INVESTMENT HIGHLIGHTS

Appian has provided US Strategic Metals (USSM) with last-mile funding to finish construction of its cobalt-nickel underground mine and hydrometallurgical processing facility in Missouri, USA.

USSM’s facility is strategically located close to US gigafactories and automakers, ensuring a readily accessible market for its battery metals. The facility will produce critical minerals, including cobalt, nickel, lithium, and copper, from a variety of feedstocks, including concentrate from its own co-located cobalt-nickel underground mine and black mass derived from lithium-ion battery production scrap and end-of-life lithium-ion batteries. USSM’s pilot plant, which has been operating since 2020, has successfully demonstrated commercial viability. With all major permits in place, USSM is on track to commence production after completing construction in the second half of 2024.

The investment is a strong fit with Appian’s investment strategy. Some of the investment highlights include:

• Fully-integrated primary producer and recycler of materials critical to the battery supply chain in the USA
• Strategic and differentiated “ownership” of feedstock supply through its underground cobalt-nickel mine and a black mass feedstock supply contract
• Near-term producer benefiting from significant invested capital for site clean-up, engineering, pilot plant, and significant civil work
• Strong management team supported by world-class partners, including Glencore, HPS, and Willy Strotthotte (ex-Glencore CEO)

For more information about USSM please click here.