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International Battery Metals Ltd. reported results for the first quarter of fiscal 2027 ended June 30, 2026. Revenue was $120 thousand, up from $7 thousand a year earlier, driven by service revenue from brine testing activities. The company recorded an operating loss of $2.9 million compared with $3.6 million in the prior-year quarter, reflecting lower operating, selling, general and administrative costs.
A non-cash gain of $2.9 million from the change in fair value of warrant liability, versus $5.3 million previously, contributed to a net loss of $28 thousand, or $0.00 per share, compared with net income of $1.7 million, or $0.01 per share, a year earlier. As of June 30, 2026, the company reported cash of $9.4 million and total assets of $39.2 million, against total liabilities of $10.6 million and shareholders’ equity of $28.6 million. Management highlighted continued commercial discussions and brine testing in the United States, the Middle East and Argentina, and ongoing efforts to position its modular direct lithium extraction technology for field deployment.
International Battery Metals Ltd. reported minimal activity for the quarter ended June 30, 2026 as it remains in pre-revenue commercialization. Service revenue from preliminary brine testing was $120,000 (in thousands), up from $7,000 a year earlier, with gross margin of $117,000.
The company recorded an operating loss of $2.9 million, improved from a $3.6 million loss, and a near break-even net loss of $28,000, largely due to a non-cash $2.9 million gain from revaluing its warrant liability. Cash was $9.4 million and total assets $39.2 million, including a net book value of $26.3 million for the existing MDLE Plant.
IBAT raised $2.8 million in a related-party private placement during the quarter and has working capital of about $10.0 million, which management believes funds operations for at least 12 months. However, management estimates $2.0–$12.0 million of additional capital will be required to customize the MDLE Plant for a first commercial deployment and fully recover capitalized plant costs.
International Battery Metals Ltd. reported that its Board of Directors appointed Scott Colangelo as a director effective August 11, 2026. He will serve until the next annual meeting of shareholders and has also been appointed to the Board’s Audit committee.
Colangelo is the Chairman, Managing Partner and Co-Founder of Prime Capital Investment Advisors and Managing Director of Qualified Plan Advisors, bringing experience in investment management, corporate strategy and executive leadership. The company states there is no arrangement under which he was selected and no related-party transactions requiring disclosure. He will receive compensation under the existing non-employee director compensation program described in the company’s Form 10-K for the year ended March 31, 2026, and the company expects to enter into its standard indemnification agreement with him.
International Battery Metals Ltd., an advanced technology provider of modular direct lithium extraction systems, plans to hold a conference call and webcast on Thursday, August 13, 2026 at 11:00 a.m. Eastern Time. Management will discuss financial and operational results for the first quarter of fiscal 2027, covering the period ended June 30, 2026.
The company expects to release a press announcement with these results before trading opens that morning and post them on its investor website. A replay of the call will be available by phone through August 27, 2026 at 11:59 p.m. CST. Shareholders can submit questions in advance via email, with management also conducting a live Q&A during the call.
International Battery Metals Ltd. reported a leadership transition in which Joseph Mills resigned as Chief Executive Officer and from the Board of Directors effective July 21, 2026. He will serve in an advisory role and assist with an orderly transition through September 19, 2026, and the company states his resignation did not arise from any disagreement over operations, policies, or practices.
The Board appointed James Garrett Galloway$100,000, payable in monthly installments of approximately $8,333, while continuing in his corporate development role. The company reports no family relationships, appointment arrangements, or related-party transactions involving Mr. Galloway and furnished a press release describing the transition.
INTERNATIONAL BATTERY METALS LTD. Chief Executive Officer Joseph A. Mills reported an equity compensation update. He exercised derivative awards to acquire 1,000,000 common shares at an exercise price of $0.00 per share, with no shares sold in these transactions.
Mills continues to hold several tranches of Restricted Share Units (RSUs) and Performance Based Restricted Share Units (PBRSUs), each exchangeable for one common share upon vesting. These awards vest on future dates or when specific milestones are met, including deployment of two additional Direct Lithium Extraction plants, successful listing on a major stock exchange, achieving annualized EBITDA of $25 million and $50 million, and reaching market capitalization targets of $750 million and $1.5 billion based on a 60‑day volume weighted average trading price.
International Battery Metals Ltd. changed its independent auditor. The company’s audit committee dismissed CBIZ CPAs P.C. and appointed Grant Thornton LLP as independent registered public accounting firm to audit the financial statements for the fiscal year ending March 31, 2027, effective immediately.
CBIZ CPAs’ reports on the March 31, 2026 and 2025 financial statements contained no adverse opinions, disclaimers, or qualifications. Management had previously identified a material weakness in internal control over financial reporting for the year ended March 31, 2025, related to controls over capitalization of capital assets and useful lives, which the company states was remediated during the fiscal year ended March 31, 2026.
The company reports no disagreements with CBIZ CPAs on accounting principles, disclosure, or audit scope during the fiscal years ended March 31, 2026 and 2025 and through June 24, 2026, and notes one reportable event tied to the earlier material weakness. CBIZ CPAs has provided a letter to the SEC, filed as an exhibit, regarding these disclosures.
International Battery Metals Ltd. reported that General Counsel Norma Linda Garcia received a grant of 740,524 Restricted Stock Units (RSUs). Each RSU represents a contingent right to receive one common share. The RSUs were granted under the company’s Amended and Restated Restricted Share Unit Plan.
According to the vesting schedule, 246,841 units vest on June 19, 2027, another 246,841 on June 19, 2028, and 246,842 on June 19, 2029. Garcia also holds 33,333 common shares directly, previously granted RSUs tied to 566,667 underlying common shares, and options for 400,000 shares at an exercise price of $0.365 expiring in 2030.
International Battery Metals Ltd. files its annual report describing a pre-revenue, development-stage lithium extraction business built around proprietary modular direct lithium extraction (MDLE) plants. The company reports net income of $0.1 million for the year ended March 31, 2026 after a $3.5 million loss in 2025.
Its strategy is to commercialize an Initial MDLE Plant that produced about 25 metric tons of battery-grade lithium carbonate in a 2024 U.S. demonstration, then customize and deploy it with brine owners, requiring an estimated $2–$12 million of additional capital per deployment. At 400 ppm brine concentration, an optimized plant could reach roughly 2,000 metric tons of lithium chloride per year on a lithium carbonate equivalent basis.
The report emphasizes substantial risks: the company has no customer contracts, remains pre-revenue with a limited operating history, faces intense competition from other direct lithium extraction and traditional methods, and is highly exposed to lithium prices, regulatory regimes and access to brine resources. As of June 12, 2026, 377,601,682 common shares were outstanding and the non‑affiliate equity market value was $33.6 million as of September 30, 2025.
INTERNATIONAL BATTERY METALS LTD. SVP of Corporate Development James Garrett Galloway reported compensation-related equity activity. On June 15, 2026, he exercised 400,000 Restricted Share Units at an exercise price of $0.00 per unit, receiving 400,000 Common Shares held directly.
He continues to hold multiple grants of Performance Based Restricted Share Units (PBRSUs), each convertible into one common share upon meeting specified milestones. These PBRSUs include awards tied to deployment of two additional Direct Lithium Extraction plants, a successful listing on a major stock exchange, annualized EBITDA targets of $25 million and $50 million, and market capitalization targets of $750 million and $1.5 billion measured over a 60‑day volume weighted average trading price. The filing reflects equity incentives rather than open‑market buying or selling.