Shares in Technology Minerals (LON: TM1) have more than trebled on the back of 48.4%-owned Recyclus Group signing a black mass offtake agreement with Glencore. The share price is 240.9% higher at 0.375p.
Recyclus will sell the black mass produced at its lithium-ion facility in Wolverhampton to Glencore’s European operations. There will be an initial 100 tonne trial. The strategy is to sell black mass to other geographical partners and the latest deal follows the one with India-based LOHUM, although deliveries have been delayed by regulatory problems.
Black mass contains metals, including lithium, manganese, nickel and cobalt, which can be reprocessed and sold back to battery manufacturers.
Technology Minerals has a 12-month agreement with Halfords to recycle waste lithium-ion e-mobility batteries.
On 24 September, it was decided not to proceed with a merger between Technology Minerals and Recyclus, but it could happen in the future.
Technology Minerals floated on the standard list in November 2021 when it raised £1.5m at 2.25p/share.