Full Year 2026 Anteotech Ltd Earnings Call

September 30, 2026

Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #3: Anteotech Investor Webinar, and thank you to everyone who has joined us today. We're joined by Managing Director and CEO, Meryl Gray, who will take us through Anteotech's FY2026 results and provide an update on the business.

Moderator: Tech investor webinar, and thank you to everyone who has joined us today. We are joined by Managing Director and CEO, Merrill Gray, who will take us through AnteoTech's FY 2026 results and provide an update on the business. Today, Merrill will provide an overview of the company's financial performance for the year, progress across its life sciences and advanced battery technology businesses, and the continued focus on commercialization and growing the company's commercial pipeline. I will now hand you over to Merrill.

Operator: Tech investor webinar, and thank you to everyone who has joined us today. We are joined by Managing Director and CEO, Merrill Gray, who will take us through AnteoTech's FY 2026 results and provide an update on the business. Today, Merrill will provide an overview of the company's financial performance for the year, progress across its life sciences and advanced battery technology businesses, and the continued focus on commercialization and growing the company's commercial pipeline. I will now hand you over to Merrill.

Speaker #3: Today, Meryl will provide an overview of the company's financial performance for the year, progress across its life sciences and advanced battery technology businesses, and the continued focus on commercialization and growing the company's commercial pipeline.

Speaker #3: I'll now hand you over to Meryl.

Speaker #4: Thank you, Kristen. Well, first of all, I want to say how great it is that I’ve got this opportunity to speak to you all about the milestones for fiscal year 2026.

Merrill Gray: Well, first of all, I want to say how great it is that I have got this opportunity to speak to you all about the milestones for FY 2026. Of course, for those who have been on this journey, you understand that I have been in this role for more than a year now. The very first thing that we did, I did with the board, was the FY 2025 strategy. So setting a strategy which was far more jurisdiction-oriented and portfolio-based. 2026 has really been about building, and I will be showing you those slides around what we have been able to achieve to date. 2027, we are excited about, which is execution and really showing what we have been able to achieve to date.

Speaker #4: Of course, for those who've been on this journey, you understand that I've been in this role for more than a year now. The very first thing that we did, which I did with the board, was the FY2025 strategy—setting a strategy that was far more jurisdiction-oriented and portfolio-based.

Speaker #4: 2026 has really been about building, and I will be showing you those slides around what we've been able to achieve to date. And 2027, we're excited about, which is execution and really showing what we've been able to achieve to date.

Speaker #4: Now, I do get quite often, "We've heard it all before," and the thing is, not from me. I do appreciate the trust that has been put in me by shareholders, and by the team, to lead them in what is a really significant shift for the business.

Merrill Gray: Now, I do get quite often, we have heard it all before, and the thing is, not from me, and I do appreciate the trust that has been put in me by shareholders and by the team to lead them in what is a really significant shift for the business. So we have systems in place now that we have not had before. We have skills and a team that we did not have this time last year, which has been critical to the progress that we have made. We are in a better shape than we were, there is no doubt about that. I hope that the results that I show you will show you that. We are excited about the prospects that are coming towards us, and I will be able to talk a little bit about that too. We are in highly competitive global markets.

Speaker #4: So, we have systems in place now that we haven't had before. We have skills and a team that we didn't have this time last year, which has been critical to the progress that we've made.

Speaker #4: And we're in better shape than we were; there's no doubt about that. I hope that the results I show you will demonstrate that.

Speaker #4: And we're excited about the prospects that are coming toward us, and I will be able to talk a little bit about that too. We are in highly competitive global markets.

Speaker #4: We've done a great job getting our name out there more, and I will talk about that a bit more too. But we are competing, and there are some essentially mega-dynamics around environmental factors that we are facing some headwinds in, and have to be very cautious about the way that we move forward.

Merrill Gray: We've done a great job of getting our name out there more, and I will talk about that a bit more too. We are competing and there are some essentially mega dynamics around environmental factors that we are facing some headwinds in and have to be very cautious about the way that we move forward. I guess that's frustrating for people, but we are doing everything as diligently and appropriate for shareholders as possible. Let's dive right in, and I look forward to coming back to Kristen to answer some of the questions that we've received as well. We've released our annual report. I'm very delighted to receive through the investor relations email any questions around that.

Speaker #4: I guess that's frustrating for people, but we are doing everything as diligently and appropriately for shareholders as possible. So let's dive right in, and I look forward to coming back to Kristen to answer some of the questions that we've received as well.

Speaker #4: Okay, so we've released our annual report. We're very delighted to receive, through the investor relations email, any questions around that. What's really important is making sure that we're clear about what our core competency is.

Merrill Gray: What's really important is making sure that we're clear about what is our core competency. Obviously, we're an advanced chemicals and materials company, and being able to put that foot first or put that core concept in front of institutional investors and brokers, which we're doing a much greater job, putting a lot more effort into this year than we did last year to get the word out about AnteoTech and attract investors, is really critical. We do have a chemical platform that is unique, that the time is right in both of the markets that we're in, and one of the questions came through about other verticals. Of course, commercialization of the products we currently have is what we're focused on. That's what we're resourced up to do in terms of the sales that we achieve.

Speaker #4: Obviously, we're an advanced chemicals and materials company, and being able to put that foot first—or put that core concept in front of institutional investors and brokers—which we're doing a much greater job of, putting a lot more effort into this year than we did last year to get the word out about Anteotech and attract investors.

Speaker #4: It's really critical. We do have a chemical platform that is unique; the time is right, and both of the markets that we're in—one of the questions came through about other platforms, other verticals rather—and of course, commercialization of the products we currently have is what we're focused on.

Speaker #4: That's what we're resourced up to do in terms of that. Sales that we achieve will then allow us to get into any other highly valuable markets, but it is a focus for us to commercialize the products we have.

Merrill Gray: That will then allow us to get into any other highly valuable markets. It is a focus for us to commercialize the products we have. That's in our two global markets, in life sciences and batteries. It's just a snapshot that most of you will have seen before about us as a company in terms of the shares on issue and where we stand commercially and about the board. This one is really comprehensively, hopefully more graphically than we've done before. It allows people to see a snapshot of what it is that we do in our life sciences business. It's all about AnteoBind, the chemical that we sell in that business, and how it is applied into different diagnostic, immunoassay diagnostic platforms. So around lateral flow. Most people are aware of what we've done in lateral flow and our substantial expertise.

