Livium is pleased to share the positive results of silver extraction efficiency from our extraction technology partner, Iondrive. The initial results show a recovery rate of over 85%, reinforcing our belief in the economic potential of domestic solar panel recycling. This aligns with our estimates of a gross annual silver value of approximately A$110 million, increasing to A$165 million by 2030.

We are progressing well through defined validation stages, with plans for further optimization and evaluation of potential commercial arrangements in line with our binding term sheet. The collaboration between Livium, Iondrive, and Won Kwang S&T is proving to be a successful model for a commercially viable solar panel recycling solution.

The results support the view that advanced extraction technologies can significantly improve the recovery of high-value materials such as silver and silicon. The national solar panel recycling pilot announced by the Australian government further demonstrates the industry's commitment to sustainability and material recovery.

We are excited to move forward with our partners to further optimize recovery pathways, assess integrated processing flowsheets, and explore potential commercial opportunities. Our goal is to establish a sustainable and scalable solar panel recycling industry in Australia. For more information or questions, please feel free to reach out to us.