• Management commentary for the six months ended June 30, 2026 cited a net loss of USD 3.02 million, narrowing from USD 3.66 million.
• Improvement was mainly driven by a non-cash fair value gain on investor warrants, offsetting higher spending during the period.
• Rare earth recycling segment loss widened to USD 2.13 million as Tyseley and Pforzheim scaled up, including higher depreciation and amortization.
• Revenue totaled USD 51,621 from recycled NdFeB alloy powder sales, with cost of sales of USD 65,141.
• Cash was USD 13.6 million at period end, supported by the April equity raise; management noted the initial EUR 5 million Remloy payment.

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