Technology Minerals H1: Revenue Up, Recycling Momentum Building, and Funding Steps Mapped
Technology Minerals (LSE: TM1) has published interim results for the six months to 31 December 2025. The headline: revenue growth driven by subsidiary Recyclus, first months of positive cash flow at the recycling unit, and a raft of post-period funding and governance moves aimed at shoring up the balance sheet and accelerating scale.
There is also strategic progress on exploration – notably potential rare earth targets in Cameroon – and a deeper push into recovering critical minerals from UK industrial by-products.
Key numbers from the half-year to 31 December 2025
| Metric | H1 FY to 31 Dec 2025 | H1 FY to 31 Dec 2024 (restated) |
|---|---|---|
| Revenue | £1.499 million | £0.695 million |
| Gross profit | £1.319 million | £0.487 million |
| Administrative expenses | £2.435 million | £2.257 million |
| Operating loss | £1.116 million | £1.770 million |
| Loss before tax (continuing) | £1.802 million | £1.640 million |
| Loss for the period | £1.585 million | £1.655 million |
| Earnings per share | (0.05)p | (0.06)p |
| Total assets | £12.166 million | £20.986 million |
| Total liabilities | £14.154 million | £10.414 million |
| Net (liabilities)/assets | £(1.988) million | £10.572 million |
| Cash and cash equivalents | £26,000 | £24,000 |
| Total borrowings | £7.813 million | £4.935 million |
| Shares in issue | 2,794,394,215 | 1,805,090,515 |
Management notes that Recyclus is now consolidated, with comparatives restated. Segmentally, losses were concentrated in “Other” (£1.103 million), with smaller losses in exploration (£47,000) and battery recycling (£435,000).
Recyclus: commercial traction, Glencore offtake and scaling plans
Recyclus – 48.35% owned by Technology Minerals – is the engine of the period. The unit delivered a “significant increase” in production, strong revenue growth, and recorded its first months of positive cash flow in July and August 2025. December 2025 was a record month for revenue and contract wins.
Black mass sales beating contracted minimums
A key driver is the black mass offtake agreement with Glencore. After an initial 100-tonne trial, Recyclus agreed to supply at least 20 tonnes per month and is currently exceeding that level. Black mass is the concentrated powder of valuable metals recovered from shredded lithium-ion batteries.
Strengthening the recycling ecosystem
- LiBatt Recycling Ltd (100% owned by Recyclus) joined a consortium with Jaguar Land Rover, Mint Innovation and WMG, University of Warwick under UK Government-backed Project COMET. The project aims to demonstrate low-carbon, hydrometallurgical refining of black mass to produce recycled lithium, nickel and cobalt. Funding is supported by the Department for Business and Trade.
- Recyclus secured a £1.1 million Close Brothers loan, enabling operations without additional support from Technology Minerals.
- In March 2026, Recyclus launched a Crowdcube campaign at a pre-money valuation of £30 million to fund additional plant equipment and scale-up.
My read: the combination of positive cash flow months, a performing offtake with a major buyer, and third-party funding signals a business moving from pilot to industrial cadence. The caveat is that absolute cash at Group level remains tight, and scaling requires capital – hence the Crowdcube raise and other funding steps.
Exploration and UK critical minerals recovery
On the exploration side, Technology Minerals identified high-priority, multi-commodity targets including rare earth elements at its 100%-owned TMC Project in Cameroon. The Company is in discussions with potential partners to support future fieldwork.
In the UK, the Company is evaluating the recovery of rare earths and other critical minerals from underutilised industrial by-products. If economic, this would complement battery recycling and aligns with national resilience and supply chain security objectives.
Funding, CLN settlements and inter-company loan reset
Equity raise and prospective placing
- 4 March 2026: £350,000 raised before expenses via 350 million new shares at £0.001 per share, with the intended issuance of 350 million warrants at £0.001 (subject to shareholder consents).