Speaker #4: And that's in our two global markets in life sciences and batteries. It's just a snapshot that you most of you will have seen before about us as a company in terms of the shares on issue and where we stand commercially, and about the board.

Speaker #4: This one is really comprehensive—hopefully more graphically than we've done before. It allows people to see a snapshot of what it is that we do in our Life Sciences business.

Speaker #4: So it's all about Antiobind, the chemical that we sell in that business, and how it is applied into different diagnostic immunoassay diagnostic platforms.

Speaker #4: So around lateral flow, most people are aware of what we've done in lateral flow, and our substantial expertise. Chemiluminescence, or CLEAR as we've talked about in many announcements, is where we're branching out through large life sciences partners, that partnership that we're pursuing, as well as what we can do ourselves. ELISA, and activation of ELISA plates, I've also talked about that in various announcements.

Merrill Gray: Chemiluminescence or CLIA, as we've talked about in many announcements, is where we're branching out through our large life sciences partnership that we're pursuing, as well as what we can do ourselves. ELISA and activation of ELISA plates. I've also talked about that in various announcements. That's again, our AnteoBind activating ELISA plates and making the performance of those plates far higher. Biosensors, which is part of us being part of MOBIUS and really where we see some significant future growth in terms of new markets. When it comes to our battery business, just by way of background, again, for those of you who've been on this journey, you understand Ultranode X, 70, and 95. What I would say to you is that Ultranode 95 is where it's at for us at this time. That is where the interest is.

Speaker #4: That's again our Antiobind activating ELISA plates and making them far the performance of those plates far higher. And then biosensors, which is part of us being part of Mobius, and really where we see some significant future growth in terms of new markets.

Speaker #4: When it comes to our battery business, just by way of background, again, for those of you who've been on this journey, you understand UltraNode, UltraNode X70, and 95, and what I would say to you is that UltraNode 95 is where it's at for us at this time.

Speaker #4: That is where the interest is, that is where the demand is coming from, and we are going as hard as we can in various markets—and I'll come to that in a minute—various end applications around Ultra Node 95, getting our ability to scale up, to pilot, to prototype, and scale up and potentially supply.

Merrill Gray: That is where the demand is coming from. We are going as hard as we can in various markets. I will come to that in a minute. Our various end applications around Ultranode 95, getting our ability to scale up, to pilot, to prototype and scale up and potentially supply. It is a long lead time. It is long lead time for us to get Ultranode into batteries. We are an anode, and that battery is complex. In the backup slides, I have put where all of our products, including Ultranode, fit within the overall battery design and anode. All of the other parts that make up the battery are very complex and work together synergistically. Our job is to get in those batteries with a number of battery manufacturers in end applications.

Speaker #4: It is a long lead time. It is a long lead time for us to get Ultra Node into batteries. We are an anode, and that battery is complex. In the backup slides, I've put where all of our products, including Ultra Node, fit within the overall battery design. An anode, and all of the other parts that make up the battery, are very complex and work together synergistically. Our job is to get in those batteries with a number of battery manufacturers in the end applications.

Speaker #4: Then, of course, we have made great progress on our core chemical, which started with AntioX, but across different applications within the battery.

Merrill Gray: Then, of course, we have made great progress on our core chemical, which started with Anteo X, but across different applications within the battery. So Anteo X through to SiMRAX, which I will talk a little bit more about in coming slides. We really are running the battery business as Ultranode and then performance additives, as shown on the slide. Just to recap again on the strategy, which really at the highest level is about let us get very specific with the customers that we are talking to and how they use batteries, and let us make sure we meet their requirements. You can see across the US, which has been a big focus for us for batteries as well as life sciences, Europe, and particularly in the life sciences space, and South Korea, again for both, but particularly in batteries as well.

Speaker #4: So, AntioC through to Simrax, which I'll talk a little bit more about in the coming slides. So, we really are running the battery business as Ultra Node, and then performance additives, as shown on the slide.

Speaker #4: Right, so just a recap again on the strategy, which really at the highest level is about: let’s get very specific with the customers that we’re talking to and how they use batteries, and let’s make sure we meet their requirements.

Speaker #4: And you can see across the US, which has been a big focus for us for batteries as well as life sciences; Europe, particularly in the life sciences space; and South Korea, again for both, but particularly in batteries as well.

Speaker #4: India is a slower market for us to bring on, as well as Japan, but we are obviously constantly pushing for further opportunities when we're talking to the right people who are battery manufacturers or in the supply chain into batteries where our products can be used.

Merrill Gray: India is a slower market for us to bring on, as well as Japan, but we are obviously constantly pushing for further opportunities when we are talking to the right people who are battery manufacturers or in the supply chain into batteries where our products can be used. So a little bit about this map, which has been updated about, and some of the questions that I have received. What I wanted to talk about is a couple of things. First of all, about Wyon. Wyon is something that was initiated before I got here. The relationship is good. What we will get, and the team is working on it. They have a meeting with Wyon today, European time, and they do have regular meetings, and they do get regular updates. The feedback on the, and yes, there is trialing in Wyon's commercial cell format of Ultranode 70.

Speaker #4: So, a little bit about this map, which has been updated in some of the questions that I've received. What I wanted to talk about is a couple of things.

Speaker #4: So first of all, about Weion. Weion is something that was initiated before I got here. The relationship is good, and what they will—what we will get—and the team is working on it.

Speaker #4: They have a meeting with Weion today, European time, and they do have regular meetings and they do get regular updates. The feedback on the, and yes, there is trialing in Weion's commercial cell format of UltraNode 70.

Speaker #4: It's their plastic casings, not metal. So they do have both, but that's what was decided. That trialing is still underway, I know that, and it's still being finished. There have been a number of delays there because the reality is that this is not for a specific customer.

Merrill Gray: It is their plastic casings, not metal. So they do have both, but that is what was decided. That trialing is still underway. I know that, and it is still being finished. There has been a number of delays there because the reality is that this is not for a specific customer. If I have not said that before, this trialing was to put it in the portfolio for Wyon so that if a customer came and said they wanted high-silicon anodes, it would be available. What we will get out of this work, and we do plan to have those results out obviously as soon as possible, is we will have commercial cell format validation for Ultranode 70 in Li-ion cells. That would be the outcome. We are all looking for customers that would want our Ultranode technology in the consumer product space.

