InoBat, page-2

The Inobat MOU has been cancelled. Refer following paragraph from the announcement on May 7:

Primobius has fielded numerous requests from third parties to participate in the DP trial, with a view to entering into a range of potential long-term co-operations. The memorandum of understanding with Itochu Corporation (For full details refer to Neometals’ announcement entitled “Primobius JV enters MOU with Itochu Corporation” released on 5 th March 2021) is an example where an owner of spent LIBs (stationary energy storage in this case) is donating feed to the DP and evaluating products generated with a view to reusing recovered cathode materials. Given that the volume of DP feed, secured under similar circumstances to Itochu, significantly exceeds DP requirements, Primobius has narrowed its focus to the nearest term opportunities. Primobius has mutually agreed with InoBat j.s.a to terminate the separate cooperation memorandum of understanding between the parties (for background information on the cooperation refer to Neometals’ announcement entitled “Primobius JV enters into recycling MOU with European Battery Producer”dated 3rdNovember 2020).