Nano One (NANO) CEO Dan Blondal & CFO Carlo Valente Outlook for Cathode Material Production
Summary
TLDRIn this interview, Nano One's CEO Dan Blondell and CFO Carlo Valente discuss the company's innovative lithium-ion battery cathode materials and growth plans. They highlight their technology's ability to produce cathode materials more sustainably and cost-effectively, targeting the large market opportunity outside China. The executives emphasize partnerships, validation with OEMs, and the potential for licensing their technology globally. They also address the competitive landscape, the importance of government incentives, and the company's strategies to scale up production and secure off-take agreements, positioning Nano One as a key player in the evolving battery materials market.
Takeaways
- 😀 Nano One is a technology company developing processed technology for lithium-ion battery cathode materials.
- 🌟 The company's first target is lithium iron phosphate (LFP), which is a significant market opportunity, especially as the world seeks to diversify supply chains outside of China.
- 📈 Nano One aims to capitalize on the projected $117 billion cathode material market opportunity by 2035, focusing on providing technology for cleaner, more efficient battery production.
- 💡 Their proprietary 'one pot' technology simplifies the production process, reduces costs, and eliminates wastewater discharge, which is a significant environmental advantage.
- 🔄 The company has multiple revenue streams, including existing pilot manufacturing, larger commercial plants, and licensing their technology globally.
- 🤝 Nano One has formed strategic partnerships with major industry players, including Rio Tinto, Johnson Matthey Battery Materials, and Sumitomo Metal Mining.
- 🌳 The company is focused on securing a greener and more sustainable supply chain for battery materials, which is increasingly important due to geopolitical changes.
- 🏢 CFO Carlo Valente joined Nano One due to the company's strong team, demonstrated commercial viability, and the large addressable market for their scalable technology.
- 🔍 CFO Valente's experience includes significant roles in growth companies within the mining and clean tech sectors, bringing valuable expertise to Nano One's financial strategy.
- 🚀 The company's growth strategy includes scaling up their Candiac plant, developing a 25,000-ton LFP plant, and expanding globally through strategic licensing agreements.
Q & A
What is Nano One's primary focus in the battery materials market?
-Nano One is focused on developing processed technology to make lithium-ion battery cathode materials, specifically targeting lithium iron phosphate (LFP), nickel-based, and manganese-based cathode materials.
What is the total market opportunity for cathode materials that Nano One is eyeing?
-The total market opportunity for cathode materials outside of China is projected to be around $117 billion by 2035, with LFP constituting a significant portion of it.
How does Nano One's technology address the environmental impact of cathode material production?
-Nano One's technology, known as the one-pot process, helps reduce complexity in capital and operational expenditures, energy use, and CO2 footprint. It also completely eliminates wastewater and discharge, which is a significant environmental advantage.
What are the multiple revenue streams that Nano One is looking to capitalize on?
-Nano One's revenue streams include operations from their existing pilot and manufacturing facility in Quebec, larger commercial plants, and licensing their technology to global players looking to build cathode facilities and infrastructure.
What is the significance of the partnership with Warley for Nano One?
-The partnership with Warley is significant as it helps accelerate and broaden the market opportunity for Nano One's technology. Warley brings a global reach, a large customer base, and the capability to design, build, and propagate Nano One's technology through licensing in various jurisdictions around the world.
Why did CFO Carlo Valente choose to work with Nano One?
-Carlo Valente was attracted to Nano One due to the strong team, the demonstrated commercial viability of the technology, the large addressable market, the scalability of the technology, and the strategic positioning in the EV energy storage space with government support and market tailwinds.
What are some of the key partnerships Nano One has established in the past two years?
-Key partnerships include a strategic alliance and investment with Rio Tinto for iron metal powder supply, the acquisition of Johnson Matthey battery materials for an existing facility, joint development partners like BASF and Umicore, and a significant partnership with Sumitomo Metal Mining for lithium iron phosphate development.
How does Nano One plan to remain competitive with China's dominance in LFP battery production?
-Nano One plans to remain competitive by offering a more environmentally friendly and cost-effective process that eliminates wastewater and reduces equipment needs. They also aim to leverage incentives from various jurisdictions to grow their supply chain.
What is the current status of Nano One's validation process with automotive OEMs?
-Nano One has already begun the validation process with several automotive OEMs. This process involves hitting the right specs, going through multiple sampling stages, and eventually supplying materials for vehicle testing.
What are some of the risks and challenges that Nano One is facing as they scale up their operations?
-Some of the risks include the timelines to cash flow, market acceptance, shifts in supply chains, and the continuous availability of capital. Additionally, there's the challenge of competing with established markets like China and navigating the political and economic landscape as it evolves.
Outlines
😀 Introduction to Nano One's Battery Cathode Materials and Growth Strategy
In this introductory paragraph, CEO Dan Blondell and CFO Carlo Valente of Nano One join Martin Gago from Market Radius Research to discuss the company's focus on developing high-performance lithium-ion battery cathode materials. They emphasize the significant market opportunity, estimated at $117 billion by 2035, for cathode materials production outside China. Nano One's technology addresses the need for lithium, iron, phosphate, and other materials, with an initial focus on LFP (lithium iron phosphate). The company aims to lead the charge outside of China, where the market is currently dominated. They discuss multiple revenue streams, including pilot manufacturing facilities in Quebec, commercial plants, and licensing their 'one pot' technology, which reduces complexity, capex, opex, energy, and CO2 footprint while eliminating wastewater discharge. This technology is crucial for establishing supply chains in the West and other regions, which is increasingly important due to geopolitical changes in supply chains.
👋 Meet the Team and Discussion on Nano One's Recent Developments
CFO Carlo Valente introduces himself, sharing his background in growth companies within the mining and clean tech sectors. He discusses what attracted him to Nano One, including the strong team, the company's demonstrated commercial viability, and its scalable technology with a large addressable market. Valente also highlights the government support and market tailwinds that position Nano One well for success. The conversation shifts to discuss Nano One's significant partnerships and developments over the past two years. These include a strategic alliance and investment with Rio Tinto, the acquisition of Johnson Matthey Battery Materials, and collaborations with BASF and Umore. These partnerships have led to advancements in lab and piloting stages and are instrumental in the commercialization of Nano One's technology. The discussion also touches on the recent partnership with Sumitomo Metal Mining, which is aimed at developing and licensing Nano One's technology for lithium iron phosphate globally.
🔍 Deep Dive into Nano One's Partnerships and Engineering Agreements
This paragraph delves deeper into Nano One's strategic partnerships and the engineering agreements that are pivotal to the company's growth. The company has been working on several fronts, including the development of its Candiac plant, which is operational at about 200 tons capacity with ambitions to scale up. There's also the 25,000-ton LFP plant, likened to a mining project, which is in the permitting and site selection phase. A significant focus is on the recent engineering agreement with Worley and BBA, which involves taking the plant design to a detailed level, preparing for construction, and eventually creating a modular design package for global licensing. This package will include equipment, flow sheets, and the 'one pot' process technology, streamlining the process for local engineering companies to build plants without the need for extensive custom engineering.
