REG - Technology Minerals - Business Update

Technology MineralsAnnouncement

08/09/2025 07:00

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RNS Number : 3046Y  Technology Minerals PLC  08 September 2025

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.

 

8 September 2025

 

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

Business Update

 

Technology Minerals Plc (LSE: TM1), the first UK listed company focused on
creating a sustainable circular economy for battery metals, is pleased to
provide the following business update ahead of its General Meeting to be held
later today.

 

Highlights:

·    Technology Minerals has identified potential multi-commodity targets
including rare earths at 100%-owned Cameroon project ("the TMC Project")

·    Recyclus Group ("Recyclus"), Technology Minerals' 48.35% owned
battery recycling business, achieved first monthly positive cash flow in July
2025, marking a key milestone in operational sustainability

·    Recyclus delivered substantial year-on-year revenue growth in
2024/2025, reflecting an expanding client base and commencement of sale of
black mass

 

Technology Minerals has reassessed its TMC Project licences and has identified
high-priority mineral targets for rare earth elements and is in discussions
with third party investors to jointly undertake field work to increase
shareholder value.

 

The Company has also identified prospective projects containing rare earth
elements and critical minerals from underutilised industrial by-products in
the UK and is evaluating processes for their economic recovery. This approach
aims to support environmental remediation, strengthen resilient domestic
supply chains, reduce reliance on imports, and transform legacy industrial
waste into a valuable national resource.

 

As global demand for rare earth minerals increases for sustainable
technologies like electric vehicles, the Company remains focussed on its
two-pronged strategy of incubating early-stage critical mineral projects
whilst developing recycling and mineral recovery solutions to drive the
circular economy for critical battery metals.

 

Technology Minerals has sold the majority of its shareholding in Critical
Metals Corp ("CRML"), received as consideration for the sale of its interest
in exploration licences in Leinster, Republic of Ireland, to generate
additional working capital and to meet the Company's obligations to
Convertible Loan Note holders.

 

Recyclus delivered substantial year-on-year revenue growth in 2024/2025 and
recorded its first month of positive cash flow in July 2025. This increase
reflected the continued ramp-up of production at its industrial-scale
lithium-ion ("Li-ion") battery recycling facility in Wolverhampton, driven by
new contracts placed by existing customers and an expanding client base
following a series of significant customer wins, including its largest ever
contract announced in April 2025.

 

In addition, Recyclus continued to refine its black mass generation process,
steadily increasing its throughput during the year and commenced generating
revenue from the sale of recycled black mass. From March to July 2025,
Recyclus completed delivery of a total of 202 tonnes of black mass to Europe
under its offtake agreement with Glencore plc. Recyclus has agreed to deliver
a minimum of 20 tonnes of black mass per month on an ongoing basis and is
currently running above 35 tonnes. Recyclus' management is evaluating the
installation of additional plant at the Wolverhampton facility to enhance the
separation of aluminium and copper, thereby increasing the potential value
recovered from product fractions.

 

As announced in July 2025, Recyclus, through its 100% owned subsidiary LiBatt
Recycling Ltd, entered a consortium with Mint Innovation, JLR and WMG,
University of Warwick to develop black mass separation capability in the UK.
The launch of Project COMET is a three-year initiative backed by a total
£8.1m investment, jointly funded by the Department for Business and Trade
through the Advanced Propulsion Centre UK and by the project partners
themselves.

 

Technology Minerals has supported Recyclus by loans until July 2024, after
which Recyclus has been self-funding, such loans being used to fund early
development, securing of operating licences, commercial production and growth
in operations. This has enabled Recyclus to be well positioned to meet the
growing demand for the recycling of lithium-ion batteries and the recovery of
black mass and other materials. Funding of £1.1 million secured by Recyclus
from Close Brothers Group plc ("Close Brothers") endorses its recycling
business and the prospect of strong cash flows as plant throughput
increases.

 

Recyclus' growing client base, from leading retailers to global automotive
OEMs and industrial groups, demonstrates the strength of its cradle-to-cradle
Li-ion battery recycling solution and its reputation in the sector.

 

Alex Stanbury, CEO of Technology Minerals, said: "We are encouraged by the
potential of the TMC Project, particularly given the growing strategic
importance of rare earth elements. Our priority is to fast-track fieldwork to
evaluate these opportunities, deepen our understanding of the prospect, and
unlock further value.

 

"Recyclus is well positioned to build on its excellent progress in increasing
production and generating revenues from the sale of black mass, which enabled
the company to reach its first monthly cash flow positive position in July
2025. The recently secured loan arrangement with Close Brothers strengthens
the financial stability of Recyclus, ensuring it can sustainably operate
without requiring additional support from Technology Minerals. With a strong
pipeline of opportunities, Recyclus is continuing to reinforce its leadership
position in the rapidly evolving industry for lithium-ion battery recycling."

 

Enquiries

 

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

 Alex Stanbury, Chief Executive Officer

 Oberon Investments Limited (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. 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  www.technologyminerals.co.uk
(http://www.technologyminerals.co.uk) .

 

Recyclus Group Ltd

 

Since July 2023, Recyclus Group has operated a national, industrial-scale
lithium-ion battery recycling service that supports the UK's transition to
carbon neutrality. The Group's commitment to cradle-to-cradle battery
recycling reduces reliance on the extraction of virgin materials, promotes a
circular economy for these metals within the UK, supports the advancement of
next-generation recycling technologies, and aligns with the UK's resilience
and critical minerals strategy.

 

With strategic backing from Technology Minerals, Recyclus plays a central role
in lithium-ion battery recycling and contributes significantly to the circular
economy for battery metals.

 

Further information on Recyclus Group is available
at https://www.recyclusgroup.com/ (https://www.recyclusgroup.com/)

 

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