Gelion plc

Good morning and welcome to the July NPLC investor presentation. Throughout the quarter presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time by the Q&A tab situated in the right corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. However, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand it over to CEO John Wood. Good morning to you, sir.

Good morning. Thank you very much. Look, I'm really pleased this year to be able to give you this update for July. We're calling it now the Sulfur Battery Company. You will understand that as we proceed through this presentation. So first of all our lawyers say hello and they are absolutely not paying me to say this but a big call out to Phil Fisher in the UK and Aspen Legal in Australia who have been extraordinarily supportive and available to us for a big year of transactions. Okay, first I'd like to introduce your presentation panel today Amit.

Thank you, John. Good morning and good evening all. My name is Amit Gupta. I am the CFO of Jaline. I've been with Jaline for over four years now. Prior to joining Jaline, my professional life was largely consulting, Deloitte and KPMG, where I worked on a number of M&A and IPO transactions.

Louis. Yeah, thanks, Amit. So my name is Louis Adrienssens. I've been with Jaline for almost exactly two years now. I'm the CTO here. Prior to that, I worked for Panasonic at the Tesla Gigafactory. I was the supervisor of chemistry there, and we made batteries at an absolutely astounding rate. And it's my pleasure to be here and speak to you all today and tell you about some really significant things that have happened in July which moved us closer to that level of manufacturing.