🚀 Scaling Up Production and Revenue Streams at Nano One
The discussion continues with an exploration of Nano One's revenue streams and scaling plans. The company operates an existing plant with plans to expand its capacity from 200 tons to between 1,000 and 2,000 tons. This plant will serve as a standalone revenue generator and a demonstration facility for future partners. Additionally, the company is working on the permitting and financing for a larger 25,000-ton LFP plant, which is a significant project in its own right. The global expansion is expected to come through the Worley alliance, where Nano One will sell its technology in the form of a package, including equipment, engineering, and the 'one pot' technology. This approach is expected to yield high volumes and global reach, with the potential for licensing and equipment procurement revenues.
📈 Financial Readiness and Strategic Planning at Nano One
CFO Carlo Valente addresses the financial aspect of Nano One's operations, emphasizing the company's readiness to advance its initiatives. While acknowledging the need for additional capital to complete the expansion of the Candiac facility and the 25,000-ton plant, Valente highlights ongoing efforts to secure government support and the potential impact of this support on the company's pace of expansion. He also mentions the company's discretionary items in its objectives and forecasts, indicating a strategic approach to financial planning and decision-making.
🔗 Validation Cycles and Strategic Partnerships for Nano One
Dan Blondell discusses the validation cycles with automotive Original Equipment Manufacturers (OEMs), which are a critical part of Nano One's business development. He confirms that these cycles have begun and explains the process of working with OEMs, which involves hitting the right specifications, going through multiple sampling stages, and eventually getting materials into vehicles. Blondell also touches on the importance of not relying solely on one market segment and the strategy of working with a variety of off-takers to hedge against market lumpiness. The conversation highlights the company's efforts to secure off-take agreements and the importance of these agreements for driving decisions on larger facility expansions.
🌐 Global Competitiveness and Strategic Positioning of Nano One
The conversation shifts to the global competitiveness of Nano One, particularly in relation to China's dominance in the LFP battery market. Blondell explains the challenges of competing with China, which controls most of the world's precursors for cathode materials and has a 10-year head start in the market. However, he also discusses Nano One's strategy to be competitive by combining the precursor process with the lithiation process into one, reducing equipment needs, and improving yield. The discussion also covers the importance of government incentives in nurturing the supply chain and the potential role of tariffs in making North American and European production competitive with China.
🛠️ Innovation and Risk Management at Nano One
In this paragraph, the focus is on the innovation within the LFP market and the risks associated with scaling the business. Blondell highlights the need for innovation, as simply copying China's methods would not allow for breaking away from China's control over the iron sulfate supply chain. He also discusses the importance of market acceptance and the various levels of validation Nano One is undergoing with different parties. CFO Carlo Valente adds his perspective on the risks related to timelines to cash flow, market acceptance, and the continuous availability of capital. Both executives emphasize the importance of execution and not being fixated on short-term market fluctuations.
🏆 Overcoming Challenges and Future Outlook for Nano One
The final paragraph wraps up the discussion by addressing the challenges and future outlook for Nano One. Blondell and Valente acknowledge the uncertainty in the market but express confidence in the company's strategy and ability to execute its business plan. They highlight the importance of securing government incentives and the need for a global strategy that can adapt to shifting market demands. The executives also discuss the significance of the company's 'design one, build many' relationship with Worley, which allows for flexibility in generating revenues from different regions. They conclude by emphasizing the importance of achieving milestones such as optimizing and validating the one-pot LFP process, securing government funding, and completing the feasibility study for the 25,000-ton plant.
Mindmap
Keywords
💡Lithium-ion battery cathode materials
💡Market opportunity
💡LFP (Lithium Iron Phosphate)
💡One-pot technology
💡Supply chain
💡Revenue streams
💡Strategic partnerships
💡Geopolitical changes
💡Environmental standards
💡Feasibility study
💡Off-take agreements
Highlights
Nano One is developing high-performance lithium-ion battery cathode materials with a focus on processed technology.
The cathode material is a combination of lithium, nickel, magnesium, cobalt, iron, and phosphorus, which are crucial for energy storage in lithium batteries.
The market opportunity for cathode materials outside China is projected to be around $117 billion by 2035, with LFP (lithium iron phosphate) dominating the market.
Nano One's technology addresses the need for diverse cathode materials and aims to lead the charge of LFP production outside of China.
The company has multiple revenue streams, including pilot and manufacturing facilities, larger commercial plants, and licensing their technology globally.
Nano One's 'one pot' technology simplifies the production process, reduces costs, and has a lower environmental impact by eliminating wastewater.
The technology promotes secure and diversified supply chains, which is increasingly important due to geopolitical changes.
Nano One has a strategic partnership and growth strategy with Warley, aiming to accelerate and broaden market opportunities.
CFO Carlo Valente brings extensive experience in finance, having worked with growth companies in mining and clean tech sectors.
Valente was attracted to Nano One due to the team, commercial viability, and the large addressable market with high scalability.
Nano One has made significant progress through partnerships, including a strategic alliance with Rio Tinto and the acquisition of Johnson Matthey Battery Materials.
The company is working with Sumitomo Metal Mining to develop lithium iron phosphate and explore market opportunities.
Nano One's technology is designed to be modular, making it easier to replicate and deploy globally without custom engineering.
The partnership with Worley allows for the global expansion of Nano One's technology through licensing and engineering packages.
The company is focused on customer validation and has ongoing partnerships with OEMs for material validation in the automotive industry.
Nano One is considering the need for government incentives to compete with established supply chains and grow the market.
The company is well-positioned to execute its business plan and is focused on bringing in partners and moving projects forward.
Investors should look out for milestones such as the completion of the feasibility study, site selection for the 25,000-ton plant, and progress in government funding.
Nano One is innovatively addressing the challenges in the battery supply chain and is positioned to capture opportunities in the growing market.
