What you need to know: • Over the past several months, FCLI has continued to make steady progress across its sales channels, spanning international distribution, fire departments, retail, and industrial end markets. • The Company signed its first exclusive international distribution agreement, appointing FireFront Vietnam as its exclusive distributor for Vietnam. • FCLI continues to build commercial momentum and is advancing a private placement upsized to $8.0M on strong demand. Following a recent conversation with Full Circle Lithium’s (FCLI:TSXV, FCLIF:OTCQB, K0Q:FSE) management team, we came away encouraged by the steady progress being made across the Company's sales channels. FCLI is now advancing on several fronts at once, signing its first international distributor, growing its fire department customer base, expanding retail availability, and pursuing industrial deployments. While the path to scaled revenue is taking time, as is typical for an early-stage commercialization story, the number of active channels and customers continues to grow. We like the trajectory FCLI is on and have compiled some of the Company's recent developments below, headlined by its first international distribution agreement in Vietnam. We are maintaining our BUY rating and our $0.60/share target price on FCLI. FireFront Vietnam Appointed Exclusive Vietnamese Distributor On July 29th, FCLI announced the appointment of FireFront Vietnam as its exclusive distributor for Vietnam, covering the complete portfolio of FCL-X lithium-ion battery fire suppression products. FireFront Vietnam is a specialized fire protection company providing advanced fire suppression technologies, technical consulting, customer training, live-fire demonstrations, and nationwide distribution of innovative fire safety solutions. Under the agreement, FireFront will lead market development, customer support, product demonstrations and distribution for FCL-X across the country, subject to a defined term and annual volume targets. The partnership provides FCLI access to Vietnam’s expanding lithium-ion battery fire protection market across electric mobility, energy storage, data centres, manufacturing, and critical infrastructure, while further extending the Company’s international commercialization strategy.