Speaker #4: So, if I haven't said that before, this trialing was to put it in the portfolio for Weion, so that if a customer came and said they wanted high-silicon anodes, it would be available.

Speaker #4: So what we will get out of this work, and we do plan to have those results out, is obviously as soon as possible, is we will have commercial cell format validation for Ultra Node 70 in Weion cells.

Speaker #4: That would be the outcome. And we are all looking for customers that would want our Ultra Node technology in the consumer product space. So, as opposed to military drones—which I'll come to shortly—we actually have an initiative around, very far more actively, working ourselves, Anteotech, on finding parties that are looking for Ultra Node as we can supply it in terms of the duties, in consumer batteries.

Merrill Gray: So as opposed to military drones, which I will come to shortly, we actually have an initiative around far more actively working ourselves, AnteoTech, on finding parties that are looking for Ultranode as we can supply it in terms of the duties in consumer batteries. I think it is quite important to understand that we will have some news out very shortly. I am hoping for the quarterly report. As soon as it is available is the answer, and that is what we will have. In terms of what that means commercially, obviously, we are working on that. The other one I would like to talk about is around the JDAs. Let us move over again. This is still batteries, and it is around, first of all, the JDAs. We are going to The Battery Show North America in about 10 days' time.

Speaker #4: So I think it's quite important to understand that we will have some news out very shortly. I'm hoping for the quarterly report as soon as it's available, will be—is the answer.

Speaker #4: And that's what we will have. In terms of what that means commercially, obviously we are working on that. The other one I would like to talk about is around the JDA.

Speaker #4: So let's move over again. This is still batteries. And it's around, first of all, the JDAs. We are going to the battery we're going to the North American battery show in about 10 days' time, nearly 10 or 11 days, the team gets on the plane and goes.

Merrill Gray: Nearly 10 or 11 days, the team gets on the plane and goes. We will meet with the two parties that have Ultranode 95 and are doing in-house trials. We are in their system, and we are waiting in the queue for our materials to be trialed so that we can get into the detailed negotiations of the JDAs, which they have. So we are patiently waiting, constantly following up, and in front of parties that we are seeking to do JDAs with within 10, 11, 12 days. That does not mean that we will be able to deliver signed JDAs out of that, but I can assure all shareholders that we are working very hard on working in with those parties so that we get into their batteries. That is a critical KPI for the team and for myself.

Speaker #4: And we will meet with the two parties that have Ultra Node 95 and are doing in-house trials. We are in their system, and we are waiting in the queue for our materials to be trialed so that we can get into the detailed negotiations of the JDAs, which they have.

Speaker #4: So, we are patiently waiting, constantly following up, and, in front of parties that we are seeking to do JDAs with, within 10, 11, 12 days.

Speaker #4: So, that doesn't mean that we will be able to deliver signed JDAs out of that, but I can assure all shareholders that we are working very hard with those parties so that we get into their batteries.

Speaker #4: That is a critical KPI for the team and for myself. In terms of Black Diamond structures and Simrax, that's also a matter that gets raised to me many times.

Merrill Gray: In terms of Black Diamond Structures and SiMRAX, that is also a matter that gets raised to me many times. SiMRAX is managed out of Black Diamond Structures in the US. What I would say is it is with multiple parties and trialing of it is underway. What that then means in terms of subsequent commercial steps is again, something we will be with BDS talking about at The Battery Show North America. We will be specifically talking to them about what might be happening or what potential for commercial sales out of the trialing there is with whom we are talking to. I can say to you that it has taken some time to get moving, and I understand the frustration with that. But we are in front. We do have samples with well-qualified, well-known parties. So, it is moving forward.

Speaker #4: Simrax is managed out of Black Diamond Structures in the US. What I would say is, it is with multiple parties, and trialing of it is underway.

Speaker #4: What that then means in terms of subsequent commercial steps is, again, something we will be discussing with BDS at the North American Battery Show.

Speaker #4: We will be specifically talking to them about what might be happening, or the potential for commercial sales out of the trialing there is with whom we're talking to.

Speaker #4: I can say to you that it has taken some time to get moving, and I understand the frustration with that, but we are in front—we do have samples with well-qualified, well-known parties.

Speaker #4: So it is moving forward. Beyond that, within this map, you can see that there have been a number of business development and facilitation partners, if you like, added during the year because we understand that having on-the-ground presence—we manage those very tightly around KPIs, and the cost, and specific targets that we want people to talk to for us and get us into meetings with.

Merrill Gray: Beyond that, within this map, you can see that there have been a number of business development and facilitation partners, if you like, added during the year. Because we understand that having on the ground presence, we manage those very tightly around KPIs and the cost and specific targets that we want people to talk to for us and get us into meetings with. We do a lot of work in the background around sales qualified leads and making sure that who we are talking to is the right party to be engaging, who does have demand for our product and is interested, and I will come a bit more to that about how we have grown the pipeline. This takes me into the actual financials for 2026 and just essentially presenting them in a three-year trend fashion. This is sales revenue.

Speaker #4: So we do a lot of work in the background around sales qualified leads and making sure that who we're talking to is the right party to be engaging, who does have demand for our product and is interested. I'll come a bit more to that about how we've grown the pipeline.

Speaker #4: We now—this gets me into the actual financials for 2026, and just essentially presenting them in a three-year trend fashion. So, this is sales revenue, and as you can see, our sales were down on last year. A couple of things—

Merrill Gray: Our sales were down on last year. A couple of things, factors in there, which is around receipt of a purchase order and actual supply to Serum Institute, which we missed the end of the financial year. It will be booked this year. Then some other timing matters. This is a critical KPI for us and we are looking forward to sales execution in FY 2026. We made an announcement yesterday about our R&D tax rebate coming in, which is in financial year 2027 of AUD 1.9 million. Here you can see total revenue for the business, which includes what was booked for FY 2026, which is AUD 2.6 million. This is our operating expenses and how they have reduced over time. Obviously, our focus is on cost effectiveness. Cost reduction, continuous improvement, and cost effectiveness.

