American Battery Technology Company Receives Letter of Interest from US EXIM Bank for $900 Million Financing for Tonopah Flats Lithium Project

American Battery Technology Company (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, is pleased to confirm that it has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for $900 million in financing to support the construction of American Battery Technology Company’s (ABTC) commercial-scale lithium mine and claystone-to-lithium hydroxide refinery near Tonopah, Nevada.

“We appreciate this support from EXIM and are proud of this further validation that our mission is closely aligned with the U.S. government’s dedication to serve the American people," stated American Battery Technology Company CEO Ryan Melsert. “This proposed financial support can greatly accelerate the commercialization of our domestic critical mineral mine and refinery, and we are excited to implement at scale these first-of-kind technologies that we have been demonstrating over the past several years.”

ABTC’s critical mineral lithium mine and refinery project is strongly aligned with EXIM’s “Make More in America” initiative as well as its “China and Transformational Export Program,” both of which provide beneficial financing terms for U.S. companies facing competition from the People’s Republic of China to ensure the United States leads in certain critical export areas, including the domestic manufacturing of critical minerals.

The issuance of this LOI is aligned with the Executive Order from March 20, 2025 titled “Immediate Measures to Increase American Mineral Production” which directs federal agencies, including EXIM, to unlock permitting, funding, and offtake agreements for domestic critical mineral manufacturing facilities. The Executive Order includes near-term actions to be determined and implemented by the agencies to fast-track permits, mobilize capital for mineral producers, and create offtake agreements for strategic stockpiling for minerals critical to the United States’ defense, technology, and energy.

ABTC has partnered with Black & Veatch, a global engineering, procurement, and construction (EPC) leader, for the commercial scale design and construction of this 30,000 tonne/year lithium hydroxide refinery project.  In accordance with SEC guidelines, in April 2024, ABTC published its amended Initial Assessment*, which presents the technical and economic study of this project and concluded that this resource is one of the largest known lithium resources in the United States. 

Throughout the world lithium products are generally manufactured from conventional feedstock resources, which include hard rock spodumene materials primarily from western Australia and lithium-rich brines primarily from South America; however, the U.S. does not have large quantities of these conventional resources. As a result, in order to significantly increase U.S. production of battery grade lithium products, ABTC has developed its own low-cost and low-impact technologies to access the lithium within unconventional lithium-rich claystone material that is found in central Nevada to manufacture these battery grade lithium materials domestically.

ABTC’s Tonopah Flats Lithium Project underscores its mission to lead the sustainable advancement of critical battery materials and secure a pivotal role in meeting the U.S.’s growing demand for domestically produced critical mineral lithium. By prioritizing innovation, collaboration, and environmentally responsible practices, ABTC is strengthening the domestic battery supply chain at a time when the demand for U.S.-produced lithium is most critical.

This Letter of Interest does not constitute a commitment of financing.

American Battery Technology Company | https://americanbatterytechnology.com/

Export-Import Bank | www.exim.gov