RecycLiCo Battery Materials Inc - AMYZF stock

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OTC Symbol: AMYZF | OTC Tier: OTCQB | Related ticker symbols: TSXV: AMY

Introduction

RecycLiCo Battery Materials Inc. (OTC: AMYZF, TSXV: AMY) is a Canada-based critical metals company. The firm engages in mineral exploration and development with a focus on recycling and upcycling lithium-ion battery waste into battery cathode materials. The company employs its closed-loop loop RecycLiCo process which facilitates the extraction of cobalt, lithium, nickel, and manganese. The resulting components are raw materials integrated directly into the re-manufacturing of new lithium-ion batteries. RecycLiCo also focuses on intellectual property patenting for the recycling of cathode material in lithium-ion batteries. The company holds patents for its lithium-ion battery recycling technology in various countries including Canada, China, India, Korea, and the U.S. Its mineral property projects include Artillery Peak Deposit, Lonnie & Virgil Property, and, Rocher Deboule IOCG Property. RecycLiCowas incorporated on July 8, 1987, as Navarre Resources Corporation under the Company Act (British Columbia). It has changed its name severally over the years from Navarre Resources Corporation to Ameridex Minerals Corp. in August 1998, to Rocher Deboule Minerals Corporation in September 2006, then to American Manganese Inc. in January 2010, and finally to RecycLiCo Battery Materials Inc. in September 2022. The company operates one wholly-owned subsidiary, Rocher Manganese Inc., which oversees operations in RecycLiCo’s Artillery Peak Asset. The company’s shares are publicly traded on the Frankfurt Stock Exchange under the symbol “ID4”, on TSX Venture Exchange under the AMY symbol, on Frankfurt Stock Exchange under the ID4 symbol, and on the OTCQB under the symbol “AMYZF”.

Business Operations

The company’s patented closed-loop hydrometallurgical process involves a few steps that yield 100% extraction of cobalt, lithium, manganese, and nickel, valuable for the manufacture of new lithium-ion batteries. From waste to cathode, the company’s technology creates valuable lithium-ion battery materials, with low negative environmental impact. The firm received patents for its lithium-ion battery recycling technology in China in August 2022, in Canada in 2022, in India in December 2021, in South Korea in May 2021, and in the U.S. in June 2019. The company’s no-loss technology provides an array of benefits including:

• It directly saves on significant production losses by retrieving up to 30% of the most valuable materials lost in lithium-ion battery production
• It tremendously reduces the adverse environmental impacts of traditional battery production, reducing CO2 emission by 62%

• Reduces supply chain risk and price volatility by integrating upscaled battery materials within the production facility
• Maximizes sustainability goals through complete sourcing of all battery-ready ingredients from recycled lithium-ion batteries.

The company also conducts drilling operations in its mineral property portfolio, with significant drilling programs on course in the new year 2023.  Its Artillery Peak project incorporates 13 patented surface estates and 30 unpatented mineral claims sitting on approximately 620 acres in Arizona. The company successfully closed the production of functioning lithium-ion battery prototypes using chemical manganese dioxide (CMD) extracted from the property in October 2012. RecycLiCo decided to write down $4,879,733 worth of the Artillery Peak due to cost impairment. The Rocher Deboule property is located in British Columbia and boasts a massive presence of gold/silver/copper/cobalt/tungsten deposits. The firm initially owned four mineral claims on the property but reduced the number to two in May 2016. The company employed its flow-through funds for the fiscal year that ended July 13, 2019, to conduct geological and geophysical work on the property which yielded significant returns. The company subsequently staked an additional claim, expanding its interest in the asset to 1,016 hectares. The Lonnie-Virgil Property is a niobium exploration property, located in Omineca Mining Division, British Columbia. The company currently holds 674 hectares of staked mineral claims in the asset. The property features niobium-bearing mineralization harbored by carbonatite intrusive sills and rare earth elements (REE). The company decided to shred $116,452 of capitalized Lonnie property costs post-cost value assessment.

Testing

RecycLiCo's recycled lithium carbonate, derived from lithium-ion battery waste, successfully passed extensive testing by a battery materials company in Asia. The lithium carbonate, used in a Lithium Iron Phosphate (LFP) battery, underwent industry-standard tests, including LFP fabrication and cell testing. The results demonstrated that RecycLiCo's recycled lithium carbonate not only met but exceeded the required specifications, confirming its battery-grade quality.