Pass back to John. Thank you, Louis. I'm John Wood. I'm your CEO. It is an honor to run this company for you. It is a battery innovation company and technology company, and we are aiming to be the world leader in sulfur battery technology. It's something I've been doing my whole career, something I love doing, which is taking out the work of creative resources and making it commercially successful. We are your presentation panel today, but behind us, of course, stands the company. And I think it's an appropriate opportunity to call out our chairman, Mr. Steve Mahon, who's been exemplary this year. Our founder, Thomas Muschmeyer, always in the front line with us. Our non-executive directors, Joycelyn Morton, Graham Cooley, And Michael Davey, I always value their support. And then, of course, our teams. And I do say teams. The great team working on lithium sulphur technology in Australia and our integration group in Australia. Our Oxford team up in the UK and our battery minerals team. We are blessed with the quality of the people that we work with in Julyan. Okay, we have a succinct presentation for you today and we are going to be concentrating particularly on the key aspect of our lithium sulphur technology. That's because we believe we have a tiger by the tail. We think we've got something that is really important. We're making really solid progress with it. So the course of this presentation will focus on that. We will be giving you a corporate update. Amit will be taking you through the annual results. Louie will talk about products and technology. I'll come back and put that in a commercial context for you and then summarise at the end of the presentation. This has been an extraordinary year. I'm going to put it in context for you looking around the world. First of all, I want to discuss Australia. Call out the enormous support from the Australian government through ARENA. We announced to you earlier in the year about our ACPC grant, great support coming from there. That led to announcements that followed, announcements in the UK, the tremendous support we get in the UK from Faraday and the Advanced Propulsion Centre. We talked about how in the UK we're now doing some very important solid state work that was being supported by the government there. Most recently, we announced our partnership with Kinetic, once again being supported to make very important full-palp cells in the UK this year. We talked to you this year through our announcements about our relationship with the Max Planck Institute of Colloids and Interfaces out of Germany. The remarkable Professor Marcus Antonietti and his team, a priceless relationship that is delivering outstanding results. Then we started to introduce to you what we were doing with T1 manufacturers around the world, and we told you that we were doing a materials testing agreement with a T1 manufacturer. A little later in the year, we revealed to you that, in fact, that was the TDK Corporation out of Japan, one of the world's most important battery manufacturing companies. Happy to highlight for you that the next place we will be going is the USA and we are starting work in that direction, which I'll describe a little more as we progress through the presentation. So I mentioned a tiger by the tail at the start of the presentation. We are working very hard in sulphur battery technologies. Why sulphur battery technologies and why particularly sulphur cathode active material? There is a $44 billion market today for cathode materials for batteries. That's going to be a $132 billion market by 2032. It is serviced today primarily by two formulations. It's called nickel manganese cobalt, NMC, and lithium ferrous phosphate, LFP. Now I've got a picture in front of you and it says that a picture can tell a thousand words. Well there's more than a thousand words in this one because on the right what you have is a traditional cathode material. Now this is either an LFP or an NMC. You can see what it looks like and how it's used in manufacture. On the left hand part of this screen you can see our cathode material, our sulphur cathode material. That's in the bottle with the black powder there. And in the middle there is a roll of our cathode material and you can see that cathode material looks just like the one on the right. And so this is where Gelion is heading. So the market for cathode materials today, I've told you the size of the market, but it's dominated by nickel and cobalt materials or LFP. We aim, through the course of our program of work, to get to where we can offer a third option alongside those other materials into the cathode market. That's the size of the ambition that Giant has. We aim for our cathode material to be a drop-in into that market. Now that's going to be very important because it opens a world of opportunity in energy storage. We aim very high and in doing that you must work to a very high standard. Now, to have a compelling, a truly compelling commercial product, it's not good enough just to be a high power product or to be a high energy product. You must deliver the full suite of performance criteria. And on the screen here now you can see that. You must be low cost, you must have stable high energy, high power in charge and discharge, wide temperature tolerance, long cycle life and you must do them all with one material at the same time. And that's where we're going with July and that's why we're so excited. Okay, how do we deliver the low cost? Well, firstly, the material itself is made from low-cost materials, and we