Technology Minerals PLC (LSE:TM1) shares shot up some 50% on Monday, after a business update on the same day as the firm's AGM, said that battery recycling subsidiary Recyclus had achieved its first positive monthly cash flow in Jul, and had seen strong year-on-year revenue growth in the 2024/25 period.
The Recyclus subsidiary delivered 202 tonnes of black mass between March and July under its offtake agreement with Glencore, the company confirmed.
It has also secured funding from Close Brothers Group to support growth. Technology Minerals has additionally identified rare earth targets at its 100%-owned project in Cameroon.
“Recyclus is well positioned to build on its excellent progress in increasing production and generating revenues from the sale of black mass, which enabled the company to reach its first monthly cash flow positive position in July," said chief executive Alex Stanbury.
"The recently secured loan arrangement with Close Brothers strengthens the financial stability of Recyclus, ensuring it can sustainably operate without requiring additional support from Technology Minerals.
"With a strong pipeline of opportunities, Recyclus is continuing to reinforce its leadership position in the rapidly evolving industry for lithium-ion battery recycling."
Stanbury, commenting on the firm's exploration portfolio, added: "We are encouraged by the potential of the TMC Project, particularly given the growing strategic importance of rare earth elements.
"Our priority is to fast-track fieldwork to evaluate these opportunities, deepen our understanding of the prospect, and unlock further value."
In London, Defence Holdings was up 12.5% % in Monday's early deals to change hands at 0.09p.