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. 

1 April 2026

Technology Minerals Plc

("Technology Minerals" the "Group" or the "Company") 

Interim Results

Technology Minerals Plc (LSE: TM1), the first UK listed company focused on creating resource and manufacturing resilience through a sustainable circular economy for battery metals and other critical resources, is pleased to announce its results for the six months to 31 December 2025.

HIGHLIGHTS

Technology Minerals

·   Identified potential multi-commodity targets, including rare earths, at its 100%-owned Cameroon project ("the TMC Project")

·   Progressed with evaluation of opportunities to recover rare earth elements and critical minerals from underutilised industrial by-products in the UK

·   Strengthened strategic positioning through proposed Board appointments, supporting the evaluation of additional operational verticals aligned with national resilience, secure supply chains and critical infrastructure requirements

Recyclus Group Ltd ("Recyclus"), 48.35% Technology Minerals owned subsidiary company

·    Delivered a period of commercial and operational progress, with significant increase in production and scale up of operations

·    Achieved strong revenue growth, reflecting accelerating market traction

·    Recorded first month of positive cash flow in July and August 2025, marking a key financial milestone

·    Closed the calendar year with record revenues in December 2025, delivering the highest monthly revenue and the largest number of contract wins

·    Black mass offtake agreement with Glencore plc ("Glencore") continues to perform strongly, with volumes currently exceeding the contracted 20 tonnes per month commitment

·    100% owned subsidiary, LiBatt recycling Ltd, joined consortium with Jaguar Land Rover ("JLR"), Mint Innovation and WMG, University of Warwick ("WMG"), supported by funding from the Department for Business and Trade ("DBT"), to accelerate UK lithium-ion ("Li-ion") battery recycling innovation. 50% of the £8.1m funding is funded by Department for Business and Trade ("DBT")

·    Secured £1.1 million loan agreement with Close Brothers enabling it to operate without additional support from Technology Minerals

Post Period End

·    15 January 2026: announced the intention to strengthen the Board with the appointments of Nick Bridle and Mick Cataldo as Non-Executive Directors, with formal confirmations expected imminently.  Appointments form a key part of the Company's strategy to evaluate and develop additional operational verticals aligned with national resilience priorities, including defence, security and broader industrial supply chains

·    4 March 2026: Raised £350,000 before expenses through the issue of 350 million ordinary shares at a price of £0.001 per share and, subject to the necessary shareholder consents, the intended issuance of 350 million warrants, exercisable at a price of £0.001 per share from investors including Nick Bridle and Mick Cataldo

·    5 March 2026: Agreed amended terms for the inter-company loan with Recyclus, securing board representation, security and interest for Technology Minerals

·    10 March 2026: Updated the conditional settlement with existing CLN holders, originally agreed on 15 January 2025, that will enable a material positive adjustment to the Company's balance sheet

·    10 March 2026: Recyclus launched a crowdfunding campaign on Crowdcube Capital Limited ("Crowdcube"), with a pre-money valuation of £30 million, supporting investment in additional plant equipment and scaling up of operations

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: "Technology Minerals continues to advance its exploration portfolio while engaging with potential partners to support the progression of these assets and unlock value. It has been a period of excellent operational and commercial progress at Recyclus, reflected in the increased production, revenue growth, and the achievement of key financial milestones, including the first months of positive cash flow and record revenues in the month of December.

"With a growing network of customers and partnerships and a strengthened position within the UK battery supply chain, we are well positioned to capitalise on increasing demand for domestically sourced critical materials, while continuing to expand our exploration efforts.

"The incoming Board appointments materially strengthen our strategic capability as we evaluate additional operational verticals aligned with national resilience priorities. With increasing geopolitical and supply chain volatility, the secure supply of critical materials and supporting infrastructure is becoming an area of growing strategic importance. The Board believes the Company is well positioned to expand its role within this evolving landscape, while remaining focused on disciplined execution and long-term value creation for shareholders."