use a very low-cost fabrication material. So this is sulfur. Sulfur is abundant, low-cost carbon, materials like sulfur and carbon. stable and high energy. That comes because our sulphur is what is described as being nano-confined by a self-forming method. What that means is that In making this material, we can find the sulphur in such a way that it's in a high energy state that delivers this high power, this ability to work in a wide range of temperatures. Now this is not traditional for sulphur battery technologies. This is unique to the sulphur battery technology that we're developing inside Gelyon. And that comes from a combination of the work and the IP and everything we acquired through the progression of the Oxus IP acquisition for Johnson Nafi, the OxLed acquisition, the wonderful team that came on board with our giant scientists there, and our work with the Max Planck Institute. So no polysulphide shuttle, the nano-confinement separating the sulphur from the electrolyte, opening a wealth of opportunity for sulphur battery technologies. So how do we apply that? One material, and here what we're doing is effectively three configurations or flavours of the material, however you would like to consider that. On the left we have the material that we're doing in the shortest term. So this is the material where we take our sulphur can and we pair it with lithium metal. Now this makes an extremely high performance cell. This is high power, this is high energy density, wide temperature range. You put that cell in a drone it goes into high value markets. In the centre, what we've done is we've taken our sulphur cathode material and we've what's called pre-lithiated it. So we've put lithium into the sulphur cathode material. Louis will talk to you a bit more about this later, but what we're doing here is doing the work to make our sulphur cathode material a dropping. We can then pair it with standard anodes and standard electrolytes. So this is a product still in development, but we have made test cells that work as the configuration you see here. Where does this configuration take us? Well, it takes us towards a cell that will be very important, we believe, in e-vehicles. So this is a cell that can get you out of range anxiety. It has very high energy density, very high power, but a low cost and abundant cell. And then on the right, this third cell, this is the one that really I find most exciting of all. This is a room temperature sodium sulphur cell. Sodium, sulphur and carbon and electrolyte. Now these are materials that you can find everywhere in the world. These are abundant materials and this cell is a very low cost cell. So think of this cell in terms of being a technology that can be manufactured at a national level around the world and think of the impact and the contribution that that will be making. Also the commercial merit of those three cells, one material. We told you recently about a collaboration agreement that we put in place with TDK Corporation. I cannot talk more highly of the amazing people that we have had the pleasure to work with at TDK. These are rigorous scientists. TDK has been a leader in battery technology from the very start. all the way through. It's a true honour for us to be able to work with them. And what does it bring to us? It allows us to focus on the things that are most important. It allows us to move forward quickly, taking advantage of the experience and the complementary technologies of that organisation. So we're very, very honoured to be able to work alongside TDK on this Salford journey. There were two partnerships that we announced towards the end of this year, or the last couple of months in fact. The first one was this TDK partnership, which is actually a multi-year collaboration agreement. It doesn't preclude us from working with others, but we are working very closely with TDK. It leads to the onset of partner revenue. It will work towards what we'll be doing is making commercial, large format commercial prototype cells together. We will work together towards optimum product market fit. So by working with collaboration partners who already are supplying the market today with other chemistries, we make it real. We keep it real. So we're spending your shareholder dollars in ways towards getting our important materials to market and keeping it real in doing that, rather than making things that we think might be a good idea. And so that product market fit is very, very important. And then as we progress, the goal is to get to where we're actually on their prototype production lines as well. The relationship with Kinetic supported in the UK by the government, 1.1 million pound project, including a half million pound grant to July. This is Defence and Aerospace, a scale up of our CAM into, once again, commercial prototype power cells. And we're going to demonstrate that one for you in 12 months time in CEMEX in the UK. So you can see these announcements are essential, very, very important commercial progressions, points of progression for your company in July. Now it builds on our IP. Our goal is to be a tier one battery innovation. We'll talk about what that means a little bit later in the presentation for you. But we need to protect our position as well. And that is something that we are working very hard at. We have more than 200 patents, but we are continuously evaluating our patents, adding to the portfolio, and moving forward. I think we've had more than five in the last year. Pastor Amit now will take you through these results.

