Technology Minerals (TM1) H1 2026 earnings summary

Executive summary

• Achieved significant operational and commercial progress, especially in battery recycling and mineral exploration.

• Recyclus subsidiary delivered record revenues, first positive cash flow months, and expanded production scale.

• Strengthened strategic positioning with proposed Board appointments and new partnerships.

Financial highlights

• Group loss for the six months to 31 December 2025 was £1.6m, slightly improved from £1.7m loss in H1 2024.

• Recyclus revenues doubled to £1.5m (H1 2024: £0.7m).

• Gross profit rose to £1.3m (H1 2024: £0.5m), with administrative expenses at £2.4m.

• Net cash used in operating activities was £1.2m; cash at period end was £26k.

• Secured £1.1m loan for Recyclus and raised £350k via share issue post-period.

Outlook and guidance

• Management expects continued revenue growth at Recyclus, driven by operational efficiencies and new equipment.

• Focus remains on expanding exploration portfolio and building a resilient domestic supply chain for critical materials.

• Board appointments to support evaluation of new operational verticals aligned with national resilience priorities.