Technology Minerals (TM1) Trading Update summary

Strategic project developments

• Identified high-priority rare earth and multi-commodity targets at the 100%-owned Cameroon project, with fieldwork discussions underway to enhance shareholder value.

• Evaluating UK projects to recover rare earths and critical minerals from industrial by-products, aiming to support environmental remediation and domestic supply chains.

• Sold majority stake in Critical Metals Corp to generate working capital and meet obligations to Convertible Loan Note holders.

Battery recycling and operational milestones

• Recyclus achieved its first month of positive cash flow in July 2025, reflecting operational sustainability.

• Delivered substantial year-on-year revenue growth in 2024/2025, driven by new contracts and expanding client base.

• Commenced revenue from black mass sales, delivering 202 tonnes to Europe from March to July 2025 under an offtake agreement with Glencore.

• Running above 35 tonnes of black mass delivered monthly, with plans to enhance aluminium and copper separation at the Wolverhampton facility.

Partnerships, funding, and industry positioning

• Entered a consortium with Mint Innovation, JLR, and WMG for Project COMET, a three-year, £8.1m initiative to develop UK black mass separation capability.

• Secured £1.1 million in funding from Close Brothers, supporting Recyclus' financial stability and growth.

• Recyclus' client base includes leading retailers, automotive OEMs, and industrial groups, reinforcing its sector reputation.