Update on Holding in Recyclus Group Limited

Technology Minerals PLC

13 February 2024

 

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. 

13 February 2024

Technology Minerals Plc 

("Technology Minerals" or the "Company") 

Strategic Update on Holding in Recyclus Group Limited

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to provide the following update regarding the Reverse Takeover by its 48.35% subsidiary, Recyclus Group Ltd ("Recyclus").

Update on acquisition of remaining issued capital of Recyclus (the "Proposed Acquisition")

On 19 October 2022, Technology Minerals announced that it had signed binding Heads of Terms to acquire the remaining issued share capital of Recyclus.

As stated at the AGM in December 2023, the transaction continues to progress well, with the expectation remaining that the Company will circulate the prospectus for shareholder approval as previously planned in Q1 2024.

The acquisition will be finalised on terms that are materially similar to those outlined in the Company's announcement on 19 October 2022.

Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said: "We are pleased to see our proposed RTO progressing as planned. The business is making significant progress on several fronts, in line with management's expectations. The Board considers 2024 to be a pivotal year for the Recyclus business as it reaches the inflection point in its development from which it is expected to accelerate its growth by benefitting from its first mover advantage in the provision of industrial-scale lithium-ion battery recycling."

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	c/o [phone]
Oberon Investments Limited
Nick Lovering, Adam Pollock	[phone]
Gracechurch Group
Harry Chathli, Alexis Gore, Rebecca Scott	[phone]

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. The Company currently holds 48.35% of the issued share capital of Recyclus Group Ltd, the UK's first industrial-scale recycler of both lithium-ion and lead batteries.

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.   

Recyclus Group Ltd  

The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group's battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of Li-ion and lead acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com.

 

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