Technology Minerals Posts Full Year Results as Recyclus Hits Key Milestones and Expands UK Battery Recycling Footprint

Separately, Technology Minerals agreed new terms on its inter‑company loan to Recyclus: a seven‑year, second‑ranking secured loan with a stepped interest rate and a £0.5 million early repayment discount if cleared within three years. TM1 also gains the right to appoint a Recyclus board director.

Reality check: auditors included a material uncertainty relating to going concern. Execution of the planned placing and completion of the CLN settlements are key near‑term catalysts.

Exploration portfolio: more focus, lower spend, selective exits

• Leinster Lithium sold to European Lithium, consideration settled in Critical Metals Corp shares. TM1 has since sold most of its holding; at 30 June 2025 it held 72,585 CRML shares valued at £189,000.
• Cameroon: 14 new high‑priority targets identified across 2,456 km², including rare earths, uranium, gold, copper, lithium, niobium, tantalum and rutile. Field programmes are being advanced to define drill‑ready targets.
• Spain (Asturmet): historical high‑grade copper, cobalt and nickel sampling underpins the case for drilling.
• USA (Idaho): 70% sell‑down during the year led to the £7.0 million loss; post year end the partner, Bluebird Metals LLC, increased its interest to 90%.

Opinion: the portfolio strategy is consistent with an incubator model – progress early, sell or partner, and recycle capital. The Irish exit shows it can be done, albeit Idaho was value destructive this year.

Accounting changes and listing status

Following a limited scope review by the FRC’s Corporate Reporting Review Team, TM1 has restated prior years and now consolidates Recyclus as a subsidiary, despite holding 48.35%. That changes presentation, not ownership, and brings Recyclus’ results and debt into Group numbers.

The Company’s listing was temporarily suspended pending publication of the Annual Report and Accounts. With the report now out, once tagged to the National Storage Mechanism, TM1 will apply for restoration of trading.

Board and strategy additions

TM1 plans to appoint Nick Bridle and Mick Cataldo as non‑executive directors (subject to due diligence). Both bring defence and national security experience, dovetailing with the Company’s push into circular‑economy solutions for strategic resilience.

What to watch next

• Readmission of the shares following filing to the National Storage Mechanism.
• Completion of the prospectus placing and the Swann/Atlas settlements.
• Recyclus throughput and margin progression, including sustained shipments above the 20 tpm black mass threshold.
• Any installation of additional plant at Wolverhampton to enhance aluminium and copper separation.
• Further LiBox orders and scale‑up of the lithium thionyl chloride recycling process.
• On‑ground work in Cameroon and a drilling decision in Spain.

My take: promise building at Recyclus, funding still the swing factor

This is a classic two‑track story. The recycling arm is increasingly commercial, signed to Glencore for offtake, winning brand‑name customers, and it posted its first month of positive cash flow. That is the operational momentum investors wanted to see.

On the other track, the Group’s balance sheet needs the planned placing and CLN settlements to land cleanly. Cash at year end was £0.1 million, borrowings are short‑dated, and auditors flagged going concern. Dilution risk remains, but so does the chance to simplify the capital structure and let Recyclus scale with less friction.

Net‑net: if the financing completes and Recyclus keeps compounding volumes and contracts, the equity case improves. Miss the funding milestones, and the pressure ratchets up. For now, I’d keep eyes on readmission, the placing timetable, and monthly throughput updates from Wolverhampton.