REG - Technology Minerals - Black mass offtake agreement

Technology MineralsAnnouncement

17/12/2024 08:45

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RNS Number : 3895Q  Technology Minerals PLC  17 December 2024

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.

 

 

17 December 2024

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

Black mass offtake agreement

 

 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on
creating a sustainable circular economy for battery metals, is pleased to
announce that its 48.35% owned subsidiary Recyclus Group Ltd ("Recyclus") has
signed a black mass offtake agreement with Glencore plc ("Glencore"), one of
the world's largest globally diversified natural resource companies.

 

Under the terms of the agreement, Recyclus will sell its black mass, which is
produced at its industrial-scale lithium-ion ("Li-ion") facility in
Wolverhampton, to Glencore's European network and operations. The black mass
sales begin with a 100-tonne trial, after which commercial terms will be
revisited.

 

The agreement represents Recyclus' strategy to sell black mass to multiple key
geographical partners as it continues to build its inventory of the material
and demonstrates the company's global reach and growing reputation in this
specialised field. The partnership with Glencore provides Recyclus with access
to an additional market in a new locale, emphasising its internationally
focused strategy.

 

Black mass contains metals essential to battery production including lithium,
manganese, nickel and cobalt, which can be reprocessed and sold back into the
manufacturing supply chain. Recyclus' proprietary solution for end-of-life
batteries into black mass has achieved a significant recycling rate.

 

The agreement with Glencore follows Recyclus' previous agreement with LOHUM,
India's leading producer of sustainable energy transition metals. The
commencement of the sale of black mass under the agreement with LOHUM has been
subject to delays in progressing regulatory clearances between the respective
UK and Indian governments. Glencore offers a more immediately accessible
market for the sale of black mass into the European market.

 

Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said:
"This marks another key milestone in our mission to return the critical
minerals needed to power a sustainable transition to the battery supply chain.
As the second agreement of this nature with an international partner, the deal
is a strong endorsement for our battery recycling processes and demonstrates
the demand for black mass.  Commercial traction for our recycling solutions
continues to increase, and the agreement further underscores our potential to
build international trading partners as the world shifts to electrification."

 

 

 

 

Enquiries

 

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

 Alex Stanbury, Chief Executive Officer

 Oberon Capital (Broker)
 Nick Lovering, Adam Pollock                +44 (0)20 3179 0500

 Gracechurch Group (Financial PR)
 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. The Company
currently holds 48.35% of the issued share capital of Recyclus Group Ltd, the
UK's first industrial scale recycler of both lithium-ion and lead acid
batteries.

 

Technology Minerals is focused on raw material exploration required for
lithium-ion batteries, whilst solving the ecological issue of spent
lithium-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/)
.

 

Recyclus Group Ltd

 

The demand for the raw materials used in battery manufacturing is anticipated
to increase substantially. Recyclus Group provides a national recycling
initiative that supports the transition to carbon neutrality. Recyclus Group's
battery recycling capacity will prove essential in the shift from fossil fuels
to electric transportation. Through its strategic support from Technology
Minerals, Recyclus is an integral component to the recycling of lithium-ion
and lead acid batteries and is a significant contributor towards the circular
economy for battery metals. Further information on Recyclus Group is available
at https://www.recyclusgroup.com/ (https://www.recyclusgroup.com/) .

 

About Glencore PLC

 

Glencore is one of the world's largest global diversified natural resource
companies and a major producer and marketer of more than 60 commodities that
advance everyday life. Through a network of assets, customers and suppliers
that spans the globe, we produce, process, recycle, source, market and
distribute the commodities that support decarbonisation while meeting the
energy needs of today.

 

With over 150,000 employees and contractors and a strong footprint in over 35
countries in both established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global network of more
than 50 offices.

 

Glencore's customers are industrial consumers, such as those in the
automotive, steel, power generation, battery manufacturing and oil sectors. We
also provide financing, logistics and other services to producers and
consumers of commodities.

 

Glencore is proud to be a member of the Voluntary Principles on Security and
Human Rights and the International Council on Mining and Metals. We are an
active participant in the Extractive Industries Transparency Initiative.

 

We will support the global effort to achieve the goals of the Paris Agreement
through our efforts to decarbonise our own operational footprint. We believe
that we should take a holistic approach and have considered our commitment
through the lens of our global industrial emissions. For more information see
our 2024-2026 Climate Action Transition Plan and the About our emissions
calculation and reporting section in our 2023 Annual Report, available on our
website at glencore.com/publications.

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