Speaker #4: Factors in there, which are around the receipt of a purchase order and actual supply to Serum Institute, which we missed at the end of the financial year.

Speaker #4: It will be booked this year, and then there are some other timing matters. Look, this is a critical KPI for us, and we're looking forward to execution—sales execution—in FY 2026.

Speaker #4: We made an announcement yesterday about our R&D tax rebate coming in for, and which is in, financial year 2027 of $1.9 million. Here, you can see total revenue for the business, which includes what was booked for FY2026, which is $2.6 million.

Speaker #4: This is our operating expenses and how they've reduced over time. Obviously, our focus is on cost-effectiveness, cost reduction, continuous improvement, and cost-effectiveness. So for all the things that we're working on—and the span of which has expanded across the team, and the number of contacts and sales leads that are being followed up and evaluations that are underway—it needs to be done systematically and efficiently.

Merrill Gray: For all the things that we are working on and the span of which has expanded across the team and the number of contacts and sales leads that are being followed up and evaluations that are underway, it needs to be done systematically and efficiently. That is what we are focused on. Then by way of wrap up around sales and expenses, here are our losses and a trend, again, over the last three years. This is a really critical slide for me to share with everybody, which pretty much chronologically takes you through what we have done in FY 2026. Really spent a lot of time on our product and technology value proposition, again, with our strategy to make sure that we are in the right place at the right time with the right messaging to have the greatest success of engaging with our customers.

Speaker #4: And that is what we are focused on. And then, by way of wrap-up around sales and expenses, here are our losses shown as a trend.

Speaker #4: Again, over the last three years. Right. So this is a really critical slide for me to share with everybody, which pretty much chronologically takes you through what we've done in the last in FY 2026.

Speaker #4: So, we really spent a lot of time on our product and technology value proposition—again, with our strategy—to make sure that we're in the right place, at the right time, with the right messaging to have the greatest success in engaging with our customers.

Speaker #4: And all of the collateral for both Life Sciences as well as Batteries has been updated. First of all, we have collateral for everything. We are clear on our messaging, and we are using that in marketing campaigns in a way that we've never used it before.

Merrill Gray: All of the collateral for both life sciences as well as batteries has been updated. First of all, we have collateral for everything. We are clear on our messaging, and we are using that in marketing campaigns in a way that we have never used it before. We have a structured marketing program. We have also done validation. Now, it is fine to have in-house validation, but what we have really done here is looked at independent third-party validation. For life sciences, we have done white papers, and they have been in demand because the gatekeepers there are technical parties within the organization, very much B2B at a very technical level. We are engaging on third-party independent validation, which we look forward to being able to release information around in the coming months. That is exciting. Then for batteries, as everybody who has been on the journey understands, is we have been working with BEC.

Speaker #4: We have a structured marketing program. We've also done validation. Now, it's fine to have in-house validation, but what we've really done here is looked at independent, third-party validation.

Speaker #4: For Life Sciences, we've done white papers, and they have been in demand because it's very much the gatekeepers—there are technical parties within the organization. It's very much B2B at a very technical level.

Speaker #4: And we are engaging in third-party independent validation, which we look forward to being able to release information about in the coming months. That's exciting.

Speaker #4: And then for batteries, as everybody who's been on the journey understands, as we've been working with BAC and we've had validation around how UltraNode 95 could behave in a high-powered battery.

Merrill Gray: We have had validation around how Ultranode 95 could behave in a high-powered battery. You will see a picture on the side here of Airspeeder, and that is a recent announcement we made about just leading a consortium around piloting and prototyping entire batteries. What I am looking to do with the team is to bring other parties into this, because the critical piece for us is for Ultranode to get into batteries and for what our high silicon formulation can do with matching high-powered cathodes is what this is all about. Of course, there is more to it, which is electrolytes, separators, us being able to use Anteo S in those thin high-performance separators that we are doing with Xerabrid, and the battery management systems and the whole kit and caboodle. It is pretty exciting.

Speaker #4: Now, you'll see a picture on the side here of Airspeeder, and that's a recent announcement we made about just leading a consortium around piloting and prototyping entire batteries.

Speaker #4: So, what I'm looking to do with the team is to bring other parties into this, because the critical piece for us is for UltraNode to get into batteries. What our high silicon formulation can do, when matched with high-powered cathodes, is what this is all about.

Speaker #4: And of course, there's more to it, which is electrolytes, separators, us being able to use NTOS in those thin, high-performance separators that we're doing with Zero Grid, and the battery management systems, and the whole kit and caboodle.

Speaker #4: So it's pretty exciting, and again, let me go to the US. We will be talking to a number of parties around this. I've already talked about the JDAs.

Merrill Gray: When we go to the US, we will be talking to a number of parties around this. I've already talked about the JDAs. They are the types of partners we want to bring into this. It was all about making sure that we have good quality information that people can access, it's accessible for them to understand about what we can do with our products. We've also understood the market more on our journey, and we've been able to expand our products. This is not about research and new products. It's about our product and applications in the market. That's all market-led. That comes down to SiMRAX, which everyone knows is a blend of dispersion, carbon nanotube dispersion, and Anteo X, which has potential cost reduction opportunities for our customers.

Speaker #4: Those are the types of partners we want to bring into this. So it was all about it's all about making sure that people we have good quality information, that people can access, it's accessible for them to understand about what we can do with our products.

Speaker #4: We've also come to understand the market more on our journey, and we recognize that we've been able to expand our products now. This is not about research and new products.

Speaker #4: It's about our product and applications in the market. So that's all market lead. So that comes down to Simrax, which everyone knows is a blend of dispersion, carbon nanotube, dispersion, and NTOX, which is a cost reduction, has potential cost reduction opportunities for our customers.

Speaker #4: NTOS, which again is all about cross-linking in ceramic-coated separators, and then NTOC, which is an additive that provides adherence in primer coatings on collector foils.

Merrill Gray: Anteo S, which again is all about cross-linking in ceramic-coated separators, and then Anteo C, which is an additive which provides adherence in primer coatings on collector foils. So we are closer to the customer. We can express what our products can do and value those for our customers than we've ever been able to do before. There is demand, and converting that is our focus. From a life sciences perspective, that business has also really understood around how AnteoBind and AnteoBind NXT can be used in different platforms, whether it be chemiluminescence, in terms of magnetic particles and activating those and making them perform better. It's the same with ELISA plates. But there is very strong demand in multiplex and lateral flow, which came out of ADLM, which is our bread and butter. It is about really engaging with customers.

