Battery Mineral Resources Provides ESI Performance and Manufacturing Expansion Update
Battery reports H1 revenue beats, secures the Cinabrio Norte permit at Punitaqui, and faces ongoing dilution and working capital challenges.
ESI Energy Services Inc. reported six-month financials ending June 30, 2026, with revenue of C$16.4 million, up 51% year-over-year. Adjusted EBITDA for the period reached C$6.6 million, more than doubling the C$3.2 million reported in the prior year period. Income from continuing operations rose to C$4.8 million from C$1.5 million in the same period last year.
The company announced a manufacturing expansion in Phoenix, Arizona, intended to triple ESI's current footprint. Lease arrangements are being finalized, with equipment installation and relocation scheduled to begin in December 2026 and full operations expected in early Q2 2027.
Separately, SERNAGEOMIN granted an exploitation permit for the Cinabrio Norte deposit at the Punitaqui Copper Project in Chile. Authorization was also received to temporarily operate Tailings Dam No. 4 (TD4) for approximately nine months while a new tailings filtration plant is constructed.
Battery Mineral Resources Corp. (BMR) reported a financial beat from its ESI subsidiary, though the contribution remains small relative to the company’s consolidated revenue from the mining segment. The company is also advancing a Phoenix manufacturing expansion, a forward-looking capital expenditure initiative that is not expected to generate revenue until the second quarter of 2027, limiting its near-term impact. Additionally, the Cinabrio Norte permit represents a regulatory milestone that de-risks mine planning, though it does not immediately translate into production or cash flow.
Battery Mineral Resources Corp. operates a diversified portfolio across three segments: copper mining in Chile, specialized energy equipment services in the U.S., and cobalt-silver exploration in Canada. The Punitaqui Mining Complex in Chile serves as the flagship producing asset, comprising the Cinabrio Mine, San Andres Resource, Cinabrio Norte Resource, and Dalmacia Resource. ESI Energy Services Inc. (Ozzies, Inc.) operates out of Phoenix, Arizona, providing modular tracked vehicles and specialized equipment for solar, battery storage, and data center construction. Meanwhile, the Ontario portfolio, which includes the McAra, Gowganda, Shining Tree, and Wilder projects, remains in the exploration stage with strategic alternatives being reviewed.