Transcripts
Nano one is a developer of high
performance lithium ion battery cathode
materials we've got CEO Dan Blondell and
CFO Carlo Valente joining us to discuss
Nano one and its growth plans and
opportunities I'm Martin Gago with
Market radius research it's Friday May
the 24th please remember this is neither
recommendation nor investment advice
we're here to learn about the company
gentlemen thank you very much uh for
joining us great to be here Martin thank
you thanks for having us Dan just to set
the table here so to speak can you give
us the quick one minute elevator pitch
on what nano1 is what it does and the
opportunity you have uh in front of
yourself here yeah sure uh Martin so n91
we're a technology company uh focused on
processed technology to make lithium
mind battery cathode materials um and
for everyone just so to to set the stage
for everyone the cathode material is the
combination of the lithium and nickel
magnes and Cobalt or the iron and the
phosphorus there are many different
materials that kind of go into it but
that's that's what uh makes a functional
material store energy in a lithium mind
battery um the the total Market
opportunity let's say in 2035 is about
$1 170 billion dollar of cath material
being made outside of China um uh with
roughly a third of that being
lfp um uh the balance uh uh nickel-based
and uh and also a small smaller amount
of maganese based cathood materials our
technology addresses all of that and uh
our first Target is lfp but um we have
long much longer range goals on the
nickel and manganese based materials uh
just to give everyone context lfp is
probably 99% of the world's lfp is is
dominated in China today uh they're at
about 60 to 70% lfp market share and the
rest of the world is just waking up to
that right now and this is really the
big opportunity is for us to lead that
charge of lfp um outside of China uh we
have multiple revenue streams uh that
start with our existing pilot in and
Manufacturing facility in Quebec lead
into larger commercial plants and
ultimately the really the big uh the big
revenue streams come from licensing our
technology to uh uh to players around
the world and operators who are looking
to build out cathode uh U facilities and
infrastructure the one pot technology
which underpins all everything we do
here uh helps us cut down complexity in
capex and Opex and energy and CO2
footprint we completely eliminate all
the Wastewater and discharge um that
that China currently has in their supply
chains and that enables us to domicile
these Supply chains in the west uh and
is really fundamental to widescale
adoption in uh in Europe in the US and
Canada actually even in many Asian
countries as well and then lastly the
one poot technology leverages battery
materials that are actually are refined
in free trading jurisdictions like
Canada and the US and and other places
so that brings more secure and
diversified Supply chains uh to the
world which of course is becoming
increasingly important as we see the
geopolitical U changes in uh in Supply
chains the technology as I said um uh is
brings savings and advantages uh to lfp
uh nickel based materials and maganese
based materials and we have a design
want uh build many growth strategy uh
that we announced recently with warley
and I believe we're going to be
discussing more detail here today uh
that really helps us drisk accelerate
and broaden uh the the market
opportunity I've just talked about got
lots of Partnerships we can get into and
uh and we have the only lfp plant
currently outside of Asia and and the
most experienced team outside of Asia
located here in Canada uh on the on the
East Coast uh just outside of Montreal
look forward to talking about it in
quite a bit more detail I know that was
more than a minute but that's pretty
much record time for me uh in terms of
running people through the value
proposition
well that was very dense you covered a
lot of material in those few minutes so
uh that was excellent I appreciate that
Dan Carlo uh welcome uh this is the
first time you've participated in one of
these with us you're new to Nano um
could you introduce yourself your
experience and and I guess what I'd like
to also dig into a little bit you're
you're an experienced CFO you could have
worked at a lot of various other clean
tech or other technology companies why
did you choose to work with Nano and
more specifically what sort of what
parts of your skill set matched up with
the needs of what uh Nano is looking to
do and I'm just trying to use that to
get a a bit of a window into the
direction of what's important for Nano
right now and the evolution of its
business Thanks Martin um yeah we start
by just giving a quick background I
started my career with
one of the big four accounting firms um
close to 15 years with with with PWC
spread almost evenly between Europe and
and Canada uh the last 12 years of my
career specifically I've been as CFO of
growth companies um that have had a
combination of institutional and Retail
shareholders and were predominantly in
the mining and clean tech sectors as so
know having painted a bit bit of my
background uh What attracted me to to
Nano is
um first and foremost starts with the
team um you know for for any company to
be successful you have to have uh a good
a good team uh what I liked about Nano
is the fact that there is a plant um
that that
demonstrated uh commercial viability uh
they've attracted reputable partners
that have you know done extensive due
diligence valida not only the tech but
the management team and and and I
believe they're confident that the
products uh can be commercialized um
hence there the reason why they
partnered and some of them even invested
in in Nano um when it comes to Tech I
always look at things that are that have
large uh addressable markets and and are
highly scalable and um and can be as
cookie cutter as can be instead of being
having to be bespoke on a you know
customer by customer uh basis and and
Nano definitely ticks tick that box um
know they've they've had tremendous
government support um I think being in
in that EV energy storage space there's
still a lot of support there a lot of
Market uh Tailwinds um so so in terms of
being in the right sector at the right
time I think
Nano is just in that sweet spot um and
yeah so I've just been in the growth
cycle of companies uh for the last Dozen
Years I think that's that that's where
I'm the most comfortable with and where
I can provide a lot of experience I've
negotiated uh quite a few commercial uh
agreements uh off-take agreements um
project Finance agreements uh raised
hundreds of millions of dollars of of
capital um been involved in over 200 m&a
transactions so uh given where Nano is
right now I think I
can all right Dan Nano's not a company
that puts out a news release every week
or two you you put out substantial news
releases over the last 12 or 24
months is it possible just to what do
you think are the most important news
releases that are that that have really
impacted Nano and shown its development
and growth as a a
company well I think Partnerships are
probably one of the key ones um uh and
and we brought on a lot of Partners in
the last 20 24 months of just just
almost two years ago um I would say just
under two years ago we were we were uh
dotting the eyes and crossing the teas
on three agreements uh one with Rio in
who came in uh with a $10 million us um
uh a $10 million us investment and a
strategic uh Alliance to build out iron
metal uh powder as a uh as a supply for
lfp and I'll get into that in a bit more
detail but it was fundamentally very
important obviously the brought a lot of
credibility to the company and it also
brought a very credible supply chain and
an opportunity for us to really disrupt
how lfp uh is made in the supply chains
that that are that are used in in Asia
so that really brought nano1 and and
riotinto together to build what we
believe is the cleanest greenest and
actually the most Ira compatible battery
metal supply chain on the planet today
um simply because we can work from Iron
high-r iron ore uh that comes from
Canada directly through that's that's
processed um uh with hydroelectric power
in a metallurgical process that has no
waste stream and that uh that's really
unheard of with the other battery Metals
so that's one of the things that really
brought us together um at at the same
time we actually announced the uh the
pending acquisition of Johnson Matthew
battery materials um which was a $10
million Canadian acquisition so those uh
those proceeds offset those costs uh
very nicely and and in a really good
timing fashion um that of course the
that plant gave us uh not only access to
um an existing facility but one that was
high compatible with our one pot process
had all the had all the reactors spray
dryers furnaces and everything we needed
in place all we need to do is walk in
there and dismantle all the waste
handling and and and Wastewater systems