Speaker #4: So, we are closer to the customer. We can express what our products can do and value those for our customers, more than we've ever been able to do before.

Speaker #4: And there is demand, and converting that is our focus. From a life sciences perspective, that business has also really understood how AntibodyBind and AntibodyBind NXT can be used in different platforms, whether it be chemiluminescence in terms of magnetic particles and activating those, and making them perform better.

Speaker #4: It's the same with our laser plates. But there is very strong demand in multiplex and lateral flow, which came out of ADLM, which is our bread and butter.

Speaker #4: And it is about really engaging with customers. What I can say is we've had a program there, which was around large life sciences companies, and many of them have had some experience with NTO tech in the past and are re-engaging.

Merrill Gray: What I can say is we've had a program there which is around large life sciences companies, and many of them have had some experience with AnteoTech in the past and are re-engaging. That is very exciting for the team, and we're looking forward to what comes from that. What that's done overall is it's created a portfolio and an expanding total addressable market. That is all about our options and our potential to convert. Creating more options with the potential to convert. As I've already said, it's about being on the ground and with our customer interactions, because we do have a team that's now been brought entirely into Brisbane working globally, which is why we have links into people in different jurisdictions, whether it's through our facilitators, our business development facilitators, distributors. Then creating partnerships is really critical to us. We are small.

Speaker #4: And it's a development that is very exciting for the team, and we're looking forward to what comes from that. What that's done overall is it's created a portfolio, and with that, an expanding total addressable market.

Speaker #4: And that is all about our options and our potential to convert—creating more options with the potential to convert. As I've already said, it's also about being on the ground and engaging with our customer interactions, because we do have a team that's now been brought entirely into Brisbane, working globally. This is why we have links to people in different jurisdictions, whether it's through our facilities, our business development facilitators, distributors, and then creating partnerships, which is really critical to us.

Speaker #4: We are small. We want to be capital-light, infrastructure-light. What we want to do is work with partners who already have sales. They are already established, where we can buddy up and everyone benefits.

Merrill Gray: We want to be capital-light, infrastructure-light. What we want to do is work with partners who already have sales. They are already established, where we can buddy up and everyone benefits. We've made a very conscious choice around that. That's where BDS, Xerabrid, and what we see coming into the future is all about to give us the best chance of being in as many products as possible. Conferences are critical from a face-to-face and customer engagements. It's very technical selling. It's B2B, and technician to technician, whether it be life sciences or batteries. Of course, we've done a lot more on our digital marketing campaigns and how we prepare for everything, and you will see the evidence of that through our LinkedIn posts. Then the CRM and the sales team, we have brought new skills into the business who have specific sales and marketing expertise.

Speaker #4: We've made a very conscious choice around that. And that's where BDS, Zero Grid, and what we see coming into the future is all about—to give us the best chance of being in as many products as possible.

Speaker #4: Conferences are critical from a face-to-face standpoint, and customer engagement is very technical selling. It's B2B, and technician-to-technician, whether it be life sciences or batteries.

Speaker #4: And of course, we've got a lot we've done a lot more on our digital marketing campaigns and how we prepare for everything. And you will see the evidence of that through our LinkedIn posts and then the CRM and the sales team.

Speaker #4: We have brought new skills into the business—people who have specific sales and marketing expertise. And as a result, we have record samples under evaluation.

Merrill Gray: As a result, we have record samples under evaluation. As Kristen said at the beginning, sales execution FY 2027, it is in all of our KPIs and is moving as fast as we possibly can. This is actually of 7 September, and we have had further samples dispatched since then. What you can see is that we have very solid sales qualified leads and samples out under evaluation. We are constantly adding to that, particularly through face-to-face conferences. We have grown a, what I would consider a curated, well-qualified. We have people on the ground who are very experienced and very knowledgeable, and they are assisting us to who comes into our pipeline and start to engage with us around samples to make sure that they have demand, are genuine buyers, potential buyers of our product, which is a big difference to where we have been.

Speaker #4: And as Kristen said at the beginning, sales execution for FY2027 is in all of our KPIs and is moving as fast as we possibly can.

Speaker #4: And here is the here is this is actually of the 7th of September and it's we've had further samples dispatched since then, but what you can see is that we have very solid sales qualified leads and samples out under evaluation.

Speaker #4: And we're constantly adding to that, particularly through face-to-face conferences. But we have grown what I would consider a curated, well-qualified pipeline. We have people on the ground who are very experienced and very knowledgeable, and they are assisting us with who comes into our pipeline and starts to engage with us around samples to make sure that they have demand, are genuine buyers, potential buyers of our product—which is a big difference to where we've been.

Speaker #4: So again, this is one of the most important slides here, which is around sales conversion for 2027. We have very specific initiatives underway in India for life sciences; India, the US, Europe, Japan, and South Korea in particular.

Merrill Gray: Again, this is one of the most important slides here, which is around sales conversion for 2027. We have very specific initiatives underway in India for life sciences, India, the US, Europe, Japan, and South Korea in particular. There is a big push for us into the US. I was heartened by the trip to ADLM, where there were a number of Australian companies who have been successful. They have been careful about how they have entered that market, but they have grown, and about how we were received by people who know about our technology, know that it is great technology, may have tried it in the past and are willing to reengage to try it again. I was very impressed with the team in the way that they engage with customers, and we are working critically through how to convert those conversations.

Speaker #4: There's a big push for us into the U.S. I was heartened by the trip to ADLM, where there were a number of Australian companies who have been successful.

Speaker #4: They've been careful about how they've entered that market, but they've grown. And about how we were received by people who knew about our technology, know that it's great technology, may have tried it in the past, and are willing to re-engage to try it again.

Speaker #4: I was very impressed with the team and the way that they engage with customers. We are working critically through how to convert those conversations, and we are going to Medica in six weeks' time.

