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. 

6 May 2022

Technology Minerals Plc

("Technology Minerals" or the "Company") 

Memorandum of Understanding re:

Proposed Sale of 10% Interest in US Cobalt/Copper Properties for £900,000

Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has signed a Memorandum of Understanding ("MOU") for the Proposed Sale ("Proposed Sale") of an initial 10 per cent interest in the Company's registered claims in its wholly owned US cobalt/copper projects; the Blackbird Creek Project and Emperium Project (collectively "the Properties"), Lemhi County, Idaho, United States of America, to Bluebird Metals LLC ("Bluebird" or "the Buyer") for a cash consideration of £900,000. The MOU is legally binding in certain material respects.

Background: Blackbird and Emperium Projects

The Blackbird Creek Project is located within the Idaho Cobalt Belt ("ICB"), a 60 km long metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted in the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions.

The Emperium Project covers approximately 55km² in east-central Idaho, making it one of the largest land positions in the Idaho Cobalt Belt. To date, there has been limited exploration conducted on the property in the form of lithogeochemical (rock) sampling, and satellite image interpretation.

Technology Minerals registered claims in the Properties comprise:

·      158 registered claims comprising approximately 3,175 acres, all located at the Blackbird Creek Property; and

·      694 registered claims comprising approximately 13,720 acres all located in the Emperium Project, Lemhi County, Idaho, United States of America.

The MOU also includes a proposed option for the Buyer to acquire a further 20 per cent interest in the Properties for a further cash consideration of £1.8m. The option will be exercisable within a 6-month period from the date of the signing of the detailed Purchase Agreement regarding the Proposed Sale.

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: "The proposed sale of a minority interest in our US projects is in line with our group strategy to progressively deliver value from our portfolio of junior mining assets. The Blackbird Creek and Emperium Projects form part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the Company for our shareholders."

Related Party transaction

The Proposed Sale and grant of option are deemed to be related party transactions for the purposes of DTR 7.3 as Chang Oh Turkmani, a beneficial owner of the Buyer, is also a Non-Executive Director of Technology Minerals Plc and beneficial owner of 55,555,556 ordinary shares amounting to 4.37% of the issued shares in the Company.

The Directors of the Company accept responsibility for this announcement.

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Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.  Forward-looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.