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. 

19 December 2023

Technology Minerals Plc 

("Technology Minerals" or the "Company") 

AGM Statement

Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, holds its Annual General Meeting ("AGM") today. At the AGM later today, Robin Brundle, Executive Chairman, will provide the following statement in relation to the Company's activities:

"It is my pleasure to Chair the Company's AGM today and to provide shareholders with an update of activities. We continue to be delighted by the excellent progress of your Company and Recyclus Group Ltd. ("Recyclus"), its 48.35% owned battery recycling business, over the last year, having achieved several key milestones, notably permitting and commencement of commercial production at the first lithium-ion ("Li-ion") plant and permitting at the first lead acid recycling plant.

On 30 October 2023, we reported the progress of the proposed acquisition on the remaining shares in Recyclus not held by the Company, and I am pleased to say that the transaction is progressing well, and we expect to circulate the prospectus for shareholder approval as planned in Q1 2024.

Recyclus is ramping up production at the UK's first industrial scale lithium-ion ("Li-ion") battery recycling plant in Wolverhampton, with the target to recycle 8,300 tonnes of Li-ion batteries in the first full year of production, running on a single shift. The plan is to then scale up to three shifts by 2025, enabling fulfilment of its 22,000-tonne licensed capacity. In addition, Recyclus' lead acid battery recycling plant in Tipton is progressing well through the commissioning phase, which is expected to be completed in Q1 2024.

With the commissioning phase completed at the end of September 2023 and the commencement of commercial operations, revenues of some £372,000 have been achieved to date this year from a mixture of gate fees on the acceptance of Li-ion batteries for processing, from the sale of other recoveries such as copper and aluminium, from lead acid battery recycled material and from the battery shredder project.

A major revenue stream at the Li-ion facility is from the recycling and recovery of black mass which contains metals critical for the transition to a more sustainable economy and Recyclus has achieved up to the targeted 45% net black mass yield. Black mass contains battery minerals such as lithium, manganese, nickel, and cobalt that can be reprocessed and sold back into the battery supply chain.

Currently the best market for black mass is international and for exportation, a Transfrontier Shipment of Waste ("TFS") licence is required under government regulations which can take up to 12 weeks to obtain. Recyclus is at advanced stage discussions with several major organisations for long term offtake arrangements, including for advance payments which would be repayable against future black mass production. In the meantime, Recyclus is accumulating inventory of black mass each month for shipment following receipt of TFS permitting and suitable offtake agreements.

It was pleasing to receive the first orders of Recyclus' LiBatt boxes from automotive retail group Waylands to store waste Li-ion batteries across its Volvo retail network sites in Bristol, Reading and Oxford. The LiBatt boxes are a market-leading solution for the safe storage and transportation of Li-ion batteries and are available for use across all sectors including automotive, portable devices and industrial. They provide a crucial logistics solution to the rising demands for the safe storage and handling of end-of- life Li-ion batteries.

Recyclus' status as a UK leader in the circular economy for batteries has been reinforced through its position as a member of the government taskforce behind the UK Battery Report issued last month. Recyclus will remain part of that group to provide further insight and expertise, alongside other businesses and stakeholders across UK industry groups, as the UK moves forward with its plans to develop a sustainable battery industry.

I recently participated as a panellist to give evidence to the House of Lords Environment and Climate Change Committee. The purpose was to provide insight on how the UK can prepare and develop the necessary battery recycling capacity required to effectively navigate the shift towards electric vehicles. Alongside the UK Battery Report, this marks a significant step in an ongoing collaboration, as Recyclus continues to be invited to contribute its industry expertise to the UK Government's efforts.

We also continue to push forwards as a pioneer in battery recycling technology and carry out our work with some of the brightest minds in the sector through our collaborations with Warwick University and the University of Birmingham. A recent example of this is Recyclus' receipt of a £1.96 million grant from the UK Government's Innovate UK to create a mobile battery recycling truck capable of safely handling any type of Li-ion battery, in respect of which we have received the first quarter's cost reimbursement of £144,000 under the grant arrangements. Recyclus will be further strengthening its team in line with its growth ambitions to provide increased support and expertise under the leadership of Group Managing Director, Jo Dennis.

In line with its expansion strategy, Recyclus has identified a target UK site for its second Li-ion battery recycling plant, which will be the company's third plant in total, and is in discussions with the relevant authorities to accelerate the necessary permitting process.

Technology Minerals continues to progress its minerals exploration strategy where we believe we have built a diverse portfolio of strategic battery mineral projects, primarily located in the USA and Europe. Our aim is to continue to increase the value of each project, while minimising costs by working with partners who deploy their capital as required. We have already entered into farm-in arrangements with mining companies that will fund development and we will continue to do so if beneficial, creating additional value in the portfolio and for shareholders in a capital light manner.

On behalf of the Board, I would like to thank the management team for their commitment and hard work and our shareholders for their continued support. We have been delighted with the progress in recent months, are excited by the Company's prospects and look forward to 2024 with confidence."

Enquiries

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  https://www.technologyminerals.co.uk/.