REG - Technology Minerals - Completed Sale of LRH to European Lithium

Technology MineralsAnnouncement

26/11/2024 07:00

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RNS Number : 5911N  Technology Minerals PLC  26 November 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.

 

26 November 2024

 

Technology Minerals Plc

("Technology Minerals" or the "Company")

 

Completed Sale of LRH Resources to European Lithium

 

Further to the announcement on 22 April 2024, Technology Minerals Plc (LSE:
TM1), the UK's pioneering firm in establishing a circular economy for battery
metals, is pleased to announce it has completed the sale of its interest in
exploration licences in Leinster, Republic of Ireland, to European Lithium
Limited (ASX: EUR, FRA: PF8, OTC: EULIF) ("European Lithium") (the
"Transaction").

 

The Transaction is effected by the sale of 100% of the issued share capital of
LRH Resources Limited ("LRH") held by the Company to European Lithium. The
Transaction is to be settled through the transfer to Technology Minerals of
1,371,742 shares held by European Lithium in Critical Metals Corp (Nasdaq:
CRML) ("CRML"), a leading mining company focused on mining critical metals and
minerals, calculated at 90% of the closing market price of the shares on the
day before the signing of the Heads of Agreement as announced on 22 April 2024
(the "Consideration Shares"), such shares valued at US$10 million at that
date. 137,174 of the Consideration Shares will be transferred by the Company
to Chang Turkmani a director of the Company, under an Introducer's Commission
Agreement. The Consideration Shares will be locked in and held in escrow until
28 February 2025.

 

As a result of the Transaction, Technology Minerals and Global Battery Metals
Ltd ("GBML"), the Company's joint venture partner in the Leinster project,
reached a Settlement Agreement to terminate the joint venture in exchange for
an aggregate of 284,362 of the Consideration Shares to be delivered by
Technology Minerals to GBML. In addition, GBML's outstanding exploration
expenditures in the amount of €377,327.29 will be settled in Consideration
Shares issued to the creditors. The Settlement Agreement remains subject to
TSX-V approval and approval by GBML shareholders at an annual and special
meeting of shareholders to be held in January 2025.

 

Update on publication of the Annual Report and Accounts

 

On 1 November 2024 the Company announced a delay in publication of the
Company's annual report and accounts for the year ended 30 June 2024 (the
"Accounts"). The Company expects the Accounts to be filed very shortly.

 

Alex Stanbury, CEO of Technology Minerals, said: "We are pleased to have
completed the sale of our Leinster Lithium Project licenses in Ireland. This
agreement follows our strategy to advance early-stage projects up the value
curve and attract partners or buyers of our assets to bring additional value
to the Company."

 

Enquiries

 

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

 Alexander Stanbury, Chief Executive Officer

 Oberon Investments Limited (Brokers)
 Nick Lovering, Adam Pollock                   +44 (0)20 3179 5300

 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 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) .   

 

 

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