that we don't uh we don't need and
that's all done and dusted and we're now
back up operating that plant at about
about 200 ton capacity with ambitions to
drive it up to a name plate closer to 1
or 2,000 tons and then simultaneous to
that again all this happened really at
the same time we brought on BSF and umor
as uh joint development partners and
that would be to make their nickel-based
cathode materials using our onepot
technology to cut down on cost and
complexity and and waste streams um so
that was really the the purpose of those
uh um uh those arrangements and we have
uh then led to much um uh that's led to
uh uh lot of development work with them
and actually some uh some really good
success in the lab and and at the
piloting level and then um uh the other
really big partnership in was about 6
months ago with Sumitomo metal mining um
one of the most fully integrated uh
miners in the cathode space they make uh
nickel based cathode materials for
Panasonic uh some of that going to
Japanese Automotive companies some of
that going to Tesla um so very very
reputable partner they came online to
work with us on lithium iron phosphate
and uh really looking to be a leny of
our techn technology uh a licensor of
our technology and ultimately also um uh
you know a partner in developing
co-developing uh and looking at
different Market opportunities not only
in in Japan where they uh where they're
based uh but also in other jurisdictions
around the world uh potentially as uh as
an operating partner or an investor in
in plant expansion so incredibly
important they also took a 5% Equity
stake in the company um uh for about to
the tune of about $17 million Canadian
in uh in September so all very big
validating steps for us um uh and then
and then you know on top of that you
know the other news has really been
about progress progress at the candiac
plant closing that deal getting in the
door um um piloting you know build
building the uh the smaller portion of
of the pilot in that plant but also at
the same time leveraging the existing
full scale equipment to drisk the
technology uh uh and start sampling
materials out at not only at the 100
kilog scale but even towards the uh the
ton level scale uh that's with our
Automotive partners and and so you know
all of these pieces all come together
fundamentally to build a a really strong
case for us not only we have operating
Partners we have um we have supply chain
Partners we've got OEM Partners um and
then lastly we signed the warle deal
just a month ago and that really brings
uh a deployment partner to the table
someone who can really help us uh Accel
at the commercialization of our
technology and help us design build and
and and propagate our technology in the
form of Licensing plant out um not only
in Canada North America uh but in many
jurisdictions around the world so really
they've got obviously a very big bench
strength and uh uh and as a
multinational company with 50,000
employees they have a tremendous
Salesforce and tremendous reach um into
uh into markets that simply we you know
we hadn't even begun to tap yet so um
very excited about that relationship
just kicked it off um uh but uh but have
been talking to them for several years
now so we're uh were very much
anticipating um uh sort of very rapid
growth and and and very much interest
from not only their customer base but
ours some of of which overlaps lot to
talk about but as you said uh we've had
a lot of uh a lot of fundamental news
over the years as
well I since you finished on the the war
Le I'd like to dig into that a little
bit more um it took me a few reads and
some conversations with you guys to
better understand I guess the magnitude
of it back in January you announced an
engineering agreement with BBA and now
it's with warley and C can you I guess
just to clarify who's who's doing what
in there is warley doing the engineering
or are they just your licensing partner
how does each one do what with uh Fano
yeah well you know I think look a lot of
your listeners kind of come from the um
the mining space and they'll understand
the sort of some of the language we
completed a pre-feasibility study last
year uh in the in the in Q3 and um that
uh led us to uh uh then into a
feasibility study which we call a F3 or
frontend loaded um a level three uh
engineering study and that uh that takes
the uh the plant design to a level where
you're where you you know the site and
you're figuring out all the uh you know
basically all the
localization of the of the plant so you
know how you how you how you how you
Plum it into the to the local uh
ecosystem be that you know power Hydro
uh um uh you know and and and got all
all the basically the permitting that's
needed on the particular land base you
have so you you need a site you need the
uh you need the engineering plans and
that's what BBA uh signed on to do and
that's what they are continuing to do um
in in parallel to that we uh we have uh
we have some of the uh warly Team
actually on the management side helping
us with the design of that but the but
that's not really that's kind of
separate from the deal we just cut with
with warle with warley what we're
talking about here is now taking that
fel3 when it's complete and then
wrapping that into what we would call an
F4 detailed design um and that what
that's what ends up in the design
package um uh BBA is still very much
involved through to to the end of that
and if we that if that facility uh gets
to a financial independent uh DEC a
financial decision um then we would
proceed with building that plant let's
say in uh uh in Canada and warley may uh
uh be involved in some of the detailed
design work of that but um uh but
ultimately the really the big prize for
warley and Nano one is taking all that
work we've done up front there putting
it into a much larger sort of detail
design package wrapping in all of the
key pieces of equipment uh the flow
sheets of course the the one poot
process uh the the intellectual property
rights and that all gets bundled into a
wrapper which can then be cookie cuted
around the world in uh in any number of
Fashions it's kind of a modular design
and and the concept here is that Nano
one's technology because I think
primarily because we get rid of all the
Wastewater handling and all of the uh
sulfate waste handling we have none of
that um the the technology is much
easier to modularize because you don't
have to do a whole bunch of custom
bespoke engineering every time you put
it on a piece of land you got to do a
little bit just to to localize it to the
to the local standards but you don't
really have to deal with all these
externalities that a typical process
would be so so warle came to nanan
looking exactly for this kind of
technology that could be modularized and
and and flopped down around the world in
in in jurisdictions all over the place
and they they just they simply have the
the bench strength and the uh and and
the wherewithal to be able to do that
they can build plants in parallel uh
they can build uh you know oneline
plants or 10line plants uh um all of
that is really key now they're not
necessarily going to be building it
it'll be whoever whoever's a local
engineering company could be warle could
be whoever kind of bids on the tender
the key thing with nano1 award is this
is a licensed package we do all this
engineering up front don't have to do
any custom engineering it enables us to
drive the cost down of a plant um and
and and by driving that cost down of the
plant we're able to extract a license
from that that's we we're basically
monetizing the savings we bring the
customer and uh now whether uh you know
whether warle then wins the package to
build that or someone else does that'll
depend on the jurisdiction and wherever
the things being built hopefully that
makes a little more sense okay that does
a lot of detail when I look at let's say
given a lot of the audience are are
mining uh people with M expertise in the
mining industry when they're building a
a Refinery processing system at a
mindsight they have to really tune it to
the feed stock that is there and and
design it for that I is your system
Dynamic enough I guess that you can
basically have the same system like
you're saying the one design gets
replicated through the place where you
you don't need to do major design
changes you can just turn some knobs and
dials to accommodate whatever feed stock
or whatever output that the uh client
wants specific character istics yeah I
mean look that's more or less it I mean
the feed St coming in it's going to be
purified you know Iron uh iron powder
products phosphoric acid uh lithium
carbonate um all kind of at battery
grade and you'll you'll basically
offtake those from any number of
jurisdictions in the world but they're
largely standardized at that point and
you don't have to we don't have to
customize the process for that so the
spec on the input materials is fairly I
