22 February 2022

Technology Minerals Plc

("Technology Minerals" or the "Company") 

Exploration Update on the Oacoma Project in South Dakota, USA

Geochemical results from 27 rock samples confirms presence of manganese and rare earth oxide mineral grades

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the results from 27 rock samples collected at the Stratabound Manganese - Rare Earth Oxides ("Mn - REO") Project in Oacoma, South Dakota, USA. 

Summary

·    A total of 27 rock samples were collected during October 2021 from across the site, and sent to ALS Global in Reno Nevada for analysis

·    The samples comprised of mudstone and gypsum-phosphate concretions from within the Sharon Springs Formation and manganiferous concretions from within the DeGrey Formation

·    Rare Earth Oxides*: Two samples out of the 27 samples submitted reported total rare earth oxide ("REO") values of 0.22% and 0.34%, with associated neodymium (Nd) oxide + praseodymium (Pr) oxide ("NdPr") values respectively of 0.034% and 0.037% NdPr

·    Manganese: Seven of the 27 samples reported manganese oxide ("MnO") grades greater than 20% MnO, with the highest grading at 29.1% MnO

·    The next step will be to continue the exploration campaign with a more comprehensive and extensive sampling and mapping programme.

*(REO = Total rare earth oxide which includes NdPr is the sum of La₂O₃, CeO₂, Pr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, Y₂O₃. NdPr = neodymium + praseodymium oxide. Assays were carried out by ALS Global using their ME-MS81L™ analytical package).

Oacoma Project

The Oacoma Project covers 13 state mineral leases covering a total of 3,083 acres in South Dakota, which the Company believes is prospective for stratabound manganese and rare earth oxides as well as nickel, cobalt, copper. The Company currently holds 15% of the project, with the option to acquire up to a further 85% working interest subject to the terms of an exploration agreement that is to be agreed, as part of an earn-in Joint Venture Agreement with North American Strategic Minerals Inc. (and its wholly-owned subsidiary East River Minerals LLC).

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: "We are pleased to report a positive set of results from the sampling survey at the Oacoma Project, which confirmed the presence of rare earth minerals and manganese. Following this encouraging start, we intend to advance our exploration at Oacoma with a more comprehensive and extensive sampling and mapping programme to continue to improve our understanding of the potential prospectivity of the project."

The Directors of the Company accept responsibility for this announcement.

Enquiries

About 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 extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the Group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.  Forward-looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Competent Person Statement

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to LRHR), and a "qualified person" within the meaning of National Instrument 43-101.