Update on Temporary Suspension of Trading

The Company's listing had been temporarily suspended pending publication of the Annual Report and Accounts. Once the Annual Report and Accounts have been tagged and converted to XHTML format with Inline XBRL mark up, as specified in the UK Transparency Directive Regulation and DTR 4.1, they will be uploaded to the National Storage Mechanism, following which, the Company will apply for the restoration of the listing of its shares.

Enquiries

About 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.

INTERIM MANAGEMENT REPORT

Overview

During the period, the Company delivered commercial and operational progress, continuing to execute its strategy of developing a circular economy for critical battery metals through mineral exploration and Li-ion battery recycling while positioning the business within the broader context of increasing demand for secure and resilient supply chains.

Ongoing exploration work continued to identify high-potential targets within the Company's existing portfolio, while a strengthened Board will position the Company to expand its capabilities, evaluate adjacent operational verticals and pursue additional value-creating opportunities aligned with evolving national and industrial priorities. At Recyclus, activities scaled significantly, driving increased production and significant revenue growth, reflecting accelerating market traction. Recyclus achieved important financial milestones, including its first months of positive cash flow and record monthly revenues towards the end of the year, supported by customer demand and contract wins. 

Operating Review

Exploration for critical minerals

The Company has reassessed its TMC Project licenses and has identified high-priority potential multi-commodity targets including rare earths at its 100%-owned TMC Project in Cameroon. The Company is in discussions with potential partners to support future fieldwork programmes aimed at advancing these assets and supporting future value realisation for shareholders.

In addition, Technology Minerals has identified prospective projects for the recovery of rare earth elements and critical minerals from underutilised industrial by-products in the UK. The economic viability of these opportunities is under evaluation. This approach augments its exploration strategy to strengthen resilience of domestic supply chains, reduce reliance on imported materials and support environmental remediation by transforming legacy industrial waste into a valuable natural resource.

Li-ion battery recycling building commercial traction

The period has been one of operational and commercial momentum for Recyclus, reflecting the continued scaling of its recycling activities and increasing market demand. Recyclus achieved its first profitable months in July and August 2025, representing a milestone in its development and demonstrating the progress made towards sustainable operations. The momentum continued towards the end of the year with December 2025 representing its strongest month in terms of revenue in 2025. This positive momentum was achieved despite a temporary interruption to feedstock supply from a key customer, due to factors unrelated to Recyclus, which has now been resolved. The performance reflects increasing demand and a growing base of both new and recurring customers.

Recyclus continues to optimise and refine its black mass generation process, steadily increasing its throughput during the year generating revenue from the sale of black mass. The offtake agreement with Glencore performed strongly following an initial 100-tonne trial and agreement to deliver a minimum of 20 tonnes of black mass per month on an ongoing basis, with current production volumes exceeding this amount. The agreement with Glencore reflects both operational progress and strength of demand for recycled battery materials.

Further strengthening its position within the UK battery recycling ecosystem, LiBatt Recycling Ltd joined a consortium with Mint Innovation, JLR and WMG, to accelerate the UK Li-ion battery recycling solution under the launch of UK Government backed Project COMET. Supported by funding from the Department of Business and Trade, the project aims to prove Mint's low-carbon, hydrometallurgical black mass refining technology at demonstration scale, producing recycled lithium, nickel and cobalt to support UK's onshore circular battery supply chain for EVs.

Board changes

The Company announced that Nick Bridle and Mick Cataldo will join the Board as Non-Executive Directors, with their appointments expected to be confirmed imminently. Their appointments will materially strengthen the Board's capability as the Company evaluates its next phase of growth, including the development of additional operational verticals.

Both bring extensive experience across Defence, National Security and complex operational systems, alongside established networks across government, industry and capital. This expertise supports the Company's ability to assess and pursue opportunities aligned with sovereign resilience priorities and the secure supply of critical materials and associated infrastructure. These appointments form part of a broader strategic review of opportunities to expand the Company's role within resilient industrial supply chains.

