Technology Minerals shares soar on Glencore offtake deal

(Sharecast News) - The share price of battery metals recycler Technology Minerals more than trebled in value on Tuesday after its subsidiary signed a black mass offtake agreement with commodities and mining giant Glencore. Recyclus Group, in which Technology Minerals owns a 48.35% stake, is to sell its black mass produced a lithium-ion facility in Wolverhampton to Glencore's European network and operations.

Sales will begin with a 100-tonne trial, and commercial terms will be revisited after.

Black mass contains metals essential to battery production, like lithium, manganese, nickel and cobalt, which are then reprocessed and sold back into the manufacturing supply chain.

"This marks another key milestone in our mission to return the critical minerals needed to power a sustainable transition to the battery supply chain," said Technology Minerals' chair Robin Brundle.

"Commercial traction for our recycling solutions continues to increase, and the agreement further underscores our potential to build international trading partners as the world shifts to electrification."

The stock was up 240% on the day at 0.37p, giving Technology Minerals a market cap of £6.7m - though the stock still remains down 75% so far this year.

In September, Technology Minerals announced a major cost-cutting programme, resulting in redundancies and a reduction in head office costs. In November, the firm reported a widening of losses in its results for the year ended 30 June, which were delayed.