would say it's rigid but we have some
flexibility we can go from uh metallic
iron ped uh metal powders or oxides in
the case of nickel we can go from we can
go from nickel metallic nickel powder or
maganese powder or or oxides or
hydroxides or carbonates so there's a
variety of different feed stocks that
may influence you know how you how you
how you do the reactions up front in the
reactors but um uh but there's a you
know there's enough flexibility in the
system that you can you can customize a
little bit of that in the but it would
be basically be all part of the package
it's kind of there'd be maybe some alak
cart stuff uh that comes with it but uh
but by and large you can do this uh do
this without having to do uh custom
engineering that's specific to a site or
a
location all right also going back to
the warly deal when we first met and you
first gave me a tour I don't know seven
eight years ago at your first uh
facility out in bernabe you at that time
you didn't know what your business model
was your Revenue model would you build
your own facilities or license that
obviously is getting more uh
clarified now and and that this warly
deal I guess just to emphasize it that
that this is showing additional revenue
streams and possibilities for you where
you're partnering on the implementation
of it as well can you sort of uh clarify
all all those Revenue uh opportunities
additionally maybe I'll pass the puck to
Carlo on this one sure I think Martin
you have to look at it there's three
different revenue streams now we have an
existing plant um that as Dan mentioned
is currently at about 200 tons we'd be
looking to expand at somewhere between a
th000 to 2,000 tons um so that will be
its own
Standalone uh Revenue generator plus
demonstration plan that we would bring
future Partners lenses to um and and you
know and show the process and and um and
the end product um the BBA uh project
the you know what's referred to is the
25,000 ton parandom lfp plant in in our
public
disclosures consider that you you you
made there's the analogy to a mining
project consider that like a mining
project right that's going on right now
that's just the first
plant um permit's being worked on the
site selection all this all of the
project financing government support um
and there'll be eventual off takes um
that's its own that that will be its own
operating entity with a capital stack um
that'll evolve um between now and when
we get to the financial close uh on that
so consider that a
standalone producing mine uh if you want
if want to stick with the with the
mining uh
analogy the high volume Global expansion
will likely come through the warle uh
Alliance right that's where we as a
technology company joining with a you
know the Global
Engineering uh and scaleup uh expert um
that's where we will be selling the the
heart of the plant in a package which is
certain pieces of equipment some of
which will be
proprietary um as well as the
engineering the flow sheets and R1 pot
technology
so they'll the fee will not just be the
revenues there will not just be
licensing there'll be a bigger pie to
share between us and worldle because
there will be procurement of equipment
and and engineering and that's and
that's going to be the revenue stream
Where um we expect um High volumes from
um and and for it to be
Global the next milestones for your
development um with war
that is how the next sort of the
implementation of your process will be
put into place what kind of rough
timeline uh can investors expect for
this is this like a six or a nine month
is this a 12 24mon process where you can
you'll have the design and be able to
let's say shop it around and and find
customers for
it Carl do you want to continue with
that it's kind of DB tals into what
you're talking about yeah yeah I I think
it'll be fluid Martin um like I don't
think I don't think we're going to wait
for a certain date and where we're at
with the with the uh with the product to
go to market those discussions have
already occurred uh as Dan mentioned we
have relationships warly other
relationships some of those are
overlapping just by way of that news
release a few weeks ago uh there were
some inbound to both parties from from
some of those part uh those relation
ships um those potential Partners so I
think it's going to be fluid um and and
then we're going to initiate discussions
early uh quite soon and and then when we
have a product that's ready uh to to
show them um we will but I think it's
going to be a fluid and iterative
process as opposed to saying um by said
date um we're going to deliver a our
first cam package to to go to market
Market um and and we expect the license
Feld to follow shortly thereafter um I'd
say the wheels are already in motion um
yeah and uh and it's going to be a fluid
process with with uh with
counterparties could you give any like
obv I would presume you won't be able to
announce anything like that in June that
would be just too soon but could there
be announcement out of that deal coming
by the end of the calendar year or is
that more of a maybe a
2025 uh event can just give some broad
indications to
that yeah I go ahead K yeah maybe I'll
just chime in look I think I think we we
break as Carlos said we kind of we're
breaking this really into three
different Revenue opportunities there's
this there's the candiac there's the
25,000 ton plant the mine as as as Carlo
put it and and the and the and the
grander sort of Licensing opportunity
they all feed into each other but
everything that happens in kyak and this
existing plant is really key to this
that's where the off takes come from
that's where the approving that's where
the first revenues will be generated so
that's the kind of where the that's
where the shortterm first revenues are
uh will will come from we already have
small capacity there uh we're out uh
we're in a validation stage uh with a
number of OEM but also with a number of
really small players as well and uh
that's going to I think that's where
we'll start to see the first uh uh
really the first revenues come in and
and those validation points those first
revenues will drive decisions on the
large 25,000 ton facility and they will
drive uh decisions on the uh uh on the
on the much larger and longer term uh
cam package uh licensing revenues so I
think we have to we have to think about
it kind of in three ways and they're and
they're all Interlink um they're all
going to be incredibly kind of important
that they uh but they can happen in
parallel which is kind of nice the one
thing that doesn't happen in parallel is
really the off take and validation that
just
that's the thing that drives all of this
once we start to see validation all the
other pieces start to fall into place
actually relatively quickly that's why
it's kind of hard to guide anyone on on
the timeline on it but at the same time
um you know we're we're quite far
Advanced we have the only lfp facility
outside of outside of uh Asia uh that
gives us a tremendous Advantage because
we can actually and not only can we
qualify the materials um you know with
with our existing assets we can do it in
fulls scale equipment no one else has
that luxury and so we can drisk the
scale up of this very easily everything
else is plumbing and and as I like to
say it's just it's pretty much just you
just to Plum the major pieces of
equipment put the Materials Handling in
place relatively lowrisk engineering
Endeavors and uh and most sophisticated
investors and uh and partners can know
that and can see that having warle at
the table really reinforcing that is
going to be uh is going to be very
important so we you know all the pieces
are in place for this thing to uh to
accelerate very quickly obviously what
we do in candiac is going to be
fundamental to to catalyzing all of that
hopefully that's U and it doesn't bring
any Clarity to the to the timelines but
give gives you a sense of where our
Focus needs to be and and how that will
uh feed into the uh into the really the
platform that we set up for this thing
to really
accelerate all right as you scale up
candiac or other facilities you've got a
very healthy balance sheet here
do you and and everything is a moving
there are a lot of moving Parts here so
it's hard to um uh know exactly the
precise route you'll be taking but are
you do you have sufficient Financial
Resources to be able to move the get the
the business plan forward as needed
there was ever a CFO question that was
it yeah yeah
yeah I'd say um we definitely have funds
to progress
uh many of these
initiatives uh if we're talking
about completing FID on on the on the
big plant and completing
expansion um of candak to a th000 to
2,000 ton facility um I think as we as
we disclose in our latest mdna
financials probably need need more
capital for that um we we're we're
working closely with different
provincial Federal even um US government
agencies uh on many new programs um that
we've applied for um that we that we