Financial Review

As discussed in the Group's Annual Report at 30 June 2025, the Group now consolidates Recyclus and has restated the comparatives for prior years. For the 6-month period to 31 December 2025, the Group made a loss of £1.6 million (H1 2024: £1.7 million loss as restated). Revenues from Recyclus in the 6-month period to 31 December 2025 were £1.5 million (2024: 0.7 million). In the 6-month period to 31 December 2025, Recyclus secured a £1.1 million loan facility from Close Brothers to support its operations.

Post Period

In March 2026, the Company completed a £350,000 fundraise through the issue of 350,000,000 new Ordinary shares at a price of 0.1 pence each, following the receipt of irrevocable commitments announced on 15 January 2026. Each Ordinary share has a warrant attached at an exercise price of 0.1 pence per share, which will be issued subject to the approval of the necessary authorities by shareholders.

The Company also entered into a binding letter of intent with Recyclus in relation to a new loan agreement, which replaces the previous loan agreement between the parties, dated February 2022. Technology Minerals provided early-stage funding to Recyclus up to July 2024 to support development, permitting, and the transition to commercial operations. The new agreement secures board representation, security and interest for Technology Minerals.

Recyclus launched a crowdfunding campaign with Crowdcube in March 2026, at a pre-money valuation of £30m. The funds raised will be used to purchase additional plant equipment designed to improve productivity and utilisation, optimise recycled material outputs and increase the value derived from each tonne processed.

In addition, the Company agreed settlement terms with Jonathan Swann ("JS") and Atlas Special Opportunities II, LLC ("Atlas") in respect of their convertible instruments that will enable a material positive adjustment to the Company's balance sheet. This funding supports the Company's near-term operational requirements while providing a platform for further strategic development.

Risks

The Board is encouraged by the solid progress achieved across the Group's exploration portfolio and recycling operations at Recyclus while remaining mindful of the evolving macroeconomic and geopolitical environment in which the Group operates. The Company has an established process for the identification and management of risk, working within the governance framework. Ultimately, the management of risk is the responsibility of the Board of Directors, working through the business leadership team. For further detail please refer to the general risks laid out in the Annual Report.

Outlook

The Group enters the second half of the year with operational momentum. Technology Minerals continues to advance its exploration portfolio and is engaging with potential partners to support the progression of these assets, with the aim of unlocking value in the portfolio and supporting the development of a more resilient domestic supply chain for critical materials.

The continued scale-up of operations and commercial progress resulted in strong revenue growth at Recyclus in the first half. Management expects continued growth, reinforced by increased operational efficiencies as the benefits of new plant equipment increase utilisation rates and optimise the value extracted per tonne of processed material supporting improved operational leverage as the business continues to scale.

With a growing network of partnerships across industry and academia, Recyclus remains well positioned within the rapidly evolving UK battery supply chain, operating the UK's first industrial scale Li-ion battery recycling facility.

The proposed appointments of Nick Bridle and Mick Cataldo materially strengthen the Company's strategic capability. Both are already working alongside the Board to evaluate additional operational verticals and opportunities that can enhance the Company's long-term growth strategy. Their combined experience across defence, national security, infrastructure and complex operational systems, together with established networks across government, industry and capital, supports the Company's ability to identify and progress opportunities aligned with national resilience priorities, including the secure supply of critical materials and associated infrastructure.

As global demand for critical materials continues to increase, driven by electrification, industrial transformation and evolving geopolitical dynamics, the importance of secure, domestic supply chains is becoming more pronounced. The ability to recover and process such materials within the UK provides a strategic advantage, reducing reliance on imports and enhancing national resilience. The Board believes the Group is well positioned to capitalise on these trends, while maintaining a disciplined approach to execution and capital allocation.

Responsibility Statement

The Directors confirm that to the best of their knowledge:

(a)       the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b)       the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c)       the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Mr Alexander Stanbury

Chief Executive Officer

1 April 2026

Condensed Consolidated Statement of Comprehensive Income

for the six-months ended 31 December 2025

Condensed Consolidated Statement of Financial Position

As at 31 December 2025