TIDMTM1
RNS Number : 2779X
Technology Minerals PLC
19 December 2023
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 GBP 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 GBP1.96 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 GBP144,000 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
Robin Brundle, Executive Chairman
Alexander Stanbury, Chief Executive
Officer +44 (0) 20 4582 3500
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Oberon Investments Limited
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Nick Lovering, Adam Pollock +44 (0)20 3179 0535
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Gracechurch Group
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Harry Chathli, Alexis Gore, Rebecca
Scott +44 (0)20 4582 3500
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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/ .
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END
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