American Battery Technology Company, (ABTC) (OTCQB: ABML), an American critical battery materials company that is commercializing both its primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies, has completed its Phase 2 drill program, consisting of six additional sites in addition to the 16-holes sampled in its Phase 1 program, completing the exploration program in its permitted 22-hole plan at its 10,340 acre Tonopah Flats Lithium Project in Big Smoky Valley, Nevada. 

The drilling infrastructure employed in the Phase 1 program was able to drill to a depth of approximately 500 feet, and in several of the drill holes there was still significant mineralization of lithium present at these final depths, indicating that the anomalous lithium concentrations could be present at even greater depths. A major goal of the company’s Phase 2 drill program was to employ drilling infrastructure that could sample at even greater depths, and in this program the team was able to successfully drill to deeper depths with the deepest hole ending at 885 feet.

Characterization results from the assays from holes TF-2218 and TF-2219 have been received from Paragon Geochemical laboratory in Reno, Nevada, and the data confirms that the anomalous lithium-bearing claystone witnessed in previous holes continues well below the previous 500’ known depth of mineralization.

Hole TF-2218 is measured to have a very shallow overburden of approximately 40 feet, after which 100% of the sampled material down to a final depth of 710 feet contains claystone with lithium concentrations above 300 ppmw, with a peak concentration of 1,920 ppmw. Hole TF-2219 is also observed to have a very shallow overburden of approximately 45 feet, after which 94% of the sampled material down to a final depth of 685-ft contains claystone with lithium concentrations above 300 ppmw, with a peak concentration of 1,940 ppmw.

“While the assay results of the other holes are still pending, the results of the preliminary assays from TF-2218 and TF-2219 even further bolster our confidence in this claystone lithium resource,” said ABTC Chief Resource Officer Scott Jolcover.

After reviewing these highly promising initial results from the company’s exploration operations confirming that the lithium-bearing deposit extends even beyond the previously sampled 500 feet depth, ABTC has engaged RESPEC, a global engineering and design company, to act as an independent firm and as a Qualified Person (QP) to perform an independent analysis of these exploration results and to generate and issue a SK-1300 compliant Inferred Resource report. This independent report will quantify the magnitude of this lithium-bearing resource and the extent to which the resource is economically accessible, and this QP Inferred Resource report will contain specific recommendations on even further progressing this resource forward to a Measured and Indicated status as defined by the United States Geological Services (USGS).

“These additional exploratory drill results exceeded our expectations, and while the samples collected at the greater than 500-foot depths indicate a deposit that is even deeper than previously identified, the fact that the material sampled at 710 feet is still exhibiting anomalous high lithium concentrations indicates that we have yet to identify the bottom of this deposit,” stated ABTC CEO Ryan Melsert. “We are excited to have engaged RESPEC and to have an independent Inferred Resource report generated to further quantify this deposit as we accelerate the pathway to a commercial scale domestic battery grade lithium hydroxide manufacturing facility.”

These sampling and characterization efforts provide the foundation for the validation and commercialization of ABTC’s internally developed, selective lithium leaching and lithium hydroxide manufacturing technologies that are critical to solving the domestic and global critical battery metals challenges.

The ABTC Tonopah Flats Lithium Exploration Project encompasses 517 unpatented lode claims covering approximately 10,340 acres. As part of the company’s battery metals resource development exploration efforts, ABTC is performing bench scale characterization and extraction trials to confirm the technical and economic competitiveness of extracting elemental lithium from these domestic sedimentary resources in order to produce battery grade lithium hydroxide for sale to the domestic battery metals market. ABTC, in collaboration with DuPont, was awarded a $4.5M grant from the US Department of Energy to build and operate a multi-ton per day demonstration-scale system to accelerate the commercialization and scale-up of this critical lithium manufacturing technology.

QA/QC Statement

Drilling was conducted by Drillrite LLC, Spring Creek, Nevada, using a track mounted reverse circulation drill. Sampling was conducted using a cyclone splitter over 5-foot intervals. Sample custody was maintained by the company’s consultants throughout the sampling and logging process and observed by employees of RESPEC. The company has a rigorous QA/QC program utilizing blanks, duplicates, and a high and a low-grade lithium standard material. Duplicates and standard material are inserted into the sample stream, and blank material was inserted at the start and finish of drill hole sample set. Samples were analyzed by Paragon Geochemical in Sparks, Nevada for analysis utilizing the ICP-MS analysis protocol.

About American Battery Technology Company

American Battery Technology Company is uniquely positioned to supply low-cost, low-environmental impact, and domestically sourced battery metals through its three divisions: lithium-ion battery recycling, primary battery metal extraction technologies, and primary resources development.

American Battery Technology Company has built a clean technology platform that is used to provide a key source of domestically manufactured critical and strategic battery metals to help meet the near insatiable demand from the electric vehicle, electrical grid storage, and consumer electronics industries. This ESG-principled platform works to create a closed-loop circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical and strategic materials.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are “forward-looking statements.” Although the American Battery Technology Company’s (the “Company) management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2022. The Company assumes no obligation to update any of the information contained or referenced in this press release.