Technology Minerals PLC (LSE:TM1) has kicked off deliveries of black mass to Europe in a deal with commodities giant Glencore, marking a key step in its push to build a circular economy for battery metals.
The AIM-listed company said its battery recycling arm, Recyclus, in which it holds a 48.35% stake, has shipped the first batch of the material - 111 tonnes in total - to be delivered in six equal shipments by early April.
Under the agreement, Recyclus will also supply at least 20 tonnes a month on a rolling basis.
Black mass is the dark, powdery material that’s left after lithium-ion batteries are shredded and separated. It contains valuable metals such as lithium, cobalt, nickel and manganese, which can be recovered and reused to make new batteries.
The material was produced at Recyclus’s industrial-scale facility and will feed into Glencore’s supply chain.
Technology Minerals said the shipment shows it can deliver recycled battery materials at scale, positioning Recyclus as a serious player in the global battery metals market.
Chairman Robin Brundle said: "To begin delivery of our first black mass order to Europe under our agreement with Glencore is a proud moment for Recyclus. We continue to position ourselves as a leader in the black mass sector, addressing a critical and growing demand for lithium-ion battery recycling driven by the shift towards electrification.
"This agreement is a testament to the strength of Recyclus' offering, and we look forward to further developing our relationship with Glencore."
In a separate announcement, Technology Minerals confirmed it had completed the sale of its exploration licences in Leinster, Ireland, to European Lithium, receiving 861,833 shares in Nasdaq-listed Critical Metals, worth around $1.3 million, as part of the deal.
CEO Alex Stanbury said: "The transaction reinforces our strategy to identify and advance early-stage projects up the value curve, and attracting interest from potential buyers and partners, in turn delivering value for the company and our shareholders."