Technology Minerals (TM1) H2 2024 earnings summary

Executive summary

• Advanced strategy to build a circular economy for battery metals, focusing on early-stage exploration and recycling.

• Completed sale of Leinster Lithium project in Ireland for US$10 million in shares of a NASDAQ-listed company.

• Recyclus, a 48.35% associate, began commercial operations at the UK's first industrial-scale Li-ion battery recycling facility.

• Raised £4.4 million through convertible bonds and loan notes; implemented cost reduction measures.

Financial highlights

• Group loss for the year was £6.6 million (2023: £4.3 million restated).

• Administrative expenses reduced to £2.4 million (2023: £3.9 million restated).

• Cash at year-end was £0.015 million (2023: £0.3 million).

• Raised £1.2 million from a long-term shareholder and secured a £5.5 million convertible bond facility.

Outlook and guidance

• Focus on advancing early-stage exploration assets and attracting partners or buyers.

• Expecting cashflows from Recyclus loan repayments and further value from asset sales.

• Confident in ability to meet planned expenditure for at least 12 months, but material uncertainty remains regarding going concern.