Thank you, John. So, John has walked you all through the impressive piece of work that the business has done both, not just technologically, but also commercially. We have established commercial collaborations with reputed global one manufacturers and that de-risks the entire business. What I want to walk you through is how we have transformed the financial side of the business as well. and on that note i will talk about integration solutions that's a new division that we started in september october last year we got our first contract we delivered the first contract successfully and we recognized our first revenue so first revenue for july in fyi 25 910 000 pounds and margin associated with that as well what this contract or this project has done for us is this established a site for future projects for future customers to see what we have delivered and to actually go and see. So this is kind of a show and tell. Our pipeline continues to grow. It's approximately 17 and a half million now. If you think about this, the business only started 12 months back. The sales cycle is rather long, 9 to 20 months. It's because there are a number of steps during the course of actually identifying the opportunity and signing the contract and requires government and regulatory approval before you actually sign a sales contract. So in 12 months time, a long sales cycle, the pipeline is growing really, really strongly. I spoke about the first revenue, £900,000. That is recognized in FY25. You can see that product revenue and the margin associated with it as well. So you see direct costs, 0.7 million. So the margin started coming from the first project itself. If you consider the pipeline that we have, and even if you give a 25, 30% chances of converting those pipeline into actual sales, you're looking at four to five million pounds of sales coming through the business in the next 12, 18 months. So what we are doing is we are building the pipeline, which will convert into kind of regular flow of sales and revenue and margin into the business, helping us reduce our cash flows. This is the third year in a row where we have exceeded market expectations, not just at the income level, but also at an adjusted EBITDA level, which further reduced to 4.1 million. We went from 5.5-6 million in FY23 to 4.8 in FY24 and to 4.1 in FY25. Our cash position, performer cash position was 4.1 million at the end of June. This is slightly higher than what the market was expecting. I want to remind everyone what we have achieved over the course of the last 12-15 months whilst we are decreasing our cash burn and decreasing our losses. So the underlying message of this slide is we are taking really, really good care of shareholder capital, ensuring the capital is deployed in the most efficient manner and every spend is being thoroughly and rigorously checked by myself and John. This slide brings home what I've been talking about. So if you look on the left, total income grew by 33% between FY23 and FY25. Obviously, because of the integration solutions revenue in FY25, I spoke about the pipeline, I spoke about the potential conversion of this pipeline. If those pipeline opportunities convert successfully, we hope to see continuous growth in the total income as well. Whilst we're doing all of that, our OPEX continue to decrease, decreased by 22.9% or 1.8 million over the last three years, which is phenomenal given we have gone through a rigorous cycle of high inflation and everything, but we have managed to bring our costs down. We have acquired Oxlade in in FY24, so in FY23 we did not have oxalate just July, we acquired oxalate, in FY25 we established battery minerals but we continue to reduce our expenses. The most interesting chart is on the right, underlying net cash flow which everyone kind of talks about, you can see that decreasing from over £6 million, £6.5 million to £4.6 million. that's approximately 1.9 million reduction. Again, the same message from us as an executive team and from the company that your capital is being really, really well looked after. As you all know, Very, very recently we completed and oversubscribed very successful capital raise round. We raised 10 and a half million pounds. We had very, very strong participation from both existing and new investors, institutional retail. Once the institutional shareholders reach that particular threshold, it'll be enough for the market and we have some very, very large UK funds. Retail participation was fantastic as well. The round was supposed to be open for a week. We closed in a day and a half because of the demand. What are we going to do with those proceeds? So John spoke about commercial parcels in Asia, UK and USA. Those plans are already in progress. We will complete the kinetic program, work with TDK to achieve the product market fit, we'll expand our relationship in the US, additional sales integrations business unit and general working capital to provide growth and the balance sheet strength of the business. So thank you everyone for participating in the round, and it's very exciting to be part of Jeevan. I will now pass it on to Louis. You are on mute, Louis, I think.

