Recyclus secures largest contract with global OEM

Technology Minerals PLC

15 October 2026

 

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.

15 October 2026

Technology Minerals Plc

(“Technology Minerals” or the “Company”)

Recyclus secures its largest contract to date with a global automotive OEM

Three-year agreement creates the conditions for national-scale growth

Technology Minerals Plc (LSE: MNTL), the UK-listed company focused on building national resource and manufacturing resilience which trades as Mantle, is pleased to announce that its 48.35% owned subsidiary, Recyclus Group (“Recyclus”), has secured a three-year agreement to recycle lithium-ion (“Li-ion”) batteries from a global automotive original equipment manufacturer (the “Customer”). The contract nearly doubles Recyclus’ volumes with a corresponding increase in revenue.

Under the terms of this take-or-pay contract, Recyclus will process the Customer’s electric vehicle Li-ion battery packs at its Wolverhampton industrial-scale facility. Recyclus will receive gate fees for the batteries, together with revenues from the sale of black mass and other recovered materials.

The three-year agreement includes a mutual break clause exercisable at 18 months. The contract is expected to take Recyclus closer to full capacity at its Wolverhampton facility.

A milestone for Recyclus

This is Recyclus’ largest contract both in terms of volume and revenue to date . It represents a significant validation of its business model and technology by a global OEM. The contract also marks a shift from predominantly purchase order-based work towards more predictable, contracted volumes,  providing the foundation from which Recyclus could scale from a nationally relevant capability to a nationally dominant one.

Together with existing customer activity at current levels, the contract is expected to bring the Wolverhampton facility close to its current capacity. The contract is also expected to enable Recyclus to achieve consistent profitability before the end of the current financial year, supporting further growth and customer acquisition.

Implications for Mantle

The contract strengthens the value of Mantle’s investment in Recyclus and provides further evidence of the commercial traction being achieved across the Group’s operating businesses. It also supports the Group’s broader strategy of developing and scaling sovereign capabilities, reducing reliance on external supply chains and contributing to the UK’s critical minerals and supply chain resilience objectives.

Alex Stanbury, Chief Executive Officer of Technology Minerals and Director of Recyclus, said:

“This contract is a defining milestone for Recyclus. It is the largest we have secured, it comes from a global OEM, and it gives us the contracted base we need to move from project work to a scalable, nationally relevant recycling capability. It is a strong endorsement of both our technology and our ability to deliver at commercial scale, and provides an important foundation from which to build further customer relationships and long-term growth. This agreement is the result of a relationship built over time on reliability and service. We look forward to deepening this partnership.”

Nicholas Bridle, Chief Operating Officer of Technology Minerals, said:

“This contract is an example of the foundation we set out to build. A global OEM committing contracted volume to a UK industrial-scale recycler shows that sovereign capability can be built, owned and scaled as an operating business. It turns capability into cash flow, shortens a critical supply chain, and gives the Group a clear path from single site to a nationally relevant capability. It is the model working. The team at Recyclus are to be congratulated on this important milestone.”

Enquiries

Technology Minerals Plc Alex Stanbury, Chief Executive Officer	c/o [phone]
Oberon Investments Limited Nick Lovering	[phone]
Gracechurch Group (Financial PR) Harry Chathli, Alexis Gore, Rebecca Scott	[phone]

About Mantle – www.mantleresilience.com

Mantle exists to build and connect the critical sovereign capabilities the UK’s security and resilience require. The UK remains dependent on supply chains it does not control and on industrial capacity it cannot always scale at pace. The Company’s work is to shorten those chains, to put manufacturing and systems integration onshore, and to give the resulting businesses a credible route into defence, national security and other strategically important markets.

The strategy aligns with the Strategic Defence Review 2025 and supports the UK Government’s Critical Minerals Strategy (Vision 2035), including its objectives for greater domestic production and recycling and reduced reliance on single-country supply.

Recyclus Group Ltd

Since July 2023, Recyclus Group has operated a national, industrial-scale lithium-ion battery recycling service that supports the UK’s transition to carbon neutrality. The Group’s commitment to cradle-to-cradle battery recycling reduces reliance on the extraction of virgin materials, promotes a circular economy for these metals within the UK, supports the advancement of next-generation recycling technologies, and aligns with the UK’s resilience and critical minerals strategy.

With strategic backing from Technology Minerals, Recyclus plays a central role in lithium-ion battery recycling and contributes significantly to the circular economy for battery metals.

Further information on Recyclus Group is available at www.recyclusgroup.com

 

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