Technology Minerals PLC (LSE:TM1) told investors it has initiated a cost reduction programme as part of its strategy to improve efficiency across its operations.
It is focusing on reducing workforce numbers and cutting head office costs, alongside ongoing reviews of all service providers.
This follows a review of the company's key assets, including its 48.35% interest in Recyclus Group Ltd - the UK-based business that recycles lithium-ion batteries.
As part of the changes, it has cut the size of the board with Philip Beard stepping down from his role as independent non-executive director with immediate effect. And, it will continue to review the composition of its board committees.
"These cost reduction measures have been identified as part of the board's efforts to increase efficiencies and drive productivity throughout every level of the business,” Technology Minerals chair Robin Brundle said in a statement.
“On behalf of the board, I'd like to extend our thanks and appreciation to Phil for his contribution to the company.
“We are grateful for all the guidance Phil has provided to Technology Minerals and wish him the best in his future endeavours."