Livium's FY26 results show a smaller loss than last year, alongside a year of real change in the business.

Revenue from Envirostream, our recycling division, was $6.1m (FY25: $6.9m), with gross profit of $2.8m (FY25: $4.2m), reflecting changes in battery mix and the timing of contracted volumes. Loss before income tax improved to $3.9m (FY25: $6.2m), helped by a one-off $2.9m gain on establishing the LieNA joint venture with Mineral Resources and lower costs following our restructuring work.

During the year we consolidated our Victorian operations into a new Derrimut recycling hub, expanded customer relationships including with CATL HK and Sell & Parker, and completed a $4.5m capital raising. We also continued testing new opportunities in rare-earth recovery, solar panel recycling and black mass processing.

On VSPC, our battery materials business, we're in non-binding discussions with a large industrial group about a potential strategic alliance. If that doesn't lead to a binding, funded deal, we intend to move VSPC to care and maintenance by 31 December 2026 to preserve its technology while cutting costs.

This report is preliminary and unaudited. The audit is well advanced, but we're waiting on further third-party information relating to the provision for the 2019 Envirostream fire, currently estimated at approximately $5.4 million, before finalising it. We expect to release the audited Annual Report before the end of September 2026. Consistent with prior years, we expect the auditor's report to include a note on material uncertainty related to going concern, without a modified opinion.

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