Neometals Ltd on Friday noted headwinds but also material progress in some areas.

The London-based sustainable battery materials producer said that stronger equity capital markets’ support of recent years ‘has materially declined,’ while the underlying technology and business assets ‘have been materially progressed’.

Chair Steven Cole at the company’s annual general meeting highlighted that its main lithium-ion batteries recycling business in Germany with SMS Group GmbH through Primobius, and its ELi lithium processing project with the Bondalti Group in Portugal ‘have continued to develop and prosper.’

However, the company’s other projects such as vanadium recovery in Finland and Barrambie in Western Australia have faced headwinds due to declining global commodity prices and ‘parlous’ capital market interest for such ventures.

However, Chair Cole noted: ‘The underlying technology and business assets have been materially

progressed and remain with NMT for future exploitation when commodity pricing and capital markets

better align in the future.’

Neometals shares fell 6.5% to 11.22 pence each on Friday afternoon in London.

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