Australian Mines Limited announced that it has recently accelerated research and development into the production of high value-add precursor cathode active material (P-CAM) for Nickel-Cobalt-Manganese (NCM) batteries at its Sconi Project. This follows the Company's ongoing success in producing P-CAM products (for NCM523, NCM622 and now NCM811 batteries) whose specifications mirror those of major electric vehicle battery manufacturers. Importantly, the nickel, cobalt and manganese used in the production of all three P-CAM products were sourced exclusively from the Company's Sconi Project, confirming that the Sconi ore body is capable of supporting production of NCM P-CAM from a single source. Australian Mines has identified an opportunity to potentially access significantly more attractive margins and prices compared to selling nickel and cobalt sulphates or the early-stage intermediate mixed sulphate/hydroxide precipitate (MSP/MHP) by the supply of P-CAM for NCM batteries. The Company will commence a scoping study into the economics of incorporating a P-CAM production facility as part of the Sconi Project in the coming quarter. It should be noted that any P-CAM production facility would replace the nickel and cobalt sulphate circuit (rather than being in addition to) given that Australian Mines has been successfully producing its NCM523, NCM622 and NCM811 P-CAM material directly from its intermediary MSP product without needing to go through the sulphate phase. Australian Mines is at the forefront of research in this area in Australia, as evidenced by this latest trial that successfully created P-CAM for next generation NCM811 batteries, (8 parts nickel, 1 part cobalt & 1 part manganese) which are emerging as a preferred NCM battery chemistry amongst the electric vehicle battery industry. There are a limited number of industry participants with the technical sophistication to supply P-CAM for the 811 battery chemistry and the recent success by Australian Mines moves the Company one step closer to joining these industry leaders. Australian Mines is continuing to advance offtake negotiations with a number of potential partners with these discussions covering the full range of battery precursor chemicals that have successfully been produced at Sconi to ensure the Company realises maximum value of the project for shareholders.