Iondrive Limited has secured a government grant of up to AUD 3.9 million under the Australian Government’s Industry Growth Program to advance its urban mining technology. The awarded funds will support the construction of a pilot plant aimed at recovering critical minerals from lithium-ion battery black mass using the company’s proprietary Deep Eutectic Solvent (DES) process, which boasts improved environmental performance over traditional smelting and acid leaching techniques. The grant, covering 50% of the plant’s construction and operational costs, comes after a rigorous national evaluation, reinforcing confidence in the technology and its commercial prospects. The company’s board has approved the construction of the pilot facility at an estimated cost of AUD 4.8 million, with the project set to commence in December 2025 and be completed by early 2026. Iondrive’s strong financial position—with a reported cash balance of AUD 5.9 million as of June 2025 and an anticipated Research & Development Tax Incentive claim exceeding AUD 1.0 million—supports its ability to provide the matching dollar-for-dollar funding required by the grant. The successful completion of Front-End Engineering Design lends further credence to the firm’s plans for scaling up its operations, with long-term objectives including a potential 10,000-tonne commercial-scale facility. Iondrive’s DES technology is designed to extract critical minerals such as lithium, nickel, and cobalt at lower temperatures and without aggressive acids, offering a customizable solution for a range of feedstocks including electronic waste and mixed hydroxide precipitates. With clear proof-of-concept demonstrated in battery recycling, the technology also holds promise for broader urban mining applications that align with national priorities in critical minerals processing and the circular economy. Bullish sentiment arises from the government’s strong endorsement via the grant, which provides not only non-dilutive capital but also validation of Iondrive’s technology and strategic direction. The robust financial backing, combined with successful completion of the FEED and a clear pathway to commercial-scale operations, paints an optimistic picture for future growth. Conversely, concerns remain around the inherent risks of scaling up emerging technologies, the need for additional matching funds, and the challenges associated with transitioning from pilot to full commercial operations. Overall, the news positions Iondrive as a potentially attractive prospect for investors focused on innovative clean technologies and sustainable resource recovery.