olivLaw · European equity research
Technology Minerals Plc MNTL.L
United Kingdom · London Stock Exchange · ISIN GB00BWYF7709 · Vertical: Listed companies from United Kingdom
Technology Minerals Plc is a holding company that develops early-stage exploration projects for battery metals such as lithium, cobalt, nickel and copper, and holds a 48.35% stake in Recyclus, a Li-ion battery recycler. In fiscal 2024 it sold its Irish lithium interests, a step that shows its strategy of advancing projects up the value chain so they can attract larger partners.
At the close of 05 Nov 2026, Technology Minerals Plc (MNTL.L) stock was 0.00 GBP (−0.74% on the day), with beta 0.02, 52-week range 0.00–0.00 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 0.00 – 0.00
- in the lower half of the band · %B 0.30 · band width 60.6%
- SMA 50 / 200
- 0.00 / 0.00
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.0% | −0.6% | −24.4 pp | — |
| 3 months | +20.5% | −4.2% | +24.7 pp | — |
| 6 months | −13.5% | +4.3% | −17.8 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −25.0% | +9.9% | −34.9 pp | +6.7% |
| 3 years | −95.0% | +49.8% | −144.8 pp | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -4.3 m | -6.6 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | -1.8 m | -1.8 m |
Balance sheet & financial health
Fiscal year 2024 · 30 Jun 2024
- Cash
- 15.0 k GBP
- Financial debt
- 3.6 m GBP
- Net debt
- 3.6 m GBP
- Equity
- 15.4 m GBP
- Total assets
- 23.6 m GBP
- Debt / equity
- 0.23x
- Current ratio
- 0.29x
- ROE
- -37.1%
- ROA
- -28.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 318.0 k | 15.0 k | esef· 18 Dec 2024verified |
| Receivables | 81.0 k | 432.0 k | esef· 18 Dec 2024verified |
| Current assets | 399.0 k | 1.4 m | esef· 18 Dec 2024verified |
| Property, plant & equipment, net | 4.0 k | 5.0 k | esef· 18 Dec 2024verified |
| Intangibles (excl. goodwill) | 15.8 m | 15.1 m | esef· 18 Dec 2024verified |
| Total assets | 22.6 m | 23.6 m | esef· 18 Dec 2024verified |
| Accounts payable | 438.0 k | 1.5 m | esef· 18 Dec 2024verified |
| Short-term debt | 0 | 3.1 m | esef· 18 Dec 2024verified |
| Long-term debt | 1.6 m | 496.0 k | esef· 18 Dec 2024verified |
| Current liabilities | 438.0 k | 4.6 m | esef· 18 Dec 2024verified |
| Total liabilities | 2.2 m | 8.2 m | esef· 18 Dec 2024verified |
| Equity | 20.4 m | 15.4 m | esef· 18 Dec 2024verified |
Cash flow · GBP
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.8 m | -1.8 m | esef· 18 Dec 2024verified |
| Capex | 0 | 2.0 k | esef· 18 Dec 2024verified |
| Free cash flow | -1.8 m ≈ | -1.8 m ≈ | esef· 18 Dec 2024derived |
| Investing cash flow | -2.1 m | -2.6 m | esef· 18 Dec 2024verified |
| Financing cash flow | 3.9 m | 4.1 m | esef· 18 Dec 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.6% | 8 (vs peers) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TECHNOLOGY MINERALS PLC (MNTL.L). Latest full fiscal year: 2024; data up to 2024-06-30.
Figures computed from the financial statements: ROE -37.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -15.6%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for MNTL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Technology Minerals Plc is a holding company that develops early-stage exploration projects for battery metals such as lithium, cobalt, nickel and copper, and holds a 48.35% stake in Recyclus, a Li-ion battery recycler. In fiscal 2024 it sold its Irish lithium interests, a step that shows its strategy of advancing projects up the value chain so they can attract larger partners 1.
SWOT
Strengths
- The incubator model allows projects to be advanced with limited capital and then sold to larger partners, as happened with Leinster 1.
- The stake in Recyclus gives access to a Li-ion recycling plant that has reached commercial production and has agreements with several partners 1.
- The portfolio is diversified by geography and metal, which reduces dependence on any single project or country 1.
Weaknesses
- The group has limited revenue and depends on external financing through convertible bonds and loans with near-term repayment dates 1.
- Cash at fiscal year-end 2024 was very low, which limits the capacity to fund exploration 1.
- Recyclus is not controlled by the company and the planned merger has been suspended, which reduces its ability to directly influence that business 1.
Opportunities
- Sales of projects to partners could generate additional value if the incubator strategy is repeated on other assets in the portfolio 1.
- Expanding recycling contracts and black mass exports could increase Recyclus revenues if international partnerships materialise 1.
