This announcement describes the Memorandum of Understanding (MOU) signed with SungEel HiTech.

SungEel is a large, listed South Korean battery recycler with operations in South Korea, Hungary, Poland, India, and Malaysia and expansion plans in the USA, Spain, and Germany. SungEel processed the Mixed Metal Dust (MMD) produced by Lithium Australia.

The MOU covers the entering into a long term binding offtake agreement for MMD (the recycling division main product), followed by a joint development agreement to scale Lithium Australia's recycling capacity, including investment from SungEeel into Lithium Australia. This MOU demonstrates the strength of the relationship that has been developed over the past 5+ years and an MMD offtake agreement was identified as one of the Company's strategic goals.