The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
24 September 2024
Technology Minerals
Plc
("Technology Minerals" or the
"Company")
Update on Proposed
Acquisition of Recyclus Group
Further to the announcement on 4
July 2024, Technology Minerals Plc (LSE: TM1), the UK's pioneering
firm in establishing a circular economy for battery metals,
provides the following update regarding the proposed acquisition of
the remaining issued capital of its 48.35% owned
battery recycling business, Recyclus Group Ltd
("Recyclus").
Technology Minerals and Recyclus
have agreed not to continue with the merger of the two businesses
at this time because of the reverse takeover re-admission
requirements of the London Stock Exchange and have decided to
revisit the process when circumstances permit, and the prevailing
equity market conditions are more favourable. In the meantime, the
Company remains focused on supporting Recyclus in its growth
strategy. The Company does not believe its share price reflects the
value of its holding in Recyclus, and that shareholders' interests
are best served by not continuing with the merger at this
point.
The Company has recently announced
Recyclus' increased commercial activity as it continues ramping-up
production at its first lithium-ion recycling plant. Recyclus is
also in advanced discussions with several new potential industry
and financial partners from the UK and global organisations to
provide additional financial flexibility to support its development
plans.
Robin Brundle, Chairman of Technology Minerals,
said: "Technology Minerals is
excited by the recent developments at Recyclus and fully supportive
of its growth plans and the potential for new partners alongside
the Company. We intend to revisit our merger strategy when market
conditions improve and it is beneficial to
shareholders."
Enquiries
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Technology Minerals Plc
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Robin Brundle, Executive
Chairman
Alex Stanbury, Chief Executive
Officer
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c/o +44 (0)20 4582 3500
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Oberon Investments Limited (Broker)
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Nick Lovering, Adam
Pollock
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+44 (0)20 3179 0500
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Gracechurch Group (Financial PR)
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Harry Chathli, Alexis Gore, Rebecca
Scott
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+44 (0)20 4582 3500
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Technology Minerals Plc
Technology Minerals is developing
the UK's first listed, sustainable circular economy for battery
metals, using cutting-edge technology to recycle, recover, and
re-use battery technologies for a renewable energy future.
Technology Minerals is focused on raw material exploration required
for Li-ion batteries, whilst solving the ecological issue of spent
Li-ion batteries, by recycling them for re-use by battery
manufacturers. Further information on Technology Minerals is
available at www.technologyminerals.co.uk.
Recyclus Group Ltd
The demand for the raw materials
used in battery manufacturing is anticipated to increase
substantially. Recyclus Group provides a national recycling
initiative that supports the transition to carbon neutrality.
Recyclus Group's battery recycling capacity will prove essential in
the shift from fossil fuels to electric transportation. Through its
strategic support from Technology Minerals, Recyclus is an integral
component to the recycling of lithium-ion batteries and is a
significant contributor towards the circular economy for battery
metals. Further information on Recyclus Group is available
at https://www.recyclusgroup.com/.