Funding Shortfall and Site Changes Pose Risks to Redivium’s ASX Reinstatement

Corporate and Financial Overview

Redivium Limited (ASX – RIL) continues to navigate a challenging period marked by the suspension of its securities from ASX quotation. During the September 2025 quarter, the company focused heavily on corporate governance, compliance, and a comprehensive review of its capital structure. Despite engaging multiple parties for potential funding, no formal proposals were received, prompting a strategic pivot toward Australian investor groups to underpin a forthcoming capital raising aimed at meeting ASX reinstatement conditions.

Project Development and Operational Adjustments

The company’s flagship UK lithium-ion battery recycling facility project has encountered delays due to a change in the premises initially planned for the operation. This shift necessitates revisions to the feasibility study, including updated environmental assessments, permitting requirements, and site-specific design modifications. Completion of this revised study is now expected in the second quarter of 2026. Despite these setbacks, Redivium remains confident in the technical and economic viability of the project and is actively engaging strategic partners to support the updated plans.

Meanwhile, feasibility studies for Redivium’s continental European recycling initiatives in Czechia and Romania are progressing broadly on schedule. These projects benefit from secured feedstock supply contracts, which provide a solid foundation for long-term development and operational planning.

Lease and Site Challenges

Redivium was unable to proceed with the previously negotiated lease for its proposed Wrexham site in the UK due to timing, covenant, and suspension-related constraints. Although this delays the establishment of the original facility, key project components remain intact, including feedstock supply agreements, engineering procurement and construction arrangements, and a multi-year offtake agreement for black mass material. The company is evaluating alternative UK site options and plans to recommence feasibility work once a replacement location is secured. Additionally, Redivium is exploring a modular refining solution that could enable future production of battery-grade materials within the UK, reflecting a flexible approach to project execution.

Financial Position and Outlook

At the end of September 2025, Redivium held approximately $18,000 in cash reserves, with no payments made to related parties during the quarter. The company’s capital structure remains unchanged, with over 3.4 billion fully paid ordinary shares on issue alongside unlisted options and performance rights. Operating cash flows were negative, reflecting ongoing expenditure on corporate and project development activities. To address funding needs, Redivium has mandated an advisor to raise up to $3 million, contingent on ASX re-quotation and other conditions. The company has also reduced expenses and negotiated deferred contractor fees to extend its runway.

Looking ahead, Redivium is preparing a pre-submission package for ASX that outlines its proposed capital structure, intended board changes, outstanding reporting, and reinstatement pathway. The company intends to provide further updates as material developments occur, signaling a cautious but determined effort to restore market confidence and advance its battery recycling ambitions.