I think it will depend on how much money they can raise through...

I think it will depend on how much money they can raise through the Green Bonds program. If they can raise the full $42m (I seriously doubt it) this should move a bit higher. If they can raise a few million, then I suspect it will hover around these levels for a while or even move a bit lower.

Even though much has been achieved so far (building the foundations of a battery recycling venture) they need to start building plants or sign licencing deals before this moves back to highs of a few years ago.

In saying that, there are many avenues that could be a catalyst for this stock to move higher.

1. Signing more/larger clients. (RIL continues to look for feedstock around Europe)
2. RIL has the commercialisation rights for LFP recycling tech through the Sunlight group.
3. Issue a licence to car makers/cell manufacturers in Italy or South East Europe.
4. Commercialise the process for recycling alkaline batteries to use in fertilisers.
5. Perhaps a placement by insto/sophs at some point.
6. The hiring of a high calibre management team or BOD (An example would be ex Li-cycle or Northvolt personnel). Not saying that would happen, but this venture needs personnel, management & BOD with qualifications, knowledge & expertise in metals recycling to become successful.
7. Something out of left field? Something that takes the market by surprise.

It's a waiting game for now.