TM1 Technology Minerals Plc

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. 

26 November 2024

Technology Minerals Plc

("Technology Minerals" or the "Company")

Completed Sale of LRH Resources to European Lithium

Further to the announcement on 22 April 2024, Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, is pleased to announce it has completed the sale of its interest in exploration licences in Leinster, Republic of Ireland, to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) ("European Lithium") (the "Transaction").

The Transaction is effected by the sale of 100% of the issued share capital of LRH Resources Limited ("LRH") held by the Company to European Lithium. The Transaction is to be settled through the transfer to Technology Minerals of 1,371,742 shares held by European Lithium in Critical Metals Corp (Nasdaq: CRML) ("CRML"), a leading mining company focused on mining critical metals and minerals, calculated at 90% of the closing market price of the shares on the day before the signing of the Heads of Agreement as announced on 22 April 2024 (the "Consideration Shares"), such shares valued at US$10 million at that date. 137,174 of the Consideration Shares will be transferred by the Company to Chang Turkmani a director of the Company, under an Introducer's Commission Agreement. The Consideration Shares will be locked in and held in escrow until 28 February 2025.

As a result of the Transaction, Technology Minerals and Global Battery Metals Ltd ("GBML"), the Company's joint venture partner in the Leinster project, reached a Settlement Agreement to terminate the joint venture in exchange for an aggregate of 284,362 of the Consideration Shares to be delivered by Technology Minerals to GBML. In addition, GBML's outstanding exploration expenditures in the amount of €377,327.29 will be settled in Consideration Shares issued to the creditors. The Settlement Agreement remains subject to TSX-V approval and approval by GBML shareholders at an annual and special meeting of shareholders to be held in January 2025.

Update on publication of the Annual Report and Accounts

On 1 November 2024 the Company announced a delay in publication of the Company's annual report and accounts for the year ended 30 June 2024 (the "Accounts"). The Company expects the Accounts to be filed very shortly.

Alex Stanbury, CEO of Technology Minerals, said: "We are pleased to have completed the sale of our Leinster Lithium Project licenses in Ireland. This agreement follows our strategy to advance early-stage projects up the value curve and attract partners or buyers of our assets to bring additional value to the Company."

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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. The Company currently holds 48.35% of the issued share capital of Recyclus Group Ltd, the UK's first industrial-scale recycler of both lithium-ion and lead acid batteries.

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.