Merrill Gray: We are going to MEDICA in six weeks' time, and we will be talking to ADLM, parties we meet at ADLM, again, to make sure that they are confident that we are an ongoing, capable business of delivering into their demands. When it comes to new expansion in terms of immunoassay diagnostic platforms, of course, CLIA has been a massive focus in FY 2026, working with a large life sciences company, working out how we understand magnetic particles. Very deep understanding in the business and some very exciting things there as well. How to bring this into commercial reality and go as fast as possible is what we constantly look at. We look forward to keeping everybody updated. The ELISA plate activation and market entry, we have started talking about that, and that was in the last update that I did, there is demand there.

Speaker #4: And we will be talking to ADLM parties we met at ADLM again, to make sure that they are confident that we are an ongoing, capable business, delivering into their demands.

Speaker #4: When it comes to new expansion in terms of immunoassay diagnostic platforms, of course, Clear has been a massive focus in FY2026. Working with the large life sciences company, we're working out—we understand magnetic particles, very deep understanding in the business, and some very exciting things there as well.

Speaker #4: But how to bring this into commercial reality and go as fast as possible is what we constantly look at. We look forward to keeping everybody updated.

Speaker #4: The ELISA plate activation and market entry—we've started talking about that, and that was in the last update that I did. There's demand there.

Speaker #4: And we're pretty excited about that, too. So watch this space for all of the things that we expect to be able to deliver in the coming 12 months, or the coming financial year.

Merrill Gray: We are pretty excited about that too. Watch this space on all of the things that we expect to be able to deliver in the coming 12 months or coming financial year. In terms of batteries, I have already talked about the fact that we made a concerted effort and we continue to expand it around US military drones getting into Ultranode 95 into high-powered batteries. We have validated that we can do that. We are talking to the right people who sell batteries into that. We are constantly expanding that. We have a clear sales and marketing lead in the battery team, and we are following everything up. It is a focus for us, a really top focus for us. Converting Anteo S and Anteo C, our performance additive products, essentially into sales, is also a key focus for us. There are a number of opportunities.

Speaker #4: In terms of batteries, I've already talked about the fact that we made a concerted effort, and we continue to expand that around US military drones, getting into ultra-node 95, into high-powered batteries.

Speaker #4: We've validated that we can do that. We're talking to the right people who sell batteries into that. We're constantly expanding that. We have a clear sales and marketing lead in the battery team.

Speaker #4: We're following everything up. It's a focus for us—a really top focus for us. Converting N2S and N2OC outperformance additive products essentially into sales is also a key focus for us.

Speaker #4: There are a number of opportunities. We need to manage how we deliver those—around how we supply in volume, if that's what they're looking for, and how we manage the risks in different jurisdictions.

Merrill Gray: We need to manage how we deliver those around how we supply in volume, if that's what they're looking for, and how we manage the risks in different jurisdictions. These are all and moving chemicals around the place. All of those things are constructed in the way that we are looking to commercialize and execute sales. Again, I've talked about Ultranode 70 and Wyon AG in the consumer battery market and trying to build out opportunities there and then Airspeeder and what that brings. Yes, corporately, of course, we're looking to maintain financial discipline and everything we do is around AnteoTech's success, and that's around sales and strategic partnerships, which they are emerging as part of what we're talking to. They are part baked into our sales and how we want to work things by our products getting bundled up with other people's products.

Speaker #4: These are all about moving chemicals around the place. All of those things are constructed in a way that we are looking to commercialize and execute sales.

Speaker #4: Again, I've talked about UltraNode 70, and we are in the consumer battery market, trying to build out opportunities there. And then Airspeeder, and what that brings.

Speaker #4: So yes, corporately, of course, we're looking to maintain financial discipline. And everything we do is around NTO tech success, and that's around sales and strategic partnerships, which are emerging as part of what we're talking to.

Speaker #4: They are partly baked into our sales and into how we want to work things, with our products getting bundled up with other people's products. What I hope we will get into is momentum, which will attract other strategic partners on a slightly different basis.

Merrill Gray: What I hope we will get into is momentum, which will attract other strategic partners on a slightly different basis, and then the R&D tax rebate. Just very quickly, tomorrow, this is the first sneak peek, but tomorrow we will put out our information about a webinar, which is with a world expert and how AnteoBind NXT has been used in India with NIPER. All of that information will be available through our website and through our LinkedIn posts. We've already started posting about us going to The Battery Show North America, and MEDICA is still to come. We have a very active period coming up until Christmas, and I really look forward to keeping everybody informed. I thank you very much again for attending and look forward to getting good news to all of our shareholders when it's available.

Speaker #4: And then the R&D tax rebate—just very quickly—tomorrow, this is the first sneak peek, but tomorrow we will put out our information about a webinar, which is with a world expert in how NTO Bind, NTO Bind NXT has been used in India.

Speaker #4: It was NIPA, and all of that information will be available through our website and through our LinkedIn post. We've already started posting about us going to the North American Battery Show, and Medica is still to come.

Speaker #4: We are going to have a very active period coming up until Christmas, and I really look forward to keeping everybody informed. So, I thank you very much again for attending and look forward to getting good news to all of our shareholders when it's available.

Speaker #1: Thanks, Meryl. I hope that overview has addressed some of the questions investors had coming into today's webinar. We've now got some time to move through a few additional questions that have come through.

Moderator: Thanks, Merrill. I hope that overview has addressed some of the questions investors had coming in to today's webinar. We've now got some time to move through a few additional questions that have come through. The first question is around BEC specifically and the cylindrical cell trials.

[Company Representative] (AnteoTech): Thanks, Merrill. I hope that overview has addressed some of the questions investors had coming in to today's webinar. We've now got some time to move through a few additional questions that have come through. The first question is around BEC specifically and the cylindrical cell trials.

Speaker #1: The first question is around BICs specifically and the cylindrical cell trials. Can you provide an update on the cylindrical cell trials at BIC, including the progress made to date and the current focus of the program?

Moderator: Can you provide an update on the cylindrical cell trials at the Battery Innovation Centre, including the progress made to date and current focus of the program?

[Company Representative] (AnteoTech): Can you provide an update on the cylindrical cell trials at the Battery Innovation Centre, including the progress made to date and current focus of the program?

Speaker #2: Yes. Well, we're very pleased that we have trialed—it's not a lot, a few—and we're doing it in a very staged fashion. Cylindricals at BIC.

