Abaxx Submits Nickel Futures Contract Specifications for Inclusion as a Flagship Abaxx Exchange and Clearing Product

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 26, 2023 to its short form base shelf prospectus dated November 4, 2021

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TORONTO, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc., (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse (“Abaxx Singapore”), and producer of the SmarterMarkets Podcast, announces that Abaxx Singapore Pte. Ltd.’s subsidiary, Abaxx Exchange Pte. Ltd., has submitted a Notification of Impending Listing of Futures Contracts to the Monetary Authority of Singapore (MAS).

Highlights:

• Abaxx Exchange Pte. Ltd submitted innovative nickel sulphate futures contract specifications, which are subject to regulatory review and final approval.
• The initial Nickel Sulphate futures contract will include a new approach to the legacy warehouse structure of current base metals contracts.
• Abaxx developed the innovative futures product in close consultation with major global mining and metals trading companies, automotive and electric vehicle battery manufacturers, commodity market makers and financial institution market participants.
  

On August 17th, 2023 Abaxx Exchange Pte. Ltd. submitted a Notification of Impending Listing of Futures Contracts to the Monetary Authority of Singapore (MAS). The futures contract is designed to address the price discovery and risk management needs of battery metals-market participants trading nickel sulphate in addition to developing an innovative approach required for the delivery of the underlying nickel sulphate product. The submission is subject to regulatory review and an approval process required for all new products.

The energy transition to electrification requires the use of nickel sulphate to produce the requisite lithium-ion batteries. Global demand for nickel sulphate is projected to grow at a rapid 22% compound annual growth rate from 2020 to 2030 (Roskill 2020). Supplying the nickel sulphate necessary to meet this demand is expected to require high levels of investment, thus creating a unique opportunity for a well-functioning futures market, critical to discovering and hedging the price risk associated with these investments and unlocking the capital required.