Festive cheer was not hard to come by at Technology Minerals PLC (LSE:TM1) as the company enjoyed a pre-Christmas boost on a deal between subsidiary Recyclus and Glencore.
Shares headed 124% higher for the week, spurred on by Tuesday’s announcement that its 48.35%-owned Recyclus will supply black mass to the mining giant.
Some 100 tonnes of the material, sourced from spent lithium-ion batteries that contain a string of critical metals, will be sold through an initial trial.
Commercial terms will then be revisited after the trial, which Technology Minerals’ chair Robin Brundle said underscored potential for international partnerships as the world shifted to electrification.
“This marks another key milestone in our mission to return the critical minerals needed to power a sustainable transition to the battery supply chain,” he said.
The Glencore deal followed Recylus’ agreement with Indian sustainable energy transition metals producer LOHUM, with the former set to open the door to the more immediately accessible European market.
It reflected Recyclus’ strategy to sell the lithium, nickel, cobalt and manganese-containing black mass, produced at its battery recycling facility in Wolverhampton, internationally.
Tough week for AIM and FTSE
Technology Minerals firmed up its place as a bright spot in a week that has otherwise given the London markets little to cheer about.
London’s junior AIM all-share index was down by 3.2% at 710.11 come Friday morning, while the FTSE all-share tumbled 2.9% to 4,405.
Central bank decisions dominated proceedings, with the US Federal Reserve’s decision to cut interest by 25 basis points on Wednesday overshadowed by caution for the coming year.
Slashed expectations for rate cuts within the world’s largest economy took their toll following the Fed’s Wednesday update, with the Bank of England’s hawkish decision to hold its bank rate on Thursday doing little to move the dial.
In response, the FTSE 100 and AIM 100 headed towards the weekend off 2.9% and 3.7% for the week respectively.
Other movers
That said, a string of companies successfully avoided the pre-Christmas gloom.
Hardide PLC (AIM:HDD) shares took off on Wednesday’s news of a 10-year deal to supply “a major customer in the aerospace sector” with coating for cargo door components.
Shares gained 25% on the deal, which the AIM-listed firm noted will boost revenues by £0.5 million this year and between £6 million and £8 million during the course of the contract.
New contracts, this time for the export rail market, also placed LPA Group (AIM:LPA) PLC among the week’s risers, as shares picked up 9.5% on a Tuesday update.
LPA bagged a five-year deal with French national rail operator SNCF for bespoke interior LED lighting in regional and inter-city fleet retrofits, renewing a 16-year partnership.
LPA was also awarded a contract by Siemens Mobility to manufacture LED lighting for the overhaul of Munich Metro’s rolling stock.
A takeover bid, adding to a string of offers across the market recently, saw Intelligent Ultrasound Group PLC (AIM:MED) pick up an 18.4% gain over the week.
Intelligence Ultrasound on Thursday recommended the offer from Surgical Science Sweden AB to shareholders.
At 13p a share, the bid reflected a 16.9% premium to Wednesday’s close and valued the AIM-listed medical simulation technology specialist at £45.2 million.
Tiger Royalties and Investments PLC surged to a weekly gain of over 263%, helped by a doubling in its share price on Friday after news of a strategic acquisition, a £3 million fundraising, and plans to expand its investing policy.
Tiger Royalties is to buy Bixby Technology for £325,000, the microcap said, placing focus on incubating and investing in high-growth technology ventures.
For Headlam, it was Friday’s announcement of a string of sales that buoyed shares for an 8% weekly gain.
Headlam noted some £53.9 million had been raised through property disposals under wider transformation efforts for the floor coverings business.
Among fallers, Shoezone PLC faced a 29.7% drop after warning on profits on Wednesday and announcing an unspecified number of store closures.
Neometals headed 30.7% lower as it became the latest to detail plans to delist from the AIM junior market.