Merrill Gray: Well, we are very pleased that we have trialed. It is not a lot, a few. We are doing in a very staged fashion, cylindricals at BIC. The way we see that is, there has been initial builds and functional testing has taken place on 18650 cylindricals at BIC. Essentially, every time we do that, we get greater information, particularly around electrolyte volume and how to maximize energy density and stability. We are taking a very staged approach, and we are very positive about where we might be able to get to in the near future. We are basically taking the insights as we step through this with the BIC team.

Speaker #2: Now, the way we see that is: there's been initial builds, and functional testing has taken place on 18650 cylindricals at BIC. Essentially, every time we do that, we get greater information, particularly around electrolyte volume and how to maximize energy density and stability.

Speaker #2: So we're taking a very staged approach, and we're very positive about where we might be able to get to in the near future.

Speaker #2: But we've basically taken the insights as we step through this with the BIC team, and the plan is for us to essentially optimize a format that we could potentially—so that we can get basic performance data on, and that we could potentially look to do what we would call a prototyping run of 50 to 100, and be able to give them as samples to parties.

Merrill Gray: The plan is for us to essentially optimize a format that we could potentially, that we can get basic performance data on, and that we could potentially look to do what we would call a prototyping run of 50 to 100 and be able to give them as samples to parties. That is a way down the track because we are still at the very early stage of making sure it functions. Then we need to optimize for performance. Then we have also already started work on a scale-up or a prototyping plan and who we could work with who are able to do that. We are very conscious of, obviously, the plan is to partner with battery manufacturers. That is the ideal, because they have all that expertise. For us to do it working with BIC, who has expertise, we are going down that path as well.

Speaker #2: Now that is way down the track because we're still at the very early stage of making sure it functions and then we need to optimize for performance and then we would be we've also already started work on a scale up or a prototyping plan and who we could work with who are able to do that.

Speaker #2: We're very conscious, obviously, that the plan is to partner with battery manufacturers. That's the ideal, because they have all that expertise. For us to do it, working with BIC, who has expertise, we are going down that path as well, right?

Speaker #2: I would really like to just say to the shareholders that the likes of Amprius and Moli Cell, who are extremely well known in terms of cylindricals, have spent tens of millions of dollars on optimizing their products, and those products are available—of course, anyone can buy their products.

Merrill Gray: I would really like to just say to the shareholders that the likes of Amprius and Molicel, who are extremely well-known in terms of cylindricals, they have spent tens of millions of AUD on optimizing their products. Those products are available. Of course, anyone can buy their products. I just want to be real clear about we are spending a certain amount of money in a judicious way to move through getting cylindricals that we would be able to announce the performance around. It is a very positive thing. Of course, multi-layer power cells for drones is a format that is used. Of course, Airspeeder fits into all of this. Some other parties we have talked to who would be interested, who have said they would be interested in trialing cylindricals in their products when we have got a certain performance level. Overall, progressing.

Speaker #2: I just want to be really clear about this—we’re spending a certain amount of money in a judicious way to move through getting cylindricals, so that we would be able to announce their performance around.

Speaker #2: So it's a very positive thing. Of course, multi-life power cells for drones is a format that is used, and of course, Airspeeder fits into all of this.

Speaker #2: And some other parties we've talked to would be interested. We have said they would be interested in trialing cylindricals in their products when we have got a certain performance level.

Speaker #2: So overall, we're progressing well—under the budget and the strict structure that we're using there. Thank you, Kristen.

Merrill Gray: Progressing well under the budget and the strict structure that we are using there. Thank you, Kristen.

Speaker #1: Thanks, Meryl. The next question is around multiple ADO technologies in a battery. The question is: are there any opportunities to see multiple NTO technologies together within a battery?

Moderator: Thanks, Merrill. The next question is around multiple Anteo technologies in a battery. The question is, are there any opportunities to see multiple AnteoTech technologies together within a battery, and is this part of the company's commercialization strategy?

[Company Representative] (AnteoTech): Thanks, Merrill. The next question is around multiple Anteo technologies in a battery. The question is, are there any opportunities to see multiple AnteoTech technologies together within a battery, and is this part of the company's commercialization strategy?

Speaker #1: And is this part of the company's commercialization strategy?

Speaker #2: Yes, and yes. And the answer to that is yes, there are opportunities for multiple products. I mean, this is the thing, right, to be used in one battery.

Merrill Gray: Yes and yes are the answers to that. Yes, there are opportunities for multiple products to be used in one battery. This is why it is so critical for us to get in with battery manufacturers and in that supply chain going in there and really embed ourselves in there. So we do have companies that have got Anteo X as well as SiMRAX. It is a bit different for Anteo S, for example, and Anteo C because when it comes to large commercial scale manufacture, for collector foils, whether they be aluminum or copper, the coating of those and then the shipment of that large scale anode active material or cathode active material for assembly is a whole another ballgame in terms of scale. So you are tending to be with a different manufacturer there when you are at scale, and that is obviously who we are targeting to get volume.

Speaker #2: And this is why it's so critical for us to get in with battery manufacturers and in that supply chain, going in there and really embed ourselves in there.

Speaker #2: So we do have companies that have got NTOX as well as Simrax or it's a bit different for NTOS, for example, and NTOC because when it comes to large commercial scale manufacture, for collect the foils, whether they be aluminium or copper, the coating of those and then the shipment of the those those large that large scale anode active material or cathode active material to for assembly is a whole nother ballgame in terms of scale.

Speaker #2: So you’re tending to be with a different manufacturer there when you’re at scale, and that’s obviously who we’re targeting to get volume. But the answer is yes, it is part of our commercialization strategy, but it does require us to be in with the battery manufacturer and say, hey, have you tried this?

Merrill Gray: The answer is, yes, it is part of our commercialization strategy, but does require us to be in with the battery manufacturer and say, "Hey, have you tried this? Hey, have you tried that?" But we are using multiple channels to get into the overall battery, and we already have examples of parties that are trying more than one product. It is just also a way for us to get in, for us to start with one product and build a relationship and trust that is associated with that, and then suggest other parts of the battery that we can work with them. The Xerabrid relationship, I would just like to say, is really critical there. We are just about to have an article published, which is leading up to The Battery Show North America, which talks about ultra, well, essentially very thin separators.