qualify for so now we're just waiting to
see um the level um and timing of of
support and and I think that will help
Drive some of the pace Martin on on how
quickly we we pull the trigger on
certain things and and and expand um and
you know at the same time we we do have
some discretionary items in our
objectives and forecast so we'll we'll
we'll we'll see how the government uh
support plays out in terms of amounts
and timing and and then we'll we'll make
some decisions
accordingly okay I've got a ton of
questions myself I'd love to ask but we
have a lot of audience questions here
that I want to get to so let's um I'm
going to start throwing some of these
out in a recent interview Co Alex Holmes
spoke about customer validation cycle he
said the validation process for auto
oems is two to four years has this
validation cycle started with any Auto
oems and if if so roughly how long the
process are
you well I can jump into there so as we
have disclosed in other news releases as
well I'm sure many of our shareholders
are aware of that um we have uh we do
have some fairly deep Partnerships and
and uh with oems and we have been
working on not only technology
development but also validation uh of
our materials so uh the short answer to
that question is yes the validation
Cycles have begun and um and the way the
automotives typically work is um uh
they'll validate you'll get to spec uh
you hit the right spec they have um they
may end up moving that spec over time as
well but as you do that you go into a
sampling and B sampling and C sampling
eventually into a vehicle
so the uh yeah it takes you know uh car
companies are planning their vehicle
five years ahead of time so you've got
to be in the door five years ahead of
time and we are in the door and have
been for uh for some time so uh yeah
that's well underway I would say um as
you go into a sampling B sampling C
sampling you will there will be spot
demand for materials um so we will see
revenue generated from that but it'll be
in a you know it'll be spotlike in the
sense that there'll be lumpy demand for
for maybe tens of uh
you know tens or hundreds of tons of
material to go into a uh to go into a
test cycle and and that's all part of
building that um building that momentum
now the the key thing about an
automotive company when they hit go on a
on a Automotive plant they're going to
need uh not just 10,000 tons they're
going to need you know many tens of
thousands of tons to feed the the the
cell manufacturing that feeds their
Automotive plant so you have to be able
to build up to that we can't just
suddenly put $50,000 tons of production
into place it starts it starts you know
starts in our existing plant at a at a
couple thousand at a thousand or 2,000
tons our ambition is to get there it
that enables us to do all all that
sampling generate some spot revenue from
the automotive companies but the rest of
that volume is going to be picked up by
much smaller players they're going to be
in the defense industry they're going to
be in the um the battery en energy
storage industry for for storing energy
from renewable energy Sun uh sorry solar
wind ET better and and those those um uh
revenue streams those smaller off takes
are were going to be really important to
filling out the volume in the first kind
of thousand tons and also the first
15,000 tons and the first 25,000 tons
they will play a fundamental role in
that ultimately that brings your your
production volumes up uh to a point
where you can then start uh feeding much
larger uh Automotive volumes so um I
think it's important for shareholders to
understand you need a blend of all of
this uh to make this work um um
obviously you don't want to you don't
want all your eggs in one basket and at
the same time you want to be able to
have a a variety of different off-takers
at different volumes to be able to um uh
to be able to to to to basically hedge
the lumpiness in the market as it starts
to tip up once volumes get once we start
to get over 25 or 50,000 tons I think it
all really starts to feed itself uh and
it levelized but in the in the initial
uh component here it's really important
to have um all of that in place so we
are validating uh really with players
anywhere from you know very small
defense contractors through to ESS
through to through to the uh electric
vehicle market and not just in North
America but in jurisdictions in in Asia
and Europe as
well
okay can North America and Europe
compete with China on lfp battery costs
and for you what type of tariff or would
tariffs be necessary uh to be put in
place to be competitive with uh Chinese
uh
product it's a great question so um uh
China look China dominates the uh the
lfb space and the nmc space for that
matter I mean they look they uh they
control most of the world's uh nickel
nickel sulfate uh manganese manganese
sulfate a precursor uh that's the
combination of the nickel manganese and
Cobalt um they uh control all of the
world's iron sulfate it's actually a
it's actually a a uh tailing or a waste
stream from tio2 or titanium oxide um
Mining and refining
um and and the challenges th challenge
with those U those methodologies those
processes it gives China a tremendous
Advantage because they control all that
market very hard to copy China like's
say to bring their their cathode
manufacturing and put it anywhere else
in the world simply because they've got
a 10-year Head Start and from a cost
point of view it's very hard to compete
uh with uh with China on that but also
um it's very hard to take those those
methods and bring them into a North
American context because they have
actually big Wastewater and uh and and
and chemical waste streams which China
tolerates because their environmental
standards are
lower and and we uh we aspire to be much
better stewards of the environment
obviously in the west uh and actually
many other parts of Asia as well so it's
incredibly important that you actually
have to solve those problems really
before you build that up and that is
really what nanan's mandate is I mean we
are trying to solve the big problems
that will enable us to scale that that
brings me to to your question is that
not only do we need to be competitive on
an on a on a cost front we believe we
can from a from an lfp point of view
because we have we combine that
precursor process and the lithiation cam
process into one so we have fewer piece
of equipment we don't we don't have the
margin stack because we're not two
different entirely different businesses
um and uh we cut down the amount of
equipment we improved the yield uh uh
and all of that so in in the uh you know
in in the distant future we could easily
compete we think with China simply
because we've got a we've got a much
lower uh we got a lower cost base from a
an equipment uh and uh and Manufacturing
Opex and energy point of view and that's
when you when you look at it from
jurisdiction to jurisdiction so that's
that's that's really uh about competing
um in North America on North America
terms using either the Chinese
technology or the nanan technology the
same applies to Korea or Morocco or
wherever you might be citing these
facilities um it's important to be able
to look at it from a jurisdictional
point of view within that jurisdiction
can you compete um um with with China
and look every one of these jurisdiction
wants this business they will put the
incentives in place to bring that
business in there and they realize they
have to be competitive they have to
provide the incentives for the volumes
to go up uh to then be competitive with
um with uh with China do you need to
tariffs in place not necessarily do you
need the incentives yes I think it's
important China has has grown their
markets based on incentives uh you know
they've incentivized local producers to
get where they are and and we're seeing
the same thing whether that be in Korea
Canada the US uh um in Europe so
incentives are really really key I I
think tariffs and and Duties are are are
kind of icing on the cake I think you
have to be able to compete uh uh in the
long run steady state uh you got to be
able to have a cost competitive and
environmentally competitive um solution
for the market um and uh and that has to
be independent of tariffs and and uh and
duties uh but you know meanwhile they
are icing on the cake and we'll take it
take that but what's really key to that
is is the government incentives um
because that's what helps nurture the uh
the supply chain to get up to the
volumes that can then be competitive
because it is a volumes game at the end
of the day uh uh and uh and and but you
know we're starting uh we're starting
find the eightball uh China Korea Japan
are way ahead of us and uh in order to
get there you need government support
and incentives to really encourage
growth um once it's going I think that's
when the incentives can start to back
off and the and the businesses will uh
be able to compete on their own um
