Lithium Australia NL (AU:LIT) has released an update.
Lithium Australia NL has announced its recycling subsidiary, Envirostream, achieved its maiden operating cash profit in Q4 FY24, driven by a new ‘Fee for Service’ model and exclusive agreements with major manufacturers. The company’s focus on large-format lithium-ion battery collections and operational improvements has led to increased revenues and reduced reliance on commodity sales. This financial milestone comes as a result of strategic changes and is expected to support further operational scaling in line with growing battery collection volumes.
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