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20 November 2023

Technology Minerals Plc 

("Technology Minerals" or the "Company") 

Update on Wolverhampton Lithium Battery Recycling

Production Achieving up to 45% Recycling Rate for Black Mass

Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, is excited to share progress updates from its 48.35% subsidiary, Recyclus Group Ltd. Recyclus operates one of the first industrial-scale lithium-ion (Li-ion) battery recycling plants in the UK, located in Wolverhampton.

Recent achievements at the Wolverhampton plant include:

·    The accumulation of 100 tonnes of feedstock, the maximum allowed under the Environmental Agency permit.

·    A significant rise in recycling production, reaching up to 45% net black mass yield.

This black mass, a key component in battery manufacturing, contains essential metals like lithium, manganese, nickel, and cobalt. The Wolverhampton facility not only recovers these valuable metals but also segregates and prepares other materials such as copper, aluminium, and plastics for resale. With the market rate for black mass exceeding £3,500 per tonne, this process marks a notable stride in battery recycling efficiency.

The Wolverhampton plant continues to see a steady influx of Li-ion battery waste from various commercial sources. Recyclus' commercial team is actively engaging with numerous UK organizations to streamline battery recycling, leveraging their robust logistics network for efficient collection and processing.

On the funding front, Technology Minerals remains well-positioned to support ongoing operations with convertible loan facilities for additional working capital as needed. Furthermore, Recyclus has access to £525,000 under a £1 million loan facility from a company shareholder.

Robin Brundle, Director and Co-Founder of Recyclus Group, commented: "Our Wolverhampton plant is successfully ramping up production of high-quality, high-rate black mass, crucial for the battery sector. This achievement underscores the effectiveness of our technical solutions and the expertise of our on-site engineers, emphasizing our commitment to sustainable battery metal recovery."

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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 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.   

Recyclus Group Ltd  

The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group's battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of Li-ion and lead acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com.