LONDON: Technology Minerals Plc (LSE: TM1), a pioneer in the sustainable circular economy for battery metals, has declared the signing of a definitive agreement to divest its stake in exploration licenses located in Leinster, Republic of Ireland.

The transaction involves the sale of LRH Resources Limited, a fully-owned subsidiary, to European Lithium Limited for a total value of US$10 million.

Key Highlights of the Agreement:

• Technology Minerals has entered into a binding agreement with European Lithium to sell the entire issued share capital of LRH.
• LRH holds the ownership of licenses that make up the Leinster Lithium Project in Ireland.
• The US$10 million consideration will be settled through the transfer of shares held by European Lithium in Critical Metals Corp (Nasdaq: CRML), valued at 90% of the closing market price on the day before the agreement signing.
• These shares will be locked in escrow until February 28, 2025.
• The completion of the transaction is contingent upon due diligence by European Lithium and other standard conditions for such deals.
• Technology Minerals will retain full interest in the Asturmet Ni-Cu-Co Project in Northern Spain.

Transaction Details: Upon completion, Technology Minerals will transfer LRH to European Lithium, including all rights, titles, and interests in:

• The 23 licenses that comprise the Leinster Lithium Project.
• All associated technical information and statutory licenses related to the licenses.

In return, European Lithium will transfer to Technology Minerals US$10 million worth of shares in Critical Metals Corp, calculated at 90% of the closing price of the shares the day before the agreement.

The deal’s finalization is subject to the successful due diligence by European Lithium, agreement on the escrow terms by all parties, and necessary approvals. The transaction is expected to be completed five business days after all conditions have been met. Until then, Technology Minerals is responsible for maintaining the licenses in good standing.

This strategic divestment is seen as a testament to Technology Minerals’ ability to advance early-stage projects and attract significant value through partnerships, marking an excellent outcome for stakeholders involved.

 For the purposes of this agreement, the Leinster Lithium Project will be subdivided into and termed the North Leinster and a South Leinster Block. The North Leinster Block will consist of 15 prospecting licences covering an area of 477 km² and the South Leinster Block with eight licences covering a further 284 km². Each block contains several developing prospect areas where significant lithium bearing spodumene pegmatites have been located and confirmed in surface sampling and more recently in diamond drilling on PL 1597.

The Consideration is split evenly between Seven licences fully owned by LRH, and 16 licences in respect of which Canadian-listed Global Battery Metals (“GBML”) currently holds an interest of 55% under an exclusive Earn-in and option agreement with GBML.

Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to have agreed the proposed sale of LRH Resources Limited, the owner of the licenses of the Leinster Lithium Project in Ireland, to European Lithium. The agreement is an endorsement of our ability to identify and develop early-stage projects with significant potential.  It also underscores our strategy to advance early-stage projects up the value curve and attract potential buyers or partners to bring additional value to the Company and its shareholders.”

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