Speaker #2: Hey, have you tried that? But we are using multiple channels to get into the overall battery, and we already have examples of parties that are trying more than one product.

Speaker #2: It's also a way for us to get in— for us to start with one product and build a relationship and trust associated with that, and then suggest other parts of the battery that we can work with them.

Speaker #2: The zero grid relationship, I would just like to say, is really critical there. We are just about to have an article published, which is leading up to the North American Battery Show, which talks about ultra essentially very thin separators. NTOS is part of that in terms of providing cross-linking.

Merrill Gray: Anteo S is part of that in terms of providing cross-linking and how it works with these separators. We will be posting that. We will be putting that article onto our website. It really is cutting edge, and there is demand for that. Xerabrid was another question. If I could just float to another question that I saw come through was, they are responsible for the samples that we have committed to getting out by the end of October. They will be at The Battery Show North America. They have their own booth, and we will be featured in that booth. We will know that they are on track. So really, we got a lot of interest around a specific thickness and format, and Xerabrid is manufacturing those samples or producing those samples for release by October.

Speaker #2: And how it works with these separators. And we'll be posting that. We'll be putting that article onto our website. It's it's really is cutting edge and it is there is demand for for that.

Speaker #2: And Zero Grid was another question. If I could just float another question that I saw come through, was: they are responsible for the samples that we've committed to getting out by the end of October.

Speaker #2: They will be at The Battery Show. They have their own booth, and we will be featured in that booth. And we will know that they're on track.

Speaker #2: So, really, we got a lot of interest around a specific thickness and format, and Zero Grid is manufacturing those samples, or producing those samples, for release by October, and that is happening.

Merrill Gray: That is happening and are a big part of what we are doing because they give us another channel into the battery. There is a slide at the end of this, which actually I want to be able to get to. There you go. Which shows where all of our products go into batteries. Thank you.

Speaker #2: And they are a big part of what we're doing because they give us another channel into the battery. So I would—there is a slide at the end of this, which actually I might be able to get to.

Speaker #2: There you go, which shows where all of our products go into batteries. Thank you.

Speaker #1: Thanks, Meryl. This question is around toll manufacturing. How does toll manufacturing fit within NTO Tech's commercialization strategy as customer demand and production requirements increase?

Moderator: Thanks, Merrill. This question is around toll manufacturing.

[Company Representative] (AnteoTech): Thanks, Merrill. This question is around toll manufacturing. How does toll manufacturing fit within AnteoTech's commercialization strategy as customer demand and production requirements increase?

Moderator: How does toll manufacturing fit within AnteoTech's commercialization strategy as customer demand and production requirements increase?

Speaker #2: Toll manufacturing is very much on our radar. Why? Because it's been interesting for the team—interesting and challenging for us, even to get samples into some countries.

Merrill Gray: Toll manufacturing is very much on our radar. Why? Because it has been interesting for the team. Interesting and challenging for us even to get samples into some countries. I would like to really congratulate the team on getting up to speed on multiple regulations and for us to be able to get our samples wherever we need to get them in the world. I really think they have done a great job of working with experts. So obviously, on grounding or in-country toll manufacture is, especially if we get to scale, it is a good way of us. We still have to meet obviously the equivalent of EPA in whatever jurisdiction we are in, but it does eliminate that requirement of cross-border movement and also cost reduction around ability to work with people who are already in the chemical manufacturing business at a larger scale and who can work with us.

Speaker #2: And I would like to really congratulate the team on getting up to speed on multiple regulations, and for us to be able to get our samples wherever we need to get them in the world.

Speaker #2: I really think they've done a great job of working with experts. Obviously, grounding or in-country toll manufacture—especially if we get to scale—is a good way for us. We still have to meet, obviously, the equivalent of EPA in whatever jurisdiction we're in, but it does eliminate that requirement of cross-border movement and also reduces costs by allowing us to work with people who are already in the chemical manufacturing business at a larger scale and who can work with us.

Speaker #2: So the answer is yes, that is something we are working on. I'm getting financial models together and gathering information around how we would do that.

Merrill Gray: The answer is yes, that is something we are working on, getting financial models together, getting information around how we would do that. Obviously, our quality systems as well about how we would manufacture and constantly improve to, again, improve cost of manufacture and potential profitability of our products and markets. It could be a very important part of how we move as fast as possible to supply. There's no doubt some of the parties that we are talking to, if they like our products, they could, particularly in Asia, I would say the Asian markets really move a lot faster. We've made announcements about that. They move a lot faster than, say, the US, which it's frustrating, but it does take a while. We are there and we are pushing.

Speaker #2: Obviously, our quality systems as well, about how we would manufacture and constantly improve to again improve cost of manufacture and potential profitability of our products and markets.

Speaker #2: It is a very important it could be a very important part of how we move as fast as possible to supply. And some of the parties there's no doubt some of the parties that we are talking to if they like our products they could particularly in Asia I would say the Asian markets really move a lot faster and we've made announcements about that.

Speaker #2: They move a lot faster than say the US which there's there's really it does it's frustrating but it does take a while and we are there and we are pushing but there are some stark contrasts between what's going on in batteries between the US and Asia and me saying that was not something new.

Merrill Gray: But there are some stark contrasts between what's going on in batteries between the US and Asia and me saying that was not something new. Toll manufacture is definitely part of what we're looking at to move forward as fast as possible.

Speaker #2: So, toll manufacture is definitely part of what we're looking at to move forward as fast as possible.

Speaker #1: Thank you, Meryl, and thank you to everyone who has joined us today. That's all we have time for. A recording of this webinar will be made available on NTO Tech's website and social media platforms later today or first thing tomorrow morning.

Moderator: Thank you, Merrill, and thank you to everyone who has joined us today. That's all we have time for. A recording of this webinar will be made available on AnteoTech's website and social media platforms later today or first thing tomorrow morning. We thank everyone for joining us, and we'll see you next time. Thank you.

[Company Representative] (AnteoTech): Thank you, Merrill, and thank you to everyone who has joined us today. That's all we have time for. A recording of this webinar will be made available on AnteoTech's website and social media platforms later today or first thing tomorrow morning. We thank everyone for joining us, and we'll see you next time. Thank you.

Merrill Gray: Okay.

Operator: Goodbye

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