Technology Minerals (TM1) H2 2025 earnings summary

Executive summary

• Achieved key milestones in battery recycling and critical metals exploration, including the sale of Irish lithium assets and expansion of the Cameroon project portfolio.

• Recyclus, the battery recycling subsidiary, secured major contracts, achieved first positive cash flow in July 2025, and posted record revenues in December 2025.

• Strengthened capital structure through settlements with convertible loan holders and a £350,000 equity raise.

• Board changes announced, with new non-executive directors bringing defence and national security expertise.

Financial highlights

• Group revenue for the year ended 30 June 2025 was £1.5 million, up from £547,000 year-over-year.

• Gross profit increased to £1.1 million (2024: £305,000).

• Loss for the year widened to £13.6 million (2024: £7.5 million restated), mainly due to a £7.0 million loss on the sale of 70% of the Idaho project.

• Cash at year end was £0.1 million (2024: £0.2 million).

• Net assets at year end were negative £0.4 million (2024: £11.9 million restated), reflecting consolidation adjustments.

Outlook and guidance

• Focus remains on advancing early-stage exploration projects and scaling battery recycling operations.

• Recyclus is positioned to capture further growth in the UK Li-ion battery recycling market, with increasing revenues from gate fees and black mass sales.

• The company aims to realise value through asset sales, partnerships, and expanded circular economy initiatives.