Technology Minerals (TM1) H2 2025 earnings summary

Executive summary

• Achieved significant operational progress in both battery metals exploration and battery recycling, advancing early-stage projects and securing major commercial contracts for its recycling subsidiary, Recyclus Group.

• Completed the sale of the Leinster Lithium Property, generating value through asset sales and partnerships.

• Recyclus increased production at the UK's first industrial-scale lithium-ion battery recycling facility, secured a £2 million contract, and signed a black mass offtake agreement with Glencore.

• Post year-end, Recyclus achieved its first month of positive cash flow and record revenues, and secured a £1.1 million loan to support independent operations.

Financial highlights

• Group revenue rose to £1.5 million for the year ended 30 June 2025, up from £547k in the prior year.

• Group loss for the year was £13.6 million (2024: £7.5 million restated), mainly due to a £7.0 million loss on the sale of 70% of the Idaho copper-cobalt project, partially offset by a £0.4 million gain on the sale of Irish lithium assets.

• Cash at year end was £0.1 million (2024: £0.02 million).

• Net assets at year end were £6.8 million for the company and negative £0.4 million for the group, reflecting consolidation adjustments.

• Administrative expenses were £5.0 million (2024: £5.1 million restated).

Outlook and guidance

• Focus remains on advancing early-stage exploration projects in a capital-efficient manner and scaling up recycling operations.

• Recyclus is positioned for further growth, with increasing revenues from gate fees and black mass sales.

• The company is seeking to raise a further minimum of £3 million (target £4 million) through a share placing.

• Management expects to defer or cancel discretionary expenditures if less than target funding is achieved.