Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Decent outlook coming up, which should see lots of newsflow:

Outlook
Iondrive is positioned to achieve significant milestones in 2025 as it progresses toward commercialising its DES battery recycling technology. Key areas of focus include:
1. Pilot Plant Development: Iondrive plans to complete the construction of a ~1kg/hr
continuous integrated pilot plant at the University of Adelaide by the end of calendar year 2025. This facility will validate the DES process at scale and provide critical insights into operational optimisation, including solvent recovery and black mass pretreatment.
2. Economic Modelling: Independent third-party economic modelling, including NPV and IRR assessments, will be finalised in the March quarter, expected to underline the financial viability of the DES process.
3. Consortium Membership Announcement: In the March quarter, Iondrive will announce the full membership of its European consortium, which spans the entire battery recycling value chain. The consortium will play a critical role in validating and
scaling the DES process.
4. Strategic Collaborations: Iondrive continues to expand its network of technology and industry partners in the EU and USA, focusing on localised solutions and formalising partnerships to support commercialisation.
5. Non-Dilutive Funding: Iondrive is actively seeking non-dilutive funding opportunities
across Australia and the EU to support its initiatives. These efforts aim to secure additional financial resources to accelerate the development and commercialisation of its technology.
6. Ongoing Test work: Preparations for the pilot plant are supported by scale-up testing and an expanding pipeline of recycling technologies. This includes optimising solvent ratios, advancing LFP recycling, and exploring direct recycling techniques.

Kobold withdrawing from the JV is a bit of a kick in the d*ck, so don't expect to much when we eventually flog the assets off. I hope Robert Smillie is incentivised to get as much as possible, and isn't rewarded for just offloading it for a pittance.