that's kind of the way I I I look at it
and and I I you know I believe that uh
we have that capability we certainly
have the support here in Canada and
we're starting to see that kind of
support even even you know crossb
support from the us as well Carl I don't
know if you add to that at all I kind of
took a long time to answer that question
but yeah no I think to key points lower
Opex lower capex um you couldn't even
permit one of those plants and in in the
western world or other parts of
uh of Asia as well or the indopacific
okay yeah look and investment in
traction is is a big big thing right now
so um you know uh and and every so every
country is is dealing with this they're
going to put the incentives in place to
uh to grow that business they want the
whole supply chain to do that they we've
got to incentivize companies to come
there rather than uh incentivizing
people to to buy from the existing uh
Supply chains and so that's that's
really important but um uh you know I
think those are temporary measures and
and and that's just until the volumes
get up to uh up to scale and can be uh
can be
competitive okay
are you still shooting for an off-take
agreement in the first half of
2024 well given yes we are shooting for
that and in the second half and into
2025 and into 2026 um you don't stop
with one sales agreement so yeah look
we're working hard at it obviously we're
almost through the first half of 2024
and we haven't announced anything um but
yeah look we're constantly working on
that I can't guide anyone on it but uh
yeah we look we've got a massive
Business Development effort underway uh
we've got a lot of really good partners
um as I said uh you know we've got a
we've got this facility where we can we
we're able to drisk at full scale and uh
and be able to provide U materials that
are manufactured of full scale equipment
all of that plays into uh into what
we're doing and we're various levels of
validation with with a number of
different parties uh it takes time to
put all this stuff in place but uh yeah
well
underway all right within the lfp world
it's almost all in China right now you
can't be the only person working on the
lfp the cathode uh solutions for the the
cathode Market can you talk about the
competitive landscape outside of
China yeah um so uh you know this is an
interesting thing the Korean uh Koreans
are the other big really big sort of
national sort of cathode producer right
now but they largely rely on China uh
and they're mostly nickel-based they
have been traditionally up till a year
and a half ago they were staunt
uh nickel-based uh and they get all
their nmc precursor from China the
majority of lithium hydroxide from China
but when the IRA kicked in um uh a year
and a half ago um what we started you
know for Korea was very existential
because because their supply chains came
from China and they were hooked on it
they really uh had to really kind of
rethink it they couldn't as Carlo said
they couldn't bring that technology they
couldn't export that technology and then
import it into uh into Korea because
they it comes with all the Environmental
issues so you got a whole bunch of
Permitting challenges so um what uh I
think what we've seen from the Koreans
and we're going to see from the rest of
the world is that lfp needs to be
rethought you can't just uh you I mean
sorry cathod materials needs to be
rethought lfp is the easiest way uh is
the easiest cathode material to start
producing um in other parts of the world
because it's not as complicated to uh uh
to decouple from the nickel magnesium
Cobalt comination that China has so
having said all that who are the
competitors so um look the Koreans are
trying to get there they're kind of
weighing do we just try and copy China
or do we uh do we try and invest in
Innovation uh we're seeing uh a number
of North American uh um efforts underway
and European efforts um most of them are
either
licensing um some existing outdated
technology um uh that we're we're kind
of well aware very very similar to what
we had uh what we replaced at candiac um
that's very difficult to scale or
they're simply trying to copy China the
problem with copying China is you're
going to rely on their iron sulfate
supply chain so you don't you won't ever
break if you copy China you won't be
able to break away from the iron sulfate
and iron phosphate that China largely um
controls because they really have the
only feed stock in the world for that so
you have to kind of innovate away from
that and so we're one of the few players
that are innovating away from that by
going to iron metal powders uh we're not
the only one uh there's uh some very
small players in in Asia and uh sorry in
Europe and uh but most of the other uh
most of the other players are really
ostensibly copying um either either what
we replaced at at um at candiac or uh or
copying uh what happened in China and
and how how it works in China and by and
large those are very hard to scale in
North American or or Western
context you you've accomplished a lot in
from you when you first started out here
you've got amazing partners and and
you've got a lot of
validation what should investors view as
the biggest risks going forward is it
technology risk or just general scaling
or business scaling can you execute on
off take agreements um a lot of a lot of
aspects that have been due risk but what
are the biggest I know what keeps you
awake at night that sort of a a
thing Carl do you want to jump in here
and then I can I can pile
on sure um for me risk is
normally as a finance person is the
timelines
to uh to cash flow um and that's going
to be tied to Broad Market
acceptance um and a bit of the the shift
and Supply chains and and and and some
of the thinking um and uh you know
continuous availability of of capital um
so those would be my my uh my my risk
areas as a as a
CFO yeah maybe maybe I'll I'll you know
add to that um you know one of the
things that is it's it's it's one of the
things is how the narrative is Shifting
right now I think in the marketplace um
obviously we're seeing a little bit of a
a little bit of a pulling back on the on
the very large ambitious EV narrative
and that's largely because look
governments and and big autoco made big
promises for 2025 and the reality
setting in and and they're not hitting
them um but it doesn't mean the demand
is going away there's still far more
demand than there is Supply in terms of
in terms of the supply chain in in North
America so we still see a very very
healthy robot pipeline of demand coming
forward and despite the narrative in the
you know the headlines and the the uh
obviously in social media and the paper
um we uh we still see on the ground very
very good um uh very good Dynamics but
the the risks are are uh are how you
know how quickly can we actually shift
away and decouple from the dominance of
China um how quickly can we convince the
automotive companies and governments to
support Innovative processes that
actually um de decouple and diversify
those Supply change because that's
really in our mind fundamental to the to
the growth strategy U I think the West
is largely bet on high nickel materials
and there is some flaw logic in that
given that China is at 60 to 70% lfp um
uh so how quickly can the West shift
from nmc to lfp mentality we all already
seen most of the major automotives of
starting to make announcements about
shifting some of their platforms to lfp
um so that's going to be uh fundamental
so the timing on that is really key and
that kind of speaks to what uh uh I
think uh you know what Carlo was
speaking to timing and cash flow uh you
know when does that all start to roll
and when do all the right Pieces come
into play so you know those are those
are some of the the larger um uh shifts
in the in the market that uh to some
degree are out of our control we're
trying to influence them of course U but
to some degree out of our control the
stuff that is in our control which I
think uh you know investors and
shareholders need to keep their eye on
is the um uh is really our progress uh
and and towards first sales and revenues
because first sales and revenues really
um mean that there is Market acceptance
for the quality of our materials once
there is Market acceptance for that we
believe that is the Tipping Point that
will drive uh Drive growth be that from
from us or actually even even some of
our competitors once we start to see lfp
being sold in the marketplace I think
then um then we'll start to see uh much
larger growth in terms of cell
production and Automotive commitment to
putting those celles in their vehicles
and that um those are those are the
signals to watch out for specifically
from Nano one it's look it's about off
takak sales and revenues um obviously
that's going to drive the that's going
to make the company not only healthier
but it's going to be a really strong
signal that this Market Market
acceptance for not only for our product
but for the underlying process for
