Green Manganese Advances Technology Development with Move to RecycLiCo Innovation Centre

Executive Summary of Recent Developments

• The most recent release (April 28, 2026) details Green Manganese relocating operations to the RecycLiCo Innovation Centre in Delta, British Columbia.
• This arrangement is structured as a "fee-for-use" agreement, creating a revenue stream for RecycLiCo rather than just a cost center.
• The facility provides bench-scale laboratory capabilities and pilot plant infrastructure designed for critical mineral processing.

Revenue Validation vs. Market Expectations

• The news confirms the facility is operational and generating revenue, which counters potential skepticism regarding the "capital-efficient approach" mentioned in October 2025.
• However, the announcement lacks specific financial figures (revenue amount or contract value), limiting the ability to quantify material impact on earnings immediately.
• Given the facility opened in February 2026, securing a tenant by April is consistent with expected operational timelines rather than an unexpected breakthrough.

Core Business Model

• RecycLiCo focuses on lithium-ion battery upcycling and critical-minerals refining technologies.
• The flagship asset is the Innovation Centre in Delta, British Columbia, designed to accelerate process development for partners.