have been fortunate enough to receive contracts for large amounts of feed material. We've received great interest from our customers as we are currently selling material. And the main priorities right now are really continuing to scale operations at that plant. We're in a very fortunate environment, having our supply enhanced and our feed contracted as well. So the main goals really are about continuing to increase the capacity factor and the operational efficiency of our recycling plant. On our Tonopah Flats primary lithium side, the goal really is to continue to work through the final federal permits that we need for that process, and then continuing to integrate our updated data we have from operations within our laboratories and our pilot demonstration scale facility to continue to optimize the process for our commercial scale facility. Great. Our next question is, what has been the response from our customers about the quality of our black mass? Yes, in the near term we are selling some of the intermediate black mass material made from our facility. Black mass really has a generic name on purpose because there can be so many different compositions and qualities of material. Unfortunately, the US and North America has a reputation of not making especially high quality material. So as we then continue to ramp operations at our plants and increase the quality of our material. We have our own in-house analytical quality team that samples and quantifies the composition of each of our lots of material made. We've continued to improve the quality over the past year, and we're excited that we're now receiving interest from customers that traditionally say they aren't able to source material made from the U.S. So we hear some of the highest quality black mass out there. And we have been getting very attractive offers for the purchase of that material. So another reason we're focused on continuing to scale the capacity factor of that plant to take advantage of the customer interest we've received from our products. Our next question is from Jake Sekuleski, who is the managing director and senior research analyst from EGP. And he says, with the Tonopah FLAS PFS now in hand, can you touch on the Envision permitting path? The second part of his question is, we've seen interest from EXIM on the financing side, but I'm curious if you expect the project to benefit from any programs relating to expediting permits. So that's a two-part question. Yes, as far as the permitting efforts, it's been a very big difference that's been selected by the FAS 41 Permitting Council. Again, the federal permits go through so many different agencies and so many steps that being a covered project really just means we have a liaison, a project manager that is helping to coordinate all of those efforts to align all those different groups and to help move the project forward. We've seen a substantial difference in response times from different agencies as we submit our studies and our applications, and we do expect that it will have a significant impact on reducing our timelining to federal permitting. As far as those implications with the export bank, all federal agencies that provide funding for these types of projects are required to comply with NEPA, with the National Environmental Policy Act. So we're on federal land managed by the Bureau of Land Management, part of the Department of Interior. We have interactions with the Department of Energy and the Export-Import Bank. Each of them would have to perform their own reviews under NEPa. But through our work, again, with a FAST-41 permitting council, we're able to combine all those efforts into one single process, reduce duplicative efforts, and really work to shorten the timeline of each of those. And we have an additional question from Jake Sekaleksi. He asks, the EPA approval to receive waste material is a critical milestone in the evolution of ABAS battery recycling verticals. Are you able to touch on how many other companies have this approval capability? and do you see this market becoming a larger source of feedstock for ABAC moving forward? Yes, especially over the past year we have seen a very large increase in the amount of material we're receiving from the grid scale battery market. Even as the growth in the electric vehicle market grows but decelerates, we're seeing large amounts from that grid scale business. As far as we know, we're one of the only battery recyclers in the western U.S. that has been able to successfully go through the circular process to receive that approval. And with it comes large amounts of oversight, not just once you receive a certification, but continual inspections and communications with the EPA, making sure that we're aligned with their guidance. So, yes, I do see this as a major source of material going forward. There are such a large number of grid-scale projects out there now, and it really is just accelerating. So, we'll continue to work with each of our partners in the stationary market and the EPA to continue to receive material through that avenue. Thank you, Ryan. Our final question is, how will the company maintain its competitive and technological advantages against rivals in the battery and materials supply chain? Yes, I think a lot of that comes down to having our baseline technology running at commercial scale. There are so few companies in the U.S. right now that actually have commercial-scale recycling facilities running. There may be many at the university or laboratory scale, but actually moving into production is a very big differentiator. And then by having our own internal research and development team and many of our university and national laboratory partners we have several significant enhancements to the performance of this baseline technology already running at the r d scale and going through that bench validation and piloting so continuing to see this recycling system as a living technology that continues to get better over time is really how you stay ahead of competitors so we're looking forward to integrating these new generations of techniques as we go forward with this first recycling plant and with each of our subsequent facilities. Well, thank you to everyone for joining this meeting, for asking those questions. And as there are no other business items to come before the meeting, we now wish to adjourn this meeting. So thank you each for attending and the meeting is now adjourned. The meeting has now concluded. Thank you for joining and have a pleasant day.