RecycLiCo Battery Materials Inc. has provided acceptance of the joint venture agreement between the Company and Zenith Chemical Corporation ("Zenith"). Under the Agreement, RecycLiCo and Zenith will enter into a 50-50 joint venture to build a 2,000 metric ton per year lithium-ion battery recycling plant in Taiwan. The plant, estimated to cost USD 25 million, will use RecycLiCo's proprietary process to convert lithium-ion battery waste into lithium-ion battery cathode precursor, lithium hydroxide and other related products.

As consideration for contributing half of the capital required, Zenith will hold a 50% interest in the joint venture. As consideration for contributing 40% of the capital required and granting a license for its technology, RecycLiCo will also hold a 50% in the joint venture. As an incentive to enter the joint venture, RecycLiCo will receive a royalty on net product sales for the first eight years, while Zenith will receive 4,000,000 RecycLiCo shares and 6,000,000 share purchase warrants (which will not be exercisable until the 30th day following the date on which construction of the recycling plant is completed).

The warrants will have a five-year term, and an exercise price of $0.35 per share. All securities issued under the Agreement will have a four-month hold period.