30 Nov 2021

Hannans - Binding Agreement to Recycle Lithium Batteries

www.hannans.com @Hannans _ Ltd Hannans_Ltd info@hannans.com Level 12, 197 St Georges Terrace, Perth, Western Australia ASX: HNR ABN: 52 099 862 129 30 November 2021 Binding Agreement to Recycle Lithium Batteries in the Nordics • Hannans signed Memorandum of Understanding (MoU) to commercialise lithium battery recycling technology in Norway, Sweden, Denmark, and Finland 1 . • All conditions precedent have now been satisfied, the MoU has been converted to a binding agreement and Hannans officially enters the lithium battery recycling sector. • Hannans focus turns to securing lithium battery feedstock agreements with Nordic based companies requiring a recycling solution for scrap and end-of-life lithium batteries. Hannans Ltd (ASX: HNR) has entered to the lithium battery recycling sector by converting a conditional MoU into a binding agreement to recover high purity metals from scrap and end-of-life lithium batteries in Norway, Sweden, Denmark, and Finland ( Nordics ). The Nordics has one of the highest EV penetration rates in the world and further has four Giga factories in planning and construction 2 . The volume of scrap and end-of-life lithium batteries available for recycling in the Nordics will underpin a vibrant lithium battery recycling sector into the future. From an environmental perspective the recovery of metals from scrap and end-of-life lithium batteries is imperative because the volumes of flammable toxic scrap and spent lithium batteries are forecast to grow exponentially. Importantly the growing volumes of scrap and end-of-life batteries contain significant nickel, cobalt, lithium, and manganese. The recycling technology to be commercialised by Hannans in the Nordics unlocks that embedded value. Background Hannans signed a conditional MoU with Critical Metals Ltd 3 on 9 September 2021 providing Hannans with rights to recover high purity metals from scrap and spent lithium batteries. The recycling technology is considered safe, sustainable, low energy and low CO 2 when compared to incumbent technologies. Hannans can start earning its interest in the recycling projects by funding and managing certain tasks and activities. The conditions precedent to the formation of a binding agreement were: 1. approval by the Critical Metals Board and shareholders; 2. approval by the Hannans Board and shareholders; and 3. completion of a $5 Million capital raising by Hannans before 31 December 2021. This announcement has been authorised for release by Damian Hicks, Executive Director. Best regards, Damian Hicks Executive Director 1 Refer ASX release dated 9 September 2021 2 Northvolt, Freyr (2) and Morrow 3 criticalmetals.eu
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