TM1.L

Technology Minerals
Technology Minerals - Update on Sale of LRH Resources
4th February 2025, 17:13
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Technology Minerals PLC
04 February 2025
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

 

4 February 2025

 

Technology Minerals Plc

("Technology Minerals" or the "Company")

 

Update on Sale of LRH Resources to European Lithium

 

Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, is pleased to provide an update to the announcement of 26 November 2024 for the sale of its interest in exploration licences in Leinster, Republic of Ireland, to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) ("European Lithium") (the "Transaction").

 

A Settlement Agreement between Technology Minerals and its joint venture partner, Global Battery Metals Ltd ("GBML"), to terminate the Leinster Project joint venture, has now been approved by both the TSX-V and GBML shareholders, such approvals being required under the terms of the Transaction which is now in the final stages, with only minor procedural steps left to complete.   

 

The Transaction is effected by the sale of 100% of the issued share capital of LRH Resources Limited ("LRH") held by the Company to European Lithium. Technology Minerals will receive 1,371,742 shares held by European Lithium in Critical Metals Corp (Nasdaq: CRML) ("CRML"), valued at US$10 million as of 22 April 2024, based on 90% of the closing market price of the shares on the day before the signing of the Heads of Agreement (the "Consideration Shares"). Technology Minerals will transfer 284,362 of the Consideration Shares to GBML as part of the Settlement Agreement. The Consideration Shares will be locked in and held in escrow until 28 February 2025.

  

Enquiries

 

Technology Minerals Plc


Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

c/o +44 (0)20 4582 3500



Oberon Investments Limited (Brokers)


Nick Lovering, Adam Pollock

+44 (0)20 3179 5300

 


Gracechurch Group (Financial PR)


Harry Chathli, Alexis Gore, Rebecca Scott

+44 (0)20 4582 3500

 

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. 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.

 

 

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