Shares in Australian sustainable battery materials producer Neometals (ASX:NMT) fell by as much as 5.4% to A$0.355.

This represents the company’s most significant intraday percentage drop since September 28.

Neometals stated that its unit, Australian Titanium, failed to advance negotiations from an offtake term sheet to a definitive agreement with Jiuxing Titanium Materials.

Furthermore, both parties have invested time and money to utilize Barrambie mixed gravity concentrate in Jiuxing’s downstream titanium processing facilities.

The firm noted that the broader macroeconomic environment led Jiuxing to alter its production plans.

Negotiations with other entities regarding offtake, equity investment, and development financing are ongoing, according to Neometals.

As of the last close, the company’s stock had seen a 53.8% decline YTD.

Neometals (ASX:NMT) is an Australian producer of sustainable battery materials.