Thank you, Anand. Sorry about that. So to understand the significance of our technology, it really helps to understand the significance of Sulfur. We all know that a very, very large number of batteries are produced every year. And we also know that that amount of batteries is going to have to increase in rate by at least an order of magnitude in order to hit global energy net zero. Now, if you look at the current situation with batteries and battery supply chains, there's an obvious issue here. Almost all battery supply chains terminate in one region of the world. And that means that that one region of the world dominates battery production. Having all your eggs in one basket like this is a very, very bad idea. And it is completely counterproductive in trying to achieve net zero. The critical minerals, the toxic materials, the politics that underpin current battery manufacture and commercialization are just not compatible. with achieving that zero. Now, there have been some notable examples of groups that have tried to produce batteries using these conventional materials. So this is the NMC and LFP that John spoke about before. And with a few, very, very few exceptions, all of these have fallen flat on their face. And there are some very notable examples of this reason. Now, if you look at the right-hand side of this slide, you can see that there is, however, hope. We know that it's very difficult, maybe impossible to do it with incumbent materials, but on the right-hand side, we can see the global distribution of those incumbent materials compared to the global distribution and availability of sulfur. And so clearly, at least in terms of abundance, solar offers an opportunity. It offers a possible avenue. And what we're here to tell you today is that with our technology, we're able to take that abundance and we're able to turn it into batteries that are competitive with incumbent batteries on performance and that blow them out of the water in terms of cost and abundance, enabling net zero for the world. And very significantly, it's not just us telling you that. We're super pleased, as John has said, to talk to you about our collaboration with TDK, who is one of the world's largest battery manufacturers. They dominate in certain sectors of battery provision. And we're super proud to be with them, and we're super proud to have it just not be us talking to you about this, but to have them standing beside us as we take our technology forward and bring it towards commercialization. Now, as John said, when talking about our technology, one of the key issues in sulfur batteries is something known as the polysulfide shuttle. And this is something that we've managed to solve, which we think gives us the advantage and the edge and the ability to take that abundance of sulfur and turn it into a really, really fantastic battery. Now, the way that we've gone about solving this issue is a phenomenon that we term as a nanoconfinement. And in order to understand that phenomenon, it helps to look at a picture. On the left, you can see a scanning electron microscopy image of our material. And if you look at that material, you can see the first layer of core structure that defines the way this material works. What we do is we take two very simple input materials, one of them is sulfur, and we heat them in a very, very simple process. There are, of course, tricks. There always are. And this allows us to in situ form this fantastic material, which is defined by this pore structure in which we have sulfur molecules and sulfur atoms organized within this pore structure. This allows us to do three very important things. First of all, because the pores are three-dimensional, even though they're nano-sized pores, they're three-dimensional. That means we can fit a lot of sulfur in a small space. That means that we can fit a lot of energy in a small space, making lightweight cells. Also, because we can define the opening of the pores, we can define what can and cannot enter into those pores. This allows us to optimize for productive processes, to facilitate the transfer of lithium and sodium from outside of the pore and into the pore where it meets with the sulfur. And it also critically allows us to design out undesired pathways, degradation pathways, such as the escape of sulfur from that pore structure. And it's this escape of sulfur which is known in the industry as the polysulfide shuttle, and this is what we're able to shut down, and that at a high level is how we do it. And also, very importantly, because we can define the size and shape of the pore itself, we can indirectly define the size and shape of the sulfur that exists within that pore. That allows us to intentionally present the sulfur to the lithium and sodium ions that transfer into that pore in such a way that the sulfur is highly reactive. What this means is that the sulfur reacts quickly with the lithium and the sodium, and that translates into operation of the battery at a very, very high discharge rate and a very, very high charge rate. Now, there's some channel data shown at the plot on the right, and this underlines the three things that I've just talked about. First of all, at a very aggressive C rate, this is a one-hour full discharge, 1C, we are able to maintain full theoretical capacity of sulfur. That means that every single sulfur atom in our material accepts lithium atoms and sodium atoms to its fullest capacity. This means we have the possibility to hit a really, really lightweight battery. Second of all, you can see that the capacity fade over 100 cycles, again, at extremely aggressive sea rates of up to seven and a half minutes full discharge and charge is almost negligible. So we are clearly able to keep the sulfur in place and be able to use that sulfur reversibly during each charge and discharge cycle, showing that we solved the polysulfide shuttle. And last of all, because we're able to present that sulfur in a really, really reactive state, you can see that we can operate the battery maintaining high percentages of capacity from 1C, which is a one-hour charge and discharge, all the way to 8C, which is a seven-and-a-half-minute charge and discharge, and in other plots we've even done that down to 10C, which is a six-minute charge and discharge. So these results are really, really phenomenal, and this is what has opened up all of these commercial opportunities and gotten us these relationships like the TDK and Kinetic, which allow us to take our technology out and push it towards commercialization. As John said, we have three configurations or flavors of our battery. The one on the left, this is the first target market. This is going to be for drones. This is going to be a very, very lightweight battery. We're looking at 400 to 500 watt hours a kilogram. It is going to be a battery that is able to achieve a good cycle life, but the threshold is 400. We know we can beat that easily. It is going to be able to engage in high power, which is essential for applications like this where things need to take off vertically and land vertically. If you can't do that, you don't have a competent battery, and we're very pleased to say that we do. In the middle, you have one of the drop-in solutions that John talked about. This is the lithium sulfur variant, which uses standard graphitic anodes and electrolytes, which are established in current lithium ion battery gig factories. When you model the performance at a relevant cell size, you see that we're getting performance aligned with NMC. This is the cell type that currently dominates high-performance automotive and automotive in the United States, for instance. And we're pleased to say that we can bring that to you at a model cost of about LFP, but for the performance of NMC. It's a significant cost advantage. And, of course, the materials used to make the cell can come from domestic supplies. On the right, you have the sodium sulfur variant of the middle cell. This uses established anodes and electrolytes used in sodium ion battery technology. And this allows us to make a battery, as John said, out of carbon, sodium, and sulfur. These are materials that are available everywhere in the world. And very importantly, when you model the performance coming out of this battery, you get a performance which is commensurate with LFP, but at a fraction of the price. So these are the three flavors of batteries we have. I'm very pleased to say that we have made every single one of these batteries in coin cell format. And we're super excited to tell you how they develop in the future. And of course, tell you how they develop with our partners as well. With that, I will pass back to John.

