Technology Minerals PLC (LSE:TM1) said it expects a strong year ahead with the benefit of the sale of its Irish lithium assets to come and increased activity at its 48% owned lithium-ion (Li-ion) battery recycling associate Recyclus.
Alex Stanbury, chief executive, said that the past twelve months had seen "steady progress" with the sale of its Leinster lithium project highlighting its ability to enhance value through partnerships while minimising development costs.
"Additionally, Recyclus has seen increased commercial activity as production scales up at its Wolverhampton facility.”
Recyclus recently signed a one-year deal with Halfords to process waste Li-ion e-mobility batteries and Stanbury said that it is in “advanced discussions” with other potential partners both domestically and internationally.
“With ongoing progress in our exploration projects and the growth potential of Recyclus, Technology Minerals is well positioned for the next phase of development," he said.
Losses for the year to end June 2024 were £6.6 million (2023: £4.3 million (restated).
Technology Minerals added that some convertible loan notes are scheduled for repayment in the coming year and it is considering its financing options to meet agreed repayment schedules.
It is confident of cashflows from Recyclus in the coming year from loan repayments, added the statement, and has undertaken cost reviews to reduce its cash requirements.
Recyclus is also undertaking funding from third-party investors that will reduce the requirement for further loans from the company.
Shares received from the US$10 million sale of its Leinster property will be available to sell from February 2025, Technology Minerals added.