Shares in Technology Minerals PLC (LSE:LON:TM1) soared 273% after its subsidiary, Recyclus Group, signed an offtake agreement with Glencore (LON:GLEN) for the supply of black mass—a key material derived from recycled lithium-ion batteries.
Under the deal, Recyclus will supply black mass produced at its industrial-scale recycling facility in Wolverhampton to Glencore’s European operations.
The tie-up begins with a 100-tonne trial phase, after which commercial terms will be reassessed, potentially paving the way for a long-term partnership.
It also provides Recyclus with direct access to the European market and complements an existing partnership with LOHUM in India, where regulatory delays have slowed progress.
Black mass contains essential minerals such as lithium, nickel, manganese, and cobalt, which can be reprocessed and reintegrated into the battery manufacturing supply chain.
Robin Brundle, chairman of Technology Minerals and director of Recyclus, described the agreement as a “key milestone” in supporting a sustainable transition in the battery supply chain.
He noted it was the second international agreement of its kind and a strong endorsement of Recyclus’ recycling technology, highlighting growing demand for black mass as global electrification accelerates.
The announcement marks significant commercial progress for Technology Minerals’ recycling solutions and underscores its potential for further international expansion.
In morning trades, the stock was changing hands for 0.41p, up 0.30p on the day.