Thank you very much, Louis. Okay, I'm going to now try to put that into a commercial context for you and we will start though by reminding everyone that as well as what we're doing with our lithium software and with our integration activities that Amit took you through, We also were very fortunate to have picked up some very important IP along the way, which we acquired from Johnson Matthey in the area of battery recycling. And young Jacob Carpenter, I hope he doesn't mind me calling him young Jacob Carpenter, has done an extraordinary job of structuring that and bringing it along as an independent subsidiary, Battery Minerals. This division has been running extremely well. Jake managed to hire some key team members. Fantastic experience. Former Johnson, Matthew. We've got a very tight product roadmap defined. We've validated the technology, we're very excited this technology can contribute to the recycling of lithium manganese cobalt, lithium ferrous phosphate and LCO as well. We are doing demonstrations at the moment and we're planning towards scale up. So this is a business that we're developing as a subsidiary with the intent. of eventually spinning that business to the benefit of our shareholders. Now, we talked about our progression in 2025, last year, 2024-25, and what we've been doing around the world and the tremendous support that we've been getting along the way. This year will be our most important This year we will produce commercial prototype power cells using our Sulphur CAFO material. In Japan, in the UK, we'll be making power cells in Australia as well. And we will be making commercial power cells in the US as well through the course of this year. We will be scaling up the production of The standard cathode active material, that's the one that was on the left most side of the three cells that we showed you going along. That's the one that's paired with lithium metal and we'll be scaling it up in the earlier stages of scaling up, scaling up to the stage where we can be providing the materials out to our channel partners to be making those commercial prototype and moving towards being able to do the production quantities at the end of the coming year. We also will be developing in our laboratory level the second two materials. The material to go into the drop in lithium graphitic cell and the material to go into the room temperature sodium sulphur cell. So you understand that this coming year will be, again, another one of strong growth for your company, July and important milestones. The objective, of course, is to progress now through the course of this coming 12 months with the goal of moving forward to a commercial business model for our sulphur technologies, which will be based on materials sales, licensing of our technology, and also sale of cells and systems built on our technology, but we will be having those cells tall manufactured. So we have no intention as a company of becoming and investing in our own gigafactories. We are developing on a material sales model and licensing model a capital light model in our progression with our goal of getting the maximum return for our shareholders and what should you look to see from that activity as shareholders. So up front, our goal is to get Julyan recognised globally as the leader in sulphur cathode active materials at the time of most importance for that technology. So what I've given you here is some examples of companies in our peers. I might be being a little bit kind to us here. Maybe what I should be saying is that in the course of the next 12 months, what I want to do is lift us in sulphur cathode materials up into a peer analogy against some of these companies, particularly those on the right. So, the three companies I've given you on the right, they do an additive, a silicon additive that can be used with the anode of lithium ion batteries and that can increase the performance of the cells by about 10-30%. So this is a very important area of development. can see that the valuation of these companies is all north of the billion dollars, so they're all competing to be the leader in silicon additives for anode technologies as materials companies. Some of them make some cells as well, but this is an analogy for what it means to be a tier one battery innovation company. On the left you've got Julyan. Now today obviously our valuation is not in that class and alongside us you've got Leighton. Now Leighton is considered the gorilla of the lithium sulphur companies. It is following a capital intensive model, a capital heavy model and is publicly out saying that Leighton wants to invest in the development of gigafactories. Now gigafactories do take a lot of investment. They're doing exceptional development, they're a great company doing great technology development but their path at the moment is towards having their own technology and their own cathode technology and their own formulations and investing in gigafactories. That takes a lot of capital and most recently they acquired most of the assets of Norfolk to continue that campaign. We aim to follow a strategy more like the three companies on the right-hand side that are doing the silicon anode development, but we'll be doing that for sulfur cathode development. What makes that possible? The thing that makes that possible is what Louis has just explained to you. This is our focus on breaking through with sulphur to make sulphur a drop-in cathode material. We're very excited by that and our goals this year in the next 12 months have been set at achieving what we believe it will take to have your company recognised in the same class of Tier 1 battery innovators as the others that I've put on this slide. That's our goal in the next 12 months. We have the team to do it. Probably the most exciting thing about being your CEO is to walk into the office each day and to see the excitement on my team. Now, I'm not talking out of shop, but I've had to send Louis home the last two Friday evenings, and he told me both times that he wasn't the last team member to be leaving the office. When you're doing something that is genuinely important, you see it in the eyes of your team every day. And Julien is absolutely in that slot. Okay, so a de-risked path to market leadership. Exceptional technology. Very exciting technology. Large addressable markets. You heard Amit talk about our financial discipline. We are a growth company, but we are focusing on every dollar, every one of your dollars that we spend. We have great backing from the UK government and the Australian government. We are very, very grateful to Faraday, the Advanced Propulsion Group Centre, and also to ARENA. We're transitioning to commercial pout cells. This year we're partners in Japan, UK, and we will be making them in the USA as well. The TDK collaboration to us is very important. I'll be in Japan again next week. Louis will be in Japan with the tech team early in the new year. He'll be in the USA. Very few partners achieve this OEM partnership status in the tier one innovation status. We're very pleased to have your company, Gelyon, on that path. We'll be working on relationship and partnership expansion in the US and other geographies and a call out to Tracy if he's on this call. Tracy, you're doing a brilliant job, my friend, in growing interest across multiple international markets. Thank you very much for this opportunity to present today on behalf of our team, July and myself at Battery Company. And we will now, as is traditional, go to the questions and we'll try to get through all the questions. We'll try to answer quickly. I will pass some of the questions as we go. Amit, number two, is coming at you. Louis, number three, is coming at you. So just be prepared on that. First question. Well done to the team for another fantastic year. Great progress. Thank you. That's a nice question. I like the way you wrote that one. Now that the commercial relationships are starting to emerge, can you expand on your longer-term commercial approach? Will it be involving a battery and material supply in your software division rather than... Yes, it will. We will be a battery and material supplier in our software division rather than just a licensor of IP, though we will have a licensor as well. Secondly, are you also looking for other commercial partners, or will this occur after PDPAN and kinetic validation progress? So in the market that we're developing, We've told you that we're working with T&K and Kinetic. We're out actively doing commercial partnership meetings continuously. I mean absolutely continuously. I'm in Japan next week. I told you that Louie's going across the US. It's not just the battery manufacturers that we're talking to. So we are talking to the cell manufacturers. We're talking at the level above that as well. So already we're engaging with the application companies, and I can't talk to you about who they are, but I can tell you that we are having discussions at the level above the cell manufacturers, the people that they make cells for, and I will tell you that we're having discussions at the level below as well. And that level below is where materials are made for the people who make batteries for the people who use batteries. Our commercial objective is to be capital-like and to maximise our margin, acceleration and growth in the industry. So we are super active commercially. And I will pass question number two, which is what is your current cash runway and how long can you sustain operations without additional funding? Amit.

