Technology Minerals PLC (LSE:TM1) said it made “significant progress” during its first half to build foundations to scale up its operations in 2023.
Reporting on the six months to 31 December 2022, the group said sampling at the Aramo mine on the St Patrick licence in Spain confirmed high-grade Copper-Cobalt-Nickel mineralisation, with the licence extended for a further three years.
In Leinster, it secured seven new prospecting licences, bringing the company’s licence position to 23 licences covering a total of 760 square kilometres.
“We continued to advance our exploration projects, receiving particularly encouraging results at our assets in Leinster, Ireland and Asturmet, Spain,” said Technology Minerals chief executive Alex Stanbury in the results statement.
“Recyclus has now entered the final stages for the required Environment Agency licences to commence full operations at its two UK battery recycling plants,” Stanbury added.
Recyclus, which is 48.25% owned by the battery metals company, commenced recycling operations with the first lead acid battery acid in the West Midlands.
Technology Minerals said it held cash and cash equivalents of £85,000 at the half-year end, having held £371,000 at the start of the reporting period and £756,000 at the end of 2021.
The group entered a £4mln convertible bond facility with Macquarie Bank and Atlas Capital during the half-year, drawing down £500,000 in the first tranche. It also raised roughly £400,000 through the issue of 32mln shares to a new shareholder at 1.25p per share.
In a separate statement, Technology Minerals said it received a conversion notice on 27 March 2023 from Macquarie Bank Limited for £50,000 of convertible bonds from the £4.0 million facility, and it will issue 6,123,398 ordinary shares of £0.01 per share at a conversion price of 0.816540p per ordinary share.
The company has now drawn a total of £1,060,000 under the facility, of which £550,000 has been converted into new ordinary shares.