making that product that we plan to
license out to the larger Global
Community all right you mentioned
earlier that incentives are important uh
for the the establishment of the the
sort of local supply chain and there
also seemed there there a lot of there's
a lot of uh elections happening a very
important elections happening this year
and next year uh in North
America and with the there's let's call
it a bit of a backlash against ESG in
certain communities do you think there
is there a lot of political risk
attached to nano1 on who wins this
election or or that given uh the
importance of incentives or other
tariffs or or things like
that well look I think there's there's
certainly uncertainty and and that uh uh
you know I I would be um be remiss not
to point that out there's a lot of
uncertainty but but I I think that for
Nano one um most of it is fairly neutral
for us because we see enough uh demand
and there's enough commitment already
from the automotive companies uh to go
to lfp which is our first chosen kind of
go-to Market that that that's coming no
matter what no matter who gets into in
into power and and and where it goes
we're going to see um uh and if if
things slow down further in North
America look the the the automotive
Market is Gang Busters uh in in Europe
Mainland Europe is still very very
committed to ESG all the automotive
manufacturers there are still very
committed and so we see a lot of growth
potential there as well and and and look
it's going to be lumpy over the years
there's no doubt about it um uh this is
a this is a massive shift away from uh
hydrocarbons to uh uh to an electrified
world and and and you're going to see
shifts in the market and it's going to
play out differently in different parts
of the world I think what what's really
important for shareholders to realize is
that we have a global strategy our
licensing strategy means that we don't
we're not we're not like a mine where
we're going to be fixed geographically
we can put a plant anywhere we anywhere
there is demand for it in the world and
that demand may shift jurisdictionally
um with different elections different
election cycles and different narratives
um but we are able to uh to address um a
very wide sector of the world and be
able to shift our Focus to different
jurisdictions particularly now with
warley um in the fold as as an active
partner and with this kind of design
once build many type of philosophies so
yeah maybe we turn our attention to
Mainline Europe or or or Asia or India
um uh uh in in a stronger way than we do
North America if North America kind of
slows down but you know we we think
we're pretty uh we're pretty
weatherproof um um as we go through
these uh these different patterns around
the world but uh um but we you know the
demand is healthy and the uh and
certainly the ESG um uh the ESG Drive is
is healthier in other regions of the
world than than than they may be in than
the winds are blowing right now in North
America but we still think there's way
more demand here than there is Supply um
you know no matter how the how the how
these uh how the patterns
shift all right we're coming up to an
hour here so we should uh wrap things up
but I I'm a shareholder and there are a
lot of shareholders on this call
presumably and everyone and I know you
yourselves are frustrated with the state
of the capital markets and the and the
share price and maybe there should be an
AI angle on nan1 just joking but
um any commentary on uh the share price
and and the capital markets and what can
or can't be done uh with
that look the the the capital markets
are where they are we're we're we're
actually healthier than I think most of
our peers everyone's taken a hit over
the last three years uh we we've we've
weathered the storm better than most um
uh and I think look we just need to keep
executing on our uh on our business plan
um keep need to bringing in Partners
pushing everything forward look the
fundamentals are all there uh the
markets may not be but they they shift
and they move uh and it goes in cycles
and uh we're well positioned for an
upcycle that's for sure we think we
think it'll go
well Carl you want to pile on to that
yeah I agree for me it's all about
execution and and eventually the reward
will be there um we can't be fixated on
shortterm upswings down swings in in the
market um we have business plan I think
we have great Partners we have great uh
product we've we've hedged ourselves to
some respect where we're not all in on
one Revenue stream or with with one
specific initiative um so I think we've
done a lot of that mitigating and
drisking and position ourselves to um um
you know to to execute now and to
capture some of that um monetize some of
that upside yeah and and actually just
to build on that I already said it
earlier too but the I think this kind of
design wantes build many relationship
with Worley really allows us to um to
tailor our our our tactics I should say
to to different regions in the world as
well so as we see Market shift um uh
enables us to to to be much more
flexible in terms of where we generate
the revenues
from all right so just to to final uh
comment or question here to to wrap it
up what sorts of Milestones or events
are you striving to achieve over the
next six to 12 months or what kind of
Milestone should investors be sort of
keeping their eyes open for uh over the
coming quarters
yeah look um obviously we continue to
optimize and validate our onepot lfp at
the plant level at the product level um
and uh that's going to be extremely
important for potential off-takers and
first sales in in the existing plant so
I think that's you know primarily that's
one of the really big objectives in 2024
and and and as I said earlier going into
2025 and 26 we we have to continue
selling of course um the uh um I think
uh some Sidelines on government funding
which will then catalyze uh some of the
financial decisions we need to make in
terms of um in terms of how quickly we
move forward on a 25,000 ton plant how
quickly we Mo move forward on automating
the existing candiac facility to get it
up to 1,00 2,000 tons that's going to
play that's going to play out um um as
uh as some of the sight lines on
Government funding come into place um we
have um we'll be we'll be continuing
ously validating the operational
conditions of our of our LP process in
the existing plant and that will then
inform the uh the development design
licensing and and ultimately uh
deployment of Cam packages with warle uh
we've just kicked that relationship off
um so as we uh as we develop the
business plan as we uh as we map out the
customer base and the and the and the
and and you know where and how fast
revenues will come uh we'll be able to
uh we'll be able to bring some of that
obviously into the spotlight not all of
it um uh so I think you know
shareholders and and and investors can
look forward to more details on that as
it as it comes forth and then um you
know I think uh things like we talked
about this earli the the the the the
work that BBA is doing on the fl3 the
feasibility study uh our expectation is
to bring that to completion uh in Q3 and
Q4 of this year so you know we're still
a 20 still very much a 24 goal uh for us
um uh with that we'll need uh we we
can't complete the feasibility study
without a site and so we're very active
looking for a site to put that uh 25,000
ton plant on it just so so everyone
knows I mean the idea is we want room to
be able to expand that because we don't
that's not the end of that plant that
project uh we think could grow to be
much larger volume so um so we need to
make sure that we have a a plant uh and
a and a jurisdiction that's willing to
support the growth uh of that uh of that
that part of our of the revenue or that
project so these are all things that I
think uh we'll we'll be able to bring
more um uh guidance to um certainly over
the uh over the next six to 12
months excellent miss anything there um
Carlo I think you capture it all then
okay well you're
busy you got a lot to do oh we do we do
look it's you know the other thing look
it's a nent market still it's amazing
actually despite despite how far uh
batteries have come for electric
vehicles and and energy storage and and
you know all of our all of our gadgets
uh uh there's still a long way for it to
go and there's uh and obviously the
supply chains are are complex and
fundamental to this um and uh you know
we're we're well positioned to try and
innovate in those Supply chains and
secure something that is very uh
powerful for for the company
all right gentlemen thank you very much
for your time that was excellent really
appreciate it very informative uh have a
great day and I looking forward to
seeing the the news flow come across the
computer and having ongoing discussions
have a great day right thanks thank you
Martin appreciate it very much have a
good weekend
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