Thank you, John. As we stand today with the recent capital raise, the fund that we have raised will last us over 24 months. What I would also want to add is we are regularly working on a number of opportunities. I spoke about integration solutions pipeline. We are always looking for non-dialogic funding from the Australian government, from the UK government and we have been very lucky to get that as well. As these things or these opportunities eventuate, there is all the likelihood of this runway being extended further. John spoke about the TDK collaboration agreement, and he spoke about the onset of partner revenue. So that revenue will start coming in when we start sending them sizable, kind of decent volumes of cathodic active materials, which will happen approximately 12 months time. So we're doing everything that we can to extend this runway as far as possible, but at a minimum I'm looking at 24 months from today. Back to you John, all the way.

So, Louis, I'm going to throw the first half of this, which is unit economic targets. Can you talk about the performance targets that you're looking for in the material? And then I'll go on to the economic targets for you.

Yeah, sure. So the unit... So is there... There was one on milestones. Anyways, I'll just answer the question. So the performance targets. So for the... For the lithium metal cell targeted to drones, the key target is 400 watt hours per kilogram. That's the main one we want to hit. We want to do that critically, providing a cell that has enough power for the drone to take off and land. For the drop-in lithium sulfur, we're looking at somewhere between 200 to 300 watt hours per kilogram. My model suggests around 240 to 250, to give you a little bit more exact number. And similarly, we need to hit the performance targets required for applications for automotive. So that's a broad temperature range of operation, the ability to put your foot down and the car accelerates, and the ability to plug it in and the car charges really, really fast, which is, again, a power issue, which we know that our chemistry performs brilliantly in. Regarding the sodium sulfur, we're looking at about 150 watt hours a kilogram there, which matches nicely with LFP. Good power and excellent cycle life, which is critical if you're going to have a cell which matches LFP. And, of course, very, very critically cost. My cost modeling brings us in at about 60% of the price of LFP. That matches, I think, with the performance expectations.

Thank you Louis, and so building on Louis' performance expectations and now taking that across to gross margins and scale and that for you. The first one that Louis talked about for you, the 400 watt hours per kilogram, that is a high performance cell that will be going into a market that has high margin for high performance. The second and the third cells that we're developing, they're the progressively higher volume products. Because we're doing a material business model and licensing business model, our intent is to maintain margin as we grow across all three. Next question is, what key steps and timeline do you anticipate to improve shareholder value? Well, I went through that earlier on today. What are we doing this year? Very deliberately we told you what we'd achieved in the last year in terms of our technology performance goals, Those technology performance goals brought us our collaboration commercial goals. Now working through this year, working with our partners, making our commercial prototype cells in the UK, in the USA, in Japan, and then working to deliver more partnerships on top of that. That's got to be exciting and that's got to start to be bringing home shareholder value, but that's the market. We'll let the market decide. Next question is, why is the share price dropping so much? There's been great progress. Is it manipulation or a large holder selling out? Wow, that's a hard question to answer. The share market is the share market. I concentrate on the performance of the company and on letting everybody know what we're doing. So we're continuously trying to educate the market about what we're doing and we're continuously trying to let people know about the progress that we're making. So I agree, there has been great progress. I expect there will continue to be great progress and at the end of the day we'll have to let the market take care of itself from there. Looking ahead, if successful, what would be the revenue split between pairing the sulphur cam with lithium or graphite or sodium? Do you see the sodium sulphur batteries as having the biggest potential commercial returns? That is a really astute question and to understand the answer, the earliest will be with lithium metal and as I said, I anticipate that being a high value market. I anticipate the graphite market when we pair it with lithium and graphite as being a premium and large market. And then the sodium is a huge market. So Geline is nicely hedged by being able to operate across all of those three activities. I can tell you that it is working strongly to your company's advantage in a geopolitical context right at the moment that we are actually aiming across all three targets. When do you expect to fully commercialise the first sulphur cam products? When do you expect to achieve break even? So there's two questions in here. I'll go to the first one. fully commercialise the first sulphur cam products. You will see progression towards that in the next 18 months. I can't predict for you exactly when the work with our partners will convert from commercial prototype cells to people saying, hey, we need these cells right now. We want you to accelerate everything we're doing and bring that product to market. We'll be working towards trying to achieve that as fast as we can. So I'm not ducking the question. We'll be getting there as fast as we can. But equally, I anticipate because Lewis is rigorous and his team is rigorous in their approach to disciplined science and disciplined progression, that we will be balancing that with making sure that what we do is done right first time. So we want to progress carefully and we will be developing value for you in the company even as we progress towards commercialisation. When do you expect to break even? Amit did talk to you about all the things that we're doing and have been doing around cost management and around earning revenue, our hardworking integration services division in particular. Now, our goal is to be the leader globally in software technologies. Unashamedly, that's where we want to go. I think that there's a whole lot of exciting things that can be happening in that journey. And will that pull us towards the goals of going towards break even or will that pull us towards a rapid acceleration and rapid acceleration coming with it from recognition and support. I don't want to predict that for you. I only want to call out what we're doing in the next 12 months to create what I anticipate and hope will be growth in recognition and value for your business.

John, if I can add to the first part of the question, as everyone knows in the presentation that we are working with TDK, one of the largest global battery manufacturers. We don't have to set up large plants to actually go and commercialize. We are in the best spots globally to make the product work and the commercialization will follow automatically because they have got everything that we need to commercialize the products. So the road to market or the time to market will be much, much shorter than us trying to do it ourselves.

