Technology Minerals #TM1 – Interim Results

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce its results for the six months to 31 December 2021. 

Highlights

·      Raised £1.5 million before expenses from admission to the London Stock Exchange in November 2021, which followed a pre-IPO fundraise that raised approximately £5 million

·      Recyclus Group (“Recyclus”), a 49% Technology Minerals owned company, partnered with Slicker Recycling Limited (“Slicker Recycling”), whereby Slicker Recycling will collect battery waste from around the UK and transport it to the closest Recyclus plant

·      Recyclus agreed an engineering development partnership (EngD) with WMG at the University of Warwick, a leading academic group providing research, education and knowledge transfer in engineering, management, manufacturing and technology

Post Period

·      Recyclus opened first recycling site in Tipton in January 2022 – new facility will help provide national capability for lead-acid battery recycling and commissioning of the plant is going well.

·      In January 2022, Recyclus opened first laboratory suite at its new battery processing facility in Wolverhampton, UK, to carry out in-house testing for both lead acid and lithium-ion (“Li-ion”) battery recycling processes

·      In February, received encouraging set of results from sampling survey at the Oacoma Project, which confirmed the presence of manganese and rare earth oxides (“REO”)

·      Received positive initial results from a due diligence sampling survey at the Asturmet Copper-Cobalt-Nickel (“Cu-Co-Ni”) Project in Asturias, NW Spain

·      In March, acquired Blackbird Creek Property (Idaho, USA), a project covering 1,285 hectares within the Idaho Cobalt Belt, with potential to host significant Cu-Co deposits

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “It has been a great six months for the development of Technology Minerals.  We successfully listed on the London Stock Exchange in November and raised capital to accelerate our development plans and pursue our growth strategy to create a circular economy for battery metals.

“Our aim is to build ten battery recycling plants within six years in the UK, with the first two coming online in the second half of this year.  Through our innovative technology, for the first time in the UK, there will be the capability to recycle Lithium-ion batteries on an industrial scale. Alongside the battery recycling business, our exploration assets are focused on the extraction of key battery metals with a strategy to bring early-stage projects up the value curve in a capital light manner and attract partners to fund their development. 

“Between battery recycling and the extraction of metals, we aim to cover the entire mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel, and manganese. Technology Minerals is in prime position to take advantage of the global swing to electrification as electric vehicles replace the internal combustion engine and the pressing necessity for battery metals heightens.  We are providing a solution to a critical need in the global transition to a more sustainable, green economy.”

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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 extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the Group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk 

Link here for full management reports and financial statements