Magnis Energy Technologies Limited: New York Lithium-ion Battery Plant Update

Sydney, Australia - Magnis Energy Technologies Ltd. (ASX:MNS) (FRA:U1P) (OTCMKTS:URNXF) is pleased to provide an update on activities at the iM3NY Battery Plant based in Endicott, New York. Magnis is the major shareholder of the project.

Project Status and Recent Milestones

Overall project completion rate is at 33%.

Facility customisation work continues to gain momentum with the construction of the Dry Room having begun. An opening was made to allow the de-humidifiers to be installed while roof repairs have been completed and internal works nearing completion.

The iM3NY team has collaborated with Ramboll throughout the month of September to continue working through crucial design feed information as well as review the IFB (Invitation For Bid) Drawing Packages and the subsequent proposals. The bid packages that were reviewed will be part of the utility distribution backbone throughout the facility as well as major structural installations for mixing rooms and the Solvent Recovery System. iM3NY has also continued conversations with process equipment vendors who will be assisting with the installation of their respective equipment.

There were zero safety incidents in September.

Permits

A major milestone was achieved with the granting of the Air Permit in recent weeks which has allowed for major construction works to begin.

The Aquifer Permit, which is the last outstanding permit, has completed its third-party review and has now moved to being reviewed by the Town Wellhead Committee with all parties working towards the granting of this permit within the next fortnight.

iM3NY CEO Chaitanya Sharma commented: "Receiving the Air Permit was a major milestone and has kicked off construction of the Dry Room. The project remains on schedule and under budget as Semi-Automated production remains on track for this quarter and we look forward to providing updates to all our stakeholders."

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About Magnis Energy Technologies Limited:

Magnis Energy Technologies Ltd. (ASX:MNS) (OTCMKTS:URNXF) (FRA:U1P) aims to become a leading global producer of next-generation green credentialed Lithium-Ion Battery (LIB) cells, enabling the future energy requirements of the world, the global storage of renewable energy and electrification of transportation.

Leveraging off a world class graphite asset in Tanzania, associated production IP and a strategy partnership with US based Charge CCV, Magnis will manage an end to end supply chain, sourcing the raw materials and associated technologies for these cells.

Magnis has three core areas of focus which provide the Company with a strategic advantage; battery technologies, gigafactories and graphite.

Source:
Magnis Energy Technologies Ltd.

Contact:

Frank Poullas Executive Chairman Ph: +61 2 8397 9888 www.magnis.com.au