REG - Technology Minerals - Update on Proposed Acquisition of Recyclus Group

Technology MineralsAnnouncement

24/09/2024 07:00

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RNS Number : 3295F  Technology Minerals PLC  24 September 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.

24 September 2024

 

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

Update on Proposed Acquisition of Recyclus Group

 

Further to the announcement on 4 July 2024, Technology Minerals Plc (LSE:
TM1), the UK's pioneering firm in establishing a circular economy for battery
metals, provides the following update regarding the proposed acquisition of
the remaining issued capital of its 48.35% owned battery recycling business,
Recyclus Group Ltd ("Recyclus").

 

Technology Minerals and Recyclus have agreed not to continue with the merger
of the two businesses at this time because of the reverse takeover
re-admission requirements of the London Stock Exchange and have decided to
revisit the process when circumstances permit, and the prevailing equity
market conditions are more favourable. In the meantime, the Company remains
focused on supporting Recyclus in its growth strategy. The Company does not
believe its share price reflects the value of its holding in Recyclus, and
that shareholders' interests are best served by not continuing with the merger
at this point.

 

The Company has recently announced Recyclus' increased commercial activity as
it continues ramping-up production at its first lithium-ion recycling plant.
Recyclus is also in advanced discussions with several new potential industry
and financial partners from the UK and global organisations to provide
additional financial flexibility to support its development plans.

 

Robin Brundle, Chairman of Technology Minerals, said: "Technology Minerals is
excited by the recent developments at Recyclus and fully supportive of its
growth plans and the potential for new partners alongside the Company. We
intend to revisit our merger strategy when market conditions improve and it is
beneficial to shareholders."

 

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

 

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
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/) .

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