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.
13 September 2024
Technology Minerals
Plc
("Technology Minerals" or the
"Company")
Directorate Change and Cost
Reduction Programme
Technology Minerals Plc (LSE: TM1),
the UK's pioneering firm in establishing a circular economy for
battery metals, today announces that it is carrying out a cost
reduction programme to enhance efficiencies throughout the business
and focus on the Company's key assets, including its 48.35% held
associate, Recyclus Group Ltd ("Recyclus").
The Company has undertaken a review
of operations and is implementing cost reduction measures across
the business including a redundancy programme to reduce its total
workforce, a reduction in head office costs, and an ongoing review
of all service providers.
As part of the cost reduction
programme, Philip Beard has agreed to step down as an Independent
Non-Executive Director and as Chairman of the Remuneration
Committee with immediate effect.
In view of the reduction in the
number of Independent Non-Executive Directors, the future
composition of the Board and its committees will be reviewed and
the appointment of a new Chair of the Remuneration Committee will
be announced in due course.
Robin Brundle, Chairman of Technology Minerals,
said: "These cost reduction measures have been
identified as part of the Board's efforts to increase efficiencies
and drive productivity throughout every level of the
business. On behalf of the
Board, I'd like to extend our thanks and appreciation to Phil for
his contribution to the Company. We are grateful for all the
strategic guidance Phil has provided to Technology Minerals and
wish him the best in his future endeavours."
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.
