Highlights

  • NRW Holdings shares rose 3.52% to AUD 7.20 during the morning session on 15 June 2026.
  • PMET Resources selected Primero's proprietary ALi atmospheric leach process as its preferred value-added lithium pathway for further study.
  • Bench-scale testing produced 99.8% Li₂CO₃ battery-grade lithium carbonate.
  • PMET cited economic potential, logistics benefits and technical risk profile among reasons for selecting the technology.

NRW Holdings Limited (ASX:NWH) moved higher during the morning session on 15 June 2026, with shares gaining 3.52% to AUD 7.20 after the company provided an update regarding its proprietary ALi lithium processing technology.

The market appeared to respond favourably to news that PMET Resources Inc. had identified the ALi atmospheric leach process, developed by NRW's wholly owned subsidiary Primero Group Limited, as its preferred value-added lithium processing pathway for further study following an assessment of seven processing flowsheet alternatives.

The latest gain adds to an already substantial long-term share price performance, with NRW shares advancing approximately 147.6% over the past 12 months. Investors appear to be assessing the broader implications of third-party validation of a technology that could become an important future growth opportunity for the company.

About NRW Holdings

NRW Holdings is one of Australia's diversified contract service providers, delivering services across resources, infrastructure, government and industrial sectors.

The company operates through multiple business divisions that provide civil construction, contract mining, drill and blast, engineering, maintenance, minerals processing, equipment solutions and industrial services. NRW's operations extend across Australia, Canada, the United States and New Zealand.

Its wholly owned subsidiary Primero Group has developed expertise in minerals processing and engineering solutions, including the ALi lithium processing technology that is the focus of the latest announcement.

With a workforce of approximately 13,000 employees supporting more than 200 projects globally, NRW has established a broad operating platform across several end markets while continuing to pursue technology-led opportunities within the resources sector.

PMET Review Places ALi Process in the Spotlight

The key development disclosed by NRW relates to an announcement released by PMET Resources regarding a structured review of multiple lithium processing alternatives.

According to PMET's assessment, seven separate processing flowsheet options were examined as part of efforts to determine the most suitable pathway for producing a value-added lithium product.

Among those alternatives was Primero's proprietary ALi atmospheric leach process.

Following the review, PMET identified the ALi technology as its preferred option for further study.

The decision represents an important external endorsement of the process and may explain the positive investor reaction seen in NRW shares following the announcement.

While the review remains at a study stage and does not represent a commercial agreement, the selection highlights growing industry interest in the technology.

What Made the ALi Process Stand Out?

PMET outlined several factors that contributed to its decision to select the ALi process for additional evaluation.

According to the review, the technology demonstrated favourable economic potential compared with alternative pathways considered during the assessment.

The company also pointed to logistics efficiency benefits and what it described as an attractive technical risk profile.

These characteristics were viewed positively within the broader review process and contributed to the recommendation that the ALi process proceed to further study.

Importantly, PMET also highlighted the technology's alignment with sustainability objectives, noting that environmental considerations and efforts to minimise project footprint were factors supporting the process.

The combination of economic, operational and environmental factors appears to have strengthened the case for continued evaluation of the technology.

Battery-Grade Lithium Carbonate Achieved in Testing

One of the most significant technical outcomes disclosed in the announcement related to testwork completed by Primero.

Bench-scale testing was conducted in Perth, Western Australia using spodumene concentrate samples from PMET's Shaakichiuwaanaan project.

According to NRW, the testing successfully produced 99.8% lithium carbonate (Li₂CO₃).

The resulting product met battery-grade specifications, representing an important milestone in demonstrating the technical capabilities of the ALi process.

Battery-grade lithium carbonate is a key material used in lithium-ion battery supply chains, making product quality an important consideration when evaluating processing technologies.

While further development work remains ongoing, the test results provide an indication of the process's ability to produce a high-purity lithium product.

Commercialisation Discussions Continue

Beyond the PMET review, NRW also provided an update regarding its broader commercialisation strategy for the ALi process.

The company noted that discussions concerning potential commercialisation pathways have been taking place with a number of global investment banks.

These discussions were previously referenced in NRW's FY26 half-year report and remain ongoing.

Management stated that it continues to evaluate the most appropriate approach to commercialising the technology.

At this stage, the company has not disclosed a final structure or timetable for any commercialisation strategy. However, the latest external validation may provide additional support as these discussions progress.

Investors are likely to continue monitoring future updates relating to commercialisation opportunities and development milestones.

Development Work to Continue Alongside External Evaluations

NRW indicated that Primero will continue advancing its own development activities while third-party evaluations proceed.

The company stated that ongoing testing programs remain a priority and will run in parallel with external studies involving the technology.

This dual-track approach is intended to support both technical advancement and broader industry validation.

Management also confirmed that Primero's longer-term objective remains the construction of a commercial-scale plant.

Although no specific timeline or investment commitment was announced, the company described the commercial-scale plant objective as a near-term focus.

Future progress toward that goal could become an important catalyst for investor attention.

Management Welcomes Independent Validation

Commenting on the announcement, NRW Managing Director and Chief Executive Officer Jules Pemberton welcomed the outcome of PMET's review.

According to management, it was encouraging to see preliminary validation of the ALi process from an external industry participant.

The company also noted the additional benefits identified in PMET's assessment, including factors related to operational efficiency and sustainability outcomes.

While the review remains an early-stage evaluation, management views the findings as a positive step in demonstrating the potential of the technology.

Why the ALi Process Matters

Lithium processing technologies are becoming increasingly important as producers seek efficient methods of converting spodumene concentrate into higher-value lithium products.

The ALi process has been designed as an atmospheric leach technology aimed at producing value-added lithium products while addressing operational and environmental considerations.

According to the latest review, the process offers advantages in areas including logistics efficiency, economic potential and environmental performance.

If future development and commercialisation efforts prove successful, the technology could provide NRW with an additional growth avenue beyond its traditional contracting, mining and engineering operations.

The company's continued investment in development and testing reflects the strategic importance it places on the technology.

What This Means for Investors

NRW's share price rise on 15 June appears linked to positive external recognition of the ALi lithium processing technology developed by its subsidiary Primero Group.

PMET's selection of the ALi process as its preferred pathway for further study, together with successful production of 99.8% battery-grade lithium carbonate during testing, provides additional validation of the technology's capabilities.

While commercialisation plans are still being evaluated and further testing remains underway, investors are likely to continue watching progress around development milestones, third-party studies and potential pathways toward a commercial-scale operation.