- Going concern plans include seeking a further minimum £3 million (target £4 million) in a share placing via a prospectus under review with the FCA.
Settlements to clean up the balance sheet
- Conditional settlement terms with existing convertible loan note (CLN) holders announced 10 March 2026 aim to enable a material positive balance sheet adjustment.
- Breakdown disclosed: a £3.3 million settlement with Jonathan Swann – £0.5 million in cash, up to £2.5 million in shares (capped at 24.99% of enlarged share capital), and the balance as a 24-month secured term loan at 8% with no conversion rights.
- Atlas Special Opportunities II, LLC settlement of £1.7 million – £1.5 million in cash and £0.2 million in shares under the proposed placing.
Recyclus loan agreement revised
On 5 March 2026 the Company agreed headline terms for a new loan agreement with Recyclus, replacing the 2022 arrangement. It brings security, interest, and board representation for Technology Minerals. Interest steps up over time: 2.5% in year one, then Bank of England base rate in years two and three, base +1% in year four, base +2% in year five, and base +3% thereafter, with an early repayment discount available within three years.
Translation: TM1 is formalising its economics and oversight of Recyclus while that business scales, which should improve visibility for shareholders.
Board strengthening and national resilience positioning
Post period, Technology Minerals announced the intention to appoint Nick Bridle and Mick Cataldo as Non-Executive Directors. The Company frames these hires as part of a strategy to evaluate new operational verticals aligned with national resilience, including defence, security and broader industrial supply chains. Formal confirmations are expected imminently.
Temporary suspension and path to restoration
The listing has been temporarily suspended pending publication of the Annual Report and Accounts in XHTML with Inline XBRL. Once filed to the National Storage Mechanism, the Company will apply for restoration of trading in its shares.
My take: positives, pressure points, and why it matters
What looks positive
- Revenue up with gross profit of £1.319 million and operating loss narrowing versus the prior half.
- Recyclus showed genuine commercial traction – positive cash flow months and record December revenue – and is shipping black mass above the contracted minimum to Glencore.
- Consortium work with JLR, Mint Innovation and WMG, supported by the Department for Business and Trade, embeds Recyclus further into the UK battery supply chain.
- CLN settlements, if completed as outlined, would simplify the capital structure and improve the balance sheet.
What needs watching
- Net liabilities of £1.988 million and period-end cash of £26,000 underline the need for near-term funding. Management is targeting a minimum £3 million raise via a prospectus.
- Total borrowings of £7.813 million and a £546,000 derivative financial liability show leverage and complexity remain.
- Temporary suspension of trading is an overhang until the Annual Report is filed and the listing is restored.
Why it matters: the UK needs domestic capability to recycle and refine critical battery materials. If Recyclus keeps scaling volumes and the Glencore offtake continues to perform, TM1 becomes a more meaningful player in that ecosystem. Funding and execution are the swing factors.
Near-term catalysts to track
- Restoration of trading after the Annual Report and Accounts are uploaded in compliant format.
- Outcome of the planned prospectus placing and progress toward the minimum £3 million funding.
- Execution of CLN settlement terms and resulting balance sheet impact.
- Recyclus throughput and black mass sales volumes versus the 20 tonnes per month minimum.
- Results of the Recyclus Crowdcube campaign and deployment of any proceeds into plant upgrades.
- Partnering progress and fieldwork plans for the Cameroon rare earth targets.
- Economic evaluation of UK industrial by-products recovery projects.
Quick jargon check
- Black mass – the powder containing metals such as lithium, nickel and cobalt recovered from shredded lithium-ion batteries.
- Offtake agreement – a contract to sell output to a buyer on agreed terms, supporting revenue visibility.
- CLN (convertible loan note) – debt that can convert into equity under certain conditions; settlements outlined aim to reduce complexity.
Overall, this is a mixed but improving picture: commercial progress at Recyclus and sensible governance moves set against a tight cash position and the need to complete funding and regulatory steps. If management delivers on the near-term milestones, the groundwork is there for scale.
