Technology Minerals (LSE:TM1) has resumed trading after filing audited accounts and restructuring its balance sheet, and is now progressing an anticipated placing with lead broker Fortified Securities and joint broker Oberon Capital.
The placing is intended first to provide funds "to satisfy the settlement sums due in cash to Jonathan Swann and Atlas Special Opportunities II, LLC," and second to supply at least 12 months’ working capital. The board said further details on the timetable and terms will be released in due course.
Ahead of the transaction the group has agreed conditional settlements with its major convertible loan note holders, including Jonathan Swann and Atlas Special Opportunities II, LLC, on previously announced terms. The company said those arrangements will produce "a material positive adjustment to the company's balance sheet upon completion of the anticipated placing." Directors have agreed to defer fees, with a portion to be settled in new ordinary shares and the remainder payable in cash once the placing completes. The board has also reduced the company’s operational cost base and is in active discussions with other creditors about further settlements.
The update highlighted Recyclus Group — Technology Minerals’ 48.35% owned industrial‑scale lithium‑ion battery recycler — as the clearest operational bright spot.
Recyclus grew revenue 179% year‑on‑year in 2025 and recorded its largest monthly intake in March 2026, taking in more than 140,000kg of batteries. Recyclus is a participant in Project COMET, the £8.1m government‑backed consortium alongside Jaguar Land Rover, Mint Innovation and WMG at the University of Warwick. Technology Minerals also confirmed its £9.6m inter‑company loan to Recyclus was restructured on commercial terms, including security, board representation and interest, as disclosed on 5 March 2026.
The directors cautioned that the group has limited cash reserves at the time of restoration and has historically been loss‑making. The announcement warned future capital needs are uncertain and that there is no guarantee the company will not have to raise further funds or achieve profitability or positive operating cash flow within a particular timeframe.
On the reset, Chief Executive Alex Stanbury said: "Today marks a significant turning point for Technology Minerals. The restoration of trading brings to a close a period of necessary but demanding preparation, during which we have filed audited accounts, restructured our balance sheet and reached conditional settlements with our major lenders.
"The UK faces a growing strategic imperative to build domestic resilience in critical minerals, battery recycling and advanced manufacturing. Technology Minerals is positioned to address that imperative directly, through our holding in Recyclus and through the strategic opportunities we are developing with our incoming non‑executive directors Nick Bridle and Mick Cataldo."
