Shares declined modestly by 1.0% following the quarter, reflecting investor caution despite continued operational progress; the cautious outlook and lack of near-term catalysts tempered enthusiasm.

• Demonstration plant achieved significant operational milestones, processing over 1 million barrels of brine with 95%+ lithium recovery and 99%+ contaminant rejection.
• Secured first binding offtake agreement with Trafigura for 8,000 metric tons per year over 10 years, covering 40% of targeted contracted capacity.
• Progress underway on critical vendor contracts and NEPA regulatory approval, both expected to conclude in Q2 2026.
• Project financing and remaining customer offtake agreements are ongoing, with FID targeted in 2026 to commence construction.
• Net loss increased to $2.7 million for Q1 2026 versus $1.6 million in Q1 2025; cost control efforts delivered only marginal reductions in G&A.