Very good answer, Amit. That's 100% correct. And the next question was, what will be the expected cost of mass manufacturing factory B? I'm thinking of the setup cost for an EGF 25 gigawatt hour factory. And of course, we're avoiding that. We're avoiding the time that it costs to set up a factory. We're avoiding the cost that it takes to set up a factory and following the path that AMET has declared. And I've also said earlier in this presentation that our plan is to work with partners below the manufacturers, cell manufacturers, above the cell manufacturers as well. So even when you're considering the quantity of material that we will be producing, we aim to produce for a 20 gigawatt hour factory. Also, understand that when we work towards that, we'll be working towards achieving that in a capital light and fast way as well. In everything that we'll be doing, we'll be seeking to achieve leadership as quickly as we can and as effective as we can for our shareholders. On slide 25, you show manufacturer of a power cell. You show the US flag. Is this with an existing partner or a TBA? TBA. We're not telling people about what we're doing in the USA at the moment, but we will produce capsules in the USA, commercial prototype capsules in the USA this year. Great presentation, very prudent management of the company's resources by the exec team and CFO. Hey, that's you, Emmett. Well done. And I look forward to hearing more positive news coming out in the future. Thank you. Thank you. I look forward to giving you more positive news. How does July Nintendo raise its valuation to be equivalent to Tier 1 anode supplies in 2026 when commercial revenue from sulfur cathode materials and licenses is not expected until 2027? Now, I did give you comparables in terms of Tier 1 battery innovation companies. We aim to increase our valuation by hitting all our goals, by making our commercial prototype cells in each of the territories that we've identified, by scaling the production of our first CAFO materials so that we can start to produce more of those cells, and by advancing the the second and the third material. I think they're the goals that people look for when they're looking at valuation assignment or valuation being assigned to a leader. If we are identified in the next 12 months as being a leader or the leader in sulphur with a path, resolved, more resolved, risk reduced for drop in CAFO material, then I think valuation will take care of itself. When do you expect to be paying a dividend and can you see the share price recovering to the listed value? given and secondary to achieving our role as a tier one battery innovator at this point in time and getting the value associated with that. Can I see the share price recovering to the list of value? I really want to answer that question. I'm confident in July and being able to establish strong value growth. I've got to stay within the boundaries of what I am allowed to say. All I will say is I am ambitious and confident and I would love to go well beyond where it is identified in the question. What is the margin on the ESS business? How is the business affected? expected to affect the cash burn and will it use sulphur cathodes in 2026? The margin is appropriate. I shouldn't give exactly what our margin is. It's a margin that has been set in order to have a sustainable business and a growing business. How is this business expected to affect the cash burn? This year, of course, it helped because we had margin coming in. It's our goal to continue to develop that. Will it use sulphur cathodes in 2026? No, it will not use sulphur cathodes in 2026. GeLion has already achieved impressive and competitive performance targets with sulphur cathodes in the lab. This is early days. Do you expect further improvements in energy density and life cycle? Hell yeah, absolutely we do. I've got a ticket. We have brilliant scientists in Australia and in the UK. I cannot tell you just how good these people are. And we have access to brilliant scientists in Germany with Max Planck Institute of Ecology and Interface and team. And we're getting the benefit of brilliant scientists in Japan. who are bringing the complementary technologies to make full cells using, you know, the part that we bring in the sulphur cathode material. That combination is dynamic. It is powerful. It is early days. Do we expect further improvements? I don't expect further improvements. I see them every day. Every time I go to a R&D review, it's exciting. It's exciting when the team brings in achievements. It's exciting when they bring in things where they haven't been successful because we're learning from what they do at every stage. It's a real honour to be running this company. It's an exciting journey. It's really something special. That is actually our last question. I'm pleased that, again, we've managed to get through all the questions that have been lodged. Thank you very much.

That's great. Well, John and Louis, thank you very much for answering those questions from investors. Of course, the company can review all the questions submitted today, and we will publish those responses on the Investing Meat Company platform. But just before redirecting investors, before I do their feedback, which is particularly important to the company, John, can I just ask you for a few closing comments?

Look, I just want to say thank you to everybody. I've got the best job in the world right now. I've got an amazing science team. I've got an amazing group of people I'm working with. We've got great support from all of our advisors, Allenby, Oberon. Thank you all our lawyers, our accountants, our auditors and our board and most importantly to the shareholders that have stood beside us, behind us, with us and are moving forward with us. You are the most important at the end of the day, you are with a company that absolutely realises every day that it goes to work that the reason that we are here is to convert the funding that you've given us to value for you and the creative input that our teams put in every day into impact around the world. So thank you all.

That's great. Well, thank you once again for updating investors today. Can I please ask investors not to close the session as now we automatically redirect to pride your feedback and all the management team can better understand your views and expectations on behalf of the management team of July and PLC. We'd like to thank you for attending today's presentation and good morning.