REG - Technology Minerals - Update on Holding in Recyclus Group Limited

Technology MineralsAnnouncement

13/02/2024 07:00

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RNS Number : 8886C  Technology Minerals PLC  13 February 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
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now considered to be in the public domain.

 

13 February 2024

 

Technology Minerals Plc

("Technology Minerals" or the "Company")

 

Strategic Update on Holding in Recyclus Group Limited

 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on
creating a sustainable circular economy for battery metals, is pleased to
provide the following update regarding the Reverse Takeover by its 48.35%
subsidiary, Recyclus Group Ltd ("Recyclus").

 

Update on acquisition of remaining issued capital of Recyclus (the "Proposed
Acquisition")

On 19 October 2022, Technology Minerals announced that it had signed binding
Heads of Terms to acquire the remaining issued share capital of Recyclus.

 

As stated at the AGM in December 2023, the transaction continues to progress
well, with the expectation remaining that the Company will circulate the
prospectus for shareholder approval as previously planned in Q1 2024.

 

The acquisition will be finalised on terms that are materially similar to
those outlined in the Company's announcement on 19 October 2022.

 

Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said:
"We are pleased to see our proposed RTO progressing as planned. The business
is making significant progress on several fronts, in line with management's
expectations. The Board considers 2024 to be a pivotal year for the Recyclus
business as it reaches the inflection point in its development from which it
is expected to accelerate its growth by benefitting from its first mover
advantage in the provision of industrial-scale lithium-ion battery recycling."

 

Enquiries

 

 Technology Minerals Plc
 Robin Brundle, Executive Chairman             c/o +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. 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 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) .   

 

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 Li-ion and
lead acid batteries and is a significant contributor towards the circular
economy of battery metals. Further information on Recyclus Group is available
at www.recyclusgroup.com (http://www.recyclusgroup.com/) .

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