Technology Minerals PLC (LSE:TM1) described "solid progress" as it released results for 2024, with the Recyclus subsidiary in particular seeing significant commercial traction in the period.
The year saw the group sell its interest in exploration interests in Ireland, while 48.35%-owned Recyclus started and advanced engagements with key clients including Glencore, Ocado, Halfords, and the Ministry of Defence.
Wolverhampton-based Recyclus expanded its commercial footprint in the year, with activities including recycling waste emobility batteries for Halfords, waste lithiumion batteries for Ocado and ‘fire damaged’ lithium-ion batteries for auto-makers.
One of the stand-out contracts was to supply Glencore with ‘black mass’ from recycled batteries, while also being contracted by the MoD to supply LiBox storage units.
"Recyclus has built strong momentum in recent months, with several commercial discussions materialising into agreements,” chief executive Alex Stanbury said in a statement.
“This included a notable black mass offtake agreement with Glencore, under which deliveries commenced this month.
“Winning contracts with online retailers such as Ocado, OEMs, and renowned automotive companies, are key to positioning Recyclus as a frontrunner in lithium-ion battery recycling.”
Stanbury also highlighted that the group's mineral exploration business is focussing on efforts to grow its portfolio.
“We remain focused on advancing our exploration portfolio, strengthening the value of existing assets, and pursuing new opportunities that can deliver value to shareholders,” Stanbury said.
In London, Technology Minerals shares were up 10% in Monday’s early deals changing hands at 0.11p – at this level the company is worth just over £2.5 million.
The financial results
In the AIM company’s financials, it reported a £900,000 profit for the year ended 31 December, compared to a £1.5 million loss in 2023 – mainly due to a fair-value ‘write back’.
Since the year’s end, in January, Technology Minerals raised £250,000 though a share placing.
The sales of its exploration interests in Ireland saw the firm receive shares in Critical Metals Corp, worth $10 million at the time of issue.