Patents

The company holds patents for hydrometallurgical recycling process in the United States, Canada, the European Union, India, China, South Korea, Japan, and Australia.

Partnerships

On January 19, 2023, RecycLiCo reported that it had successfully delivered its battery-grade lithium carbonate and lithium hydroxide samples to top manufacturing companies in Japan and Korea. The companies are expected to carry out a technical review of the lithium products and seek a potential partnership with RecycLiCo on the realization of positive results. The company’s lithium products are considered reliable and sustainable alternatives to typical lithium sources due to the high standard measures ensured by the hydrometallurgical process.

Zenith Chemical Corporation

RecycLiCo Battery Materials received investment approval from the Taiwan Department of Investment Review for a 50-50 joint venture with Zenith Chemical Corporation. The joint venture entity is named Recyclico Zenith Battery Materials Technology Co. RecycLiCo committed an initial capital injection of approximately $750,000, providing the initial funding for the project. Additional investments will be determined as needed during the construction and commissioning phases, in collaboration with the joint venture company. The project planning has already commenced, with Zenith Chemical taking the lead in site preparation work in Taiwan, while RecycLiCo concurrently prepares a modular plant with a capacity of 2,000 metric tons per year in Vancouver. This modular plant is crucial to the project and is intended to be transported to Taiwan for final commissioning. In August, 2024, Hatch Ltd. was engaged to provide consulting services for the stage 2 plant to be built in Taiwan.

The advanced battery recycling technology employed by the joint venture will have the capability to convert black mass into high-value products, including battery-grade lithium chemicals and precursor cathode active material (pCAM), establishing the joint venture as a leader in advanced battery recycling solutions.

Nanoramic Laboratories

RecycLiCo and Nanoramic Laboratories are engaged in a strategic partnership with the shared objective of optimizing the entire life cycle of lithium-ion batteries. The collaboration seeks to leverage the unique materials and technologies of both companies to establish an efficient and sustainable battery supply chain. In this collaboration, Nanoramic will provide its discarded Neocarbonix® lithium-ion battery cathode electrodes, known for their high-performance and cost-effective nanocarbon mesh binding structure, for testing with RecycLiCo's exclusive lithium-ion battery recycling process. The ultimate goal of the partnership is to achieve mutual recognition and seamlessly integrate Nanoramic and RecycLiCo technologies into commercial operations, focusing on lithium-ion battery recycling.

RecycLiCo's laboratory tests have confirmed the effectiveness of their recycling process in handling Nanoramic's innovative electrodes that are free from NMP and PVDF. Notably, the recycling of Nanoramic's electrodes requires fewer processing steps compared to conventional PVDF-based electrodes. This translates to savings in both energy and resources. One noteworthy discovery arising from this collaboration is the ability to expedite the separation of the cathode's active material from the aluminum foil without the need for chemical additives during the separation process. This not only enhances the eco-friendliness of the process but also strengthens RecycLiCo's core recycling technology in subsequent stages.

Sonid

On January 9, 2023, RecycLiCo notified shareholders that the company had signed a strategic MOU with Sonid Inc, a Korean electronics manufacturer, for a potential licensing arrangement or joint commercial venture. The document highlighted potential partnerships and business frameworks for the establishment of a lithium-ion battery recycling plant. Both companies are set to leverage their respective strengths to create a base for an efficient and sustainable lithium-ion battery supply chain.

When providing its first quarter financial and operational results for the period ended October 31, 2022, RecycLiCo disclosed that it has not generated any revenues and that is considered to be in the exploration stage. The company relies on equity issuances to finance its exploration, research, and development operations and is expected to continue with these arrangements to the point where its operations provide positive cash flows.

The company provided its 2022 business and technology updates on December 15, 2022. Highlights of the presentation included:

• The company commissioned its RecycLiCo Demonstration plant project, leading to the successful processing of lithium-ion battery production from waste material
• Increased demonstration plant testing which yielded eye-catching leach extraction rates of over 99% for cobalt, lithium, nickel, and manganese
• Acquired patents for its technology in Australia, Canada, and China
• Signed several MOUs with undisclosed firms, under formal NDAs, to screen and develop strategic business relations to facilitate its expansion goals.