What were highlights from 2024?

On the funding side, we continue to work with the Department of Energy Loan Programs Office. We were the first to receive a conditional commitment for debt funding for an integrated mining and lithium processing project and are working to convert it to a full commitment, pending final permits. We aim to finalize this DOE loan by year-end. We are also focusing on operational readiness, updating engineering studies, and have released a significant resource update. A reserve update and updated project economics will be released in the coming months. Can you provide highlights from the 2024 updated resource?

The resource is approximately 350 million t of contained ore, which includes lithium and boron. There are three types of ore within this deposit: lithium and boron containing, lithium and low boron containing, and lithium clay. The first two types can be processed through our designed flow sheet, while the lithium clay requires different processing, like the Thacker Pass deposit. The total resource contains over 3 million t of lithium carbonate equivalent, making it a very large and unique resource with a long mine life. Our initial Phase One project is expected to produce about 22,000 t/y of lithium. This deposit can potentially supply enough lithium to power more than 50 million electric vehicles, assuming current efficiency levels. This unique combination of lithium and boron in a sedimentary deposit, without clay, sets it apart from other lithium deposits worldwide, ensuring a multi-generational resource. What processing benefit does Rhyolite Ridge provide, and what role does mineralogy play?

The two main types of lithium sources today are brines, found in South America, and pegmatites, primarily in Australia. Sedimentary deposits are akin to spodumene in terms of mining, but the rock is softer, easier to crush, and the lithium easier to extract. In spodumene deposits, the lithium concentrate needs to be roasted at high temperatures to extract the lithium, as it is tightly bound within the mineral lattice. Sedimentary deposits do not require such high temperatures. The rock can be crushed, and acids like sulfuric acid can be used to leach out the lithium. However, most sedimentary lithium deposits are clay-based, which complicates the process due to the difficulty in separating the fine material from the leached solution. Rhyolite Ridge is a unique lithium deposit because it contains the boron mineral, searlesite, instead of the normal clay found in other sedimentary deposits. This mineralogy is not found in any other known deposit globally. The rock only needs to be crushed to the size of a golf ball before leaching, generating less fine material and making it far easier to separate solids from the lithium and boron-containing liquid. Can you describe off-take agreements and the recent partnership with EcoPro?

EcoPro was our first off-take partner. Instead of producing battery-grade lithium hydroxide at our Nevada site, we produce 98-99% pure lithium carbonate, which is easier to transport. Producing higher purity products on-site in the desert is complex and unnecessary. Our agreement with EcoPro involves supplying them with lithium carbonate for further refining. This approach avoids the industry's challenges of producing and transporting high-purity products.

We also partnered with EcoPro to develop a processing method for our lithium clay, which contains nearly 1 million t of lithium carbonate equivalent. What role will Rhyolite Ridge play in the creation of domestic supply chain?

Our board decided early on to include in our offtake agreements that the lithium must remain in the US. This commitment helped with our Department of Energy loan application. Refining capacity is still growing in the US, and our high-purity lithium carbonate will be easier to refine into battery-grade material than starting from spodumene concentrate. This capacity is being built in the US and Canada, and we expect it to be ready when we start production.

Rhyolite Ridge can be a cornerstone in this supply chain, providing long-term, reliable lithium supply. Relying on lithium mined in Australia and processed in China is not a viable solution for the US. Ensuring a secure, domestic supply is essential for the country's future needs.