REG - Technology Minerals - AGM Statement

Technology MineralsAnnouncement

19/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231219:nRSS2779Xa&default-theme=true

RNS Number : 2779X  Technology Minerals PLC  19 December 2023

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

19 December 2023

 

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

AGM Statement

 

Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a
circular economy for battery metals, holds its Annual General Meeting ("AGM")
today. At the AGM later today, Robin Brundle, Executive Chairman, will provide
the following statement in relation to the Company's activities:

 

"It is my pleasure to Chair the Company's AGM today and to provide
shareholders with an update of activities. We continue to be delighted by the
excellent progress of your Company and Recyclus Group Ltd. ("Recyclus"), its
48.35% owned battery recycling business, over the last year, having achieved
several key milestones, notably permitting and commencement of commercial
production at the first lithium-ion ("Li-ion") plant and permitting at the
first lead acid recycling plant.

 

On 30 October 2023, we reported the progress of the proposed acquisition on
the remaining shares in Recyclus not held by the Company, and I am pleased to
say that the transaction is progressing well, and we expect to circulate the
prospectus for shareholder approval as planned in Q1 2024.

 

Recyclus is ramping up production at the UK's first industrial scale
lithium-ion ("Li-ion") battery recycling plant in Wolverhampton, with the
target to recycle 8,300 tonnes of Li-ion batteries in the first full year of
production, running on a single shift. The plan is to then scale up to three
shifts by 2025, enabling fulfilment of its 22,000-tonne licensed capacity. In
addition, Recyclus' lead acid battery recycling plant in Tipton is progressing
well through the commissioning phase, which is expected to be completed in Q1
2024.

 

With the commissioning phase completed at the end of September 2023 and the
commencement of commercial operations, revenues of some £372,000 have been
achieved to date this year from a mixture of gate fees on the acceptance of
Li-ion batteries for processing, from the sale of other recoveries such as
copper and aluminium, from lead acid battery recycled material and from the
battery shredder project.

 

A major revenue stream at the Li-ion facility is from the recycling and
recovery of black mass which contains metals critical for the transition to a
more sustainable economy and Recyclus has achieved up to the targeted 45% net
black mass yield. Black mass contains battery minerals such as lithium,
manganese, nickel, and cobalt that can be reprocessed and sold back into the
battery supply chain.

 

Currently the best market for black mass is international and for exportation,
a Transfrontier Shipment of Waste ("TFS") licence is required under government
regulations which can take up to 12 weeks to obtain. Recyclus is at advanced
stage discussions with several major organisations for long term offtake
arrangements, including for advance payments which would be repayable against
future black mass production. In the meantime, Recyclus is accumulating
inventory of black mass each month for shipment following receipt of TFS
permitting and suitable offtake agreements.

 

It was pleasing to receive the first orders of Recyclus' LiBatt boxes from
automotive retail group Waylands to store waste Li-ion batteries across its
Volvo retail network sites in Bristol, Reading and Oxford. The LiBatt boxes
are a market-leading solution for the safe storage and transportation of
Li-ion batteries and are available for use across all sectors including
automotive, portable devices and industrial. They provide a crucial logistics
solution to the rising demands for the safe storage and handling of end-of-
life Li-ion batteries.

 

Recyclus' status as a UK leader in the circular economy for batteries has been
reinforced through its position as a member of the government taskforce behind
the UK Battery Report issued last month. Recyclus will remain part of that
group to provide further insight and expertise, alongside other businesses and
stakeholders across UK industry groups, as the UK moves forward with its plans
to develop a sustainable battery industry.

 

I recently participated as a panellist to give evidence to the House of Lords
Environment and Climate Change Committee. The purpose was to provide insight
on how the UK can prepare and develop the necessary battery recycling capacity
required to effectively navigate the shift towards electric vehicles.
Alongside the UK Battery Report, this marks a significant step in an ongoing
collaboration, as Recyclus continues to be invited to contribute its industry
expertise to the UK Government's efforts.

 

We also continue to push forwards as a pioneer in battery recycling technology
and carry out our work with some of the brightest minds in the sector through
our collaborations with Warwick University and the University of Birmingham. A
recent example of this is Recyclus' receipt of a £1.96 million grant from the
UK Government's Innovate UK to create a mobile battery recycling truck capable
of safely handling any type of Li-ion battery, in respect of which we have
received the first quarter's cost reimbursement of £144,000 under the grant
arrangements. Recyclus will be further strengthening its team in line with its
growth ambitions to provide increased support and expertise under the
leadership of Group Managing Director, Jo Dennis.

 

In line with its expansion strategy, Recyclus has identified a target UK site
for its second Li-ion battery recycling plant, which will be the company's
third plant in total, and is in discussions with the relevant authorities to
accelerate the necessary permitting process.

 

Technology Minerals continues to progress its minerals exploration strategy
where we believe we have built a diverse portfolio of strategic battery
mineral projects, primarily located in the USA and Europe. Our aim is to
continue to increase the value of each project, while minimising costs by
working with partners who deploy their capital as required. We have already
entered into farm-in arrangements with mining companies that will fund
development and we will continue to do so if beneficial, creating additional
value in the portfolio and for shareholders in a capital light manner.

 

On behalf of the Board, I would like to thank the management team for their
commitment and hard work and our shareholders for their continued support. We
have been delighted with the progress in recent months, are excited by the
Company's prospects and look forward to 2024 with confidence."

 

Enquiries

 

 Technology Minerals Plc
 Robin Brundle, Executive Chairman             +44 (0)20 4582 3500

 Alexander Stanbury, Chief Executive Officer

 Oberon Investments Limited
 Nick Lovering, Adam Pollock                   +44 (0)20 3179 0535

 Gracechurch Group
 Harry Chathli, Alexis Gore, Rebecca Scott     +44 (0)20 4582 3500

 

Technology Minerals Plc

 

Technology Minerals is developing the UK's first listed, sustainable circular
economy for battery metals, using cutting-edge technology to recycle, recover,
and re-use battery technologies for a renewable energy future. Technology
Minerals is focused on raw material exploration required for Li-ion batteries,
whilst solving the ecological issue of spent Li-ion batteries, by recycling
them for re-use by battery manufacturers. Further information on Technology
Minerals is available at  https://www.technologyminerals.co.uk/
(https://www.technologyminerals.co.uk/) .   

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMNKCBQABDKKBD