Technology Minerals #TM1 – Update on Cameroon Licences/OEL SPA

Technology Minerals Plc (the “Company”) (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces the following update in respect of the OEL Share Purchase Agreement (“OEL SPA”) as referred to in the Company’s Prospectus:

By way of background, OEL’s wholly-owned subsidiary, Technology Minerals Cameroon Limited, applied for five exploration permits in Cameroon. As these were not granted prior to Admission, the purchase price and accordingly the issue of New Ordinary Shares to OEL Vendors were reduced by 20% until such time as all five permits are granted, provided that the date of grant was no later than 31st December 2021. Accordingly, the Directors reserved 84,000,000 ordinary shares in the Company to issue to the OEL Vendors providing the permits were granted no later than 31 December 2021.

The Company has now received copies of all permits concerned and has instructed Cameroon legal counsel to verify the validity of the permits.

The Directors of the Company accept responsibility for this announcement.

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