HPAL

MBMA aims to become a leading, vertically integrated battery materials company by developing significant midstream and downstream projects in the battery materials value chain to produce higher value-added Class 1 products.

MBMA is developing multiple High Pressure Acid Leach (“HPAL”) processing plants in partnership with leading global battery material companies.

The HPAL processing plants will process limonite nickel ore from MBMA’s SCM Mine to produce Mixed Hydroxide Precipitate (“MHP”), a precursor material to the EV battery industry.

MBMA has entered into the following HPAL partnerships and discussions are ongoing with respect to forming other HPAL partnerships.

CATL

In March 2023, MBMA entered into a Memorandum of Understanding with Ningbo Brunp Contemporary Amperex Co., Ltd., an affiliate of CATL (“CATL”) regarding the development of an HPAL plant with a nameplate capacity of 60,000 tonnes per annum of nickel in MHP. MBMA will own a 66% economic interest, with 34% owned by CATL. Feasibility work is advancing, with detailed engineering and construction expected to commence shortly after the completion of the feasibility work. Commissioning is expected within 24 months from the commencement of construction.

GEM

In September 2023, MBMA entered into a partnership with GEM Co., Ltd (“GEM”) to construct a majority MBMA owned HPAL processing plant, located within IMIP, with a nameplate capacity of 30,000 tonnes per annum of nickel in MHP. The project will be constructed and commissioned in two stages on a “turn-key” basis. Stage one will have a nameplate capacity of 20,000 tonnes per annum of nickel in MHP, and stage two will increase the nameplate capacity to 30,000 tonnes per annum of nickel in MHP. Stage one and stage two target commissioning dates are the end of 2024 and mid-2025, respectively. MBMA has the option to participate in GEM’s planned HPAL expansion of an additional 20,000 tonnes per annum of nickel in MHP, with a shareholding of not less than 20%.