- Interest in supply security for critical metals could attract investors and partners to the exploration projects 1.
Threats
- Volatile metal prices could reduce project values and make revenue planning harder 1.
- Technological change or lower demand for nickel-cobalt chemistry could affect demand for the group's products 1.
- Political and regulatory risks in Cameroon and other operating countries could delay or block projects 1.
Risks
- Liquidity riskhigh
The group has limited revenue and depends on financing; if it cannot meet the repayment schedule of its convertible bonds, it could be forced to scale back exploration 1.
- Investment risk in Recyclushigh
The company does not control Recyclus and could be asked to provide additional capital if the entity's performance falls short of expectations 1.
- Metal price riskmedium
Cobalt, nickel and lithium prices are volatile and cannot be predicted, and the company does not hedge its commodity exposure 1.
- Political and regulatory riskmedium
Political instability, corruption and regulatory change in operating countries could delay projects or reduce profitability 1.
- Environmental and wildfire risklow
The Idaho projects lie in forested areas exposed to seasonal fires, which could disrupt operations during summer months 1.
Investment thesis
What would need to be true (bull case)
- If the incubator model is repeated and other projects are sold at added value, the company could unlock value for shareholders without bearing the full cost of development 1.
- If Recyclus expands its contracts and black mass exports, the 48.35% stake could become an important source of value 1.
- Rising battery adoption and interest in supply security could support demand for the critical metal projects in the portfolio 1.
What would break the thesis
- Lack of cash and dependence on loans with near-term maturities could force the company to sell assets on unfavourable terms or dilute shareholders 1.
- Without control over Recyclus, the company could remain exposed to that entity's financing and operating decisions while the planned merger is suspended 1.
- Volatile metal prices and technological change could reduce the value of exploration projects even if they advance operationally 1.
What to watch
- Repayment schedule of convertible loan notes and the company's financing options2025
- Completion of the GBML settlement approvals and the sale of shares received from the Leinster transaction2025
- Progress of black mass shipments from Wolverhampton and offtake agreements in the USA, Canada, Germany and South Koreanext 10-K
- Development of the BlueBird Metals transaction and any impairment of the Idaho holding in the following financial yearnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company works as an incubator for exploration projects: it identifies early-stage projects with potential, advances them in a capital-light manner and then seeks larger partners to develop them. Its portfolio spans assets in Spain, the USA and Cameroon, and the Leinster project in Ireland was sold in November 2024 for a gross consideration of US$10 million 1. It also holds a 48.35% stake in Recyclus, an associate company that is not consolidated and that completed commissioning of a Li-ion recycling plant in Wolverhampton 1.
The group structure combines exploration with investment in recycling. Recyclus is treated as an associate because the company does not control it, although several directors sit on both boards. The planned merger between the two companies has been put on hold due to London Stock Exchange readmission requirements, and the group says it will revisit it when market conditions are more favourable 1.
Segments
Mineral exploration (project portfolio)
The exploration portfolio includes cobalt, copper, nickel and lithium projects in Spain (Asturmet), the USA (Blackbird Creek and Emperium, Idaho) and Cameroon, where five permits cover 2,456 km2 1. The Idaho projects were partly transferred to BlueBird Metals, which would acquire a further 70% interest, leaving the company with 20% 1.
Battery recycling (Recyclus)
Recyclus operates the Li-ion plant in Wolverhampton, permitted to process 22,000 tonnes of batteries a year, with a recycling yield of up to 45% net black mass. It has agreements with partners such as Servicesure Autocentres, Beryl and LOHUM in India, while the lead-acid plant in Tipton has been paused to focus resources on Li-ion 1.
Market context
In recycling, demand for battery collection and processing services could grow as the electric vehicle fleet expands, and contracts with automotive customers suggest interest in circular solutions. However, profitability depends on export markets for black mass that are still being developed 1.
Trends
- Supply security for critical metalstailwind
Concern among original equipment manufacturers about supply security supports the exploration and recycling projects in the portfolio, provided they can attract funding 1.
- Metal price volatilityheadwind
Cobalt and other metal prices can fluctuate substantially and cannot be accurately predicted, which affects the value of projects 1.
- Alternative technologies and regulationmixed
The emergence of cobalt- or nickel-free battery technologies and changes in government policy could reduce demand for the targeted metals, while environmental regulation adds costs and delays 1.
Competitive position
The company competes with other exploration and recycling companies developing projects for battery metals. The analysed source does not explicitly identify competitors, so the analysis below reflects only companies named in the report, such as partners and transaction counterparties 1.
The group's competitive position depends on its ability to attract partners for project development and on access to export markets for recycled products. The company does not control Recyclus, which limits its direct influence over that entity's operating strategy 1.
- European Lithium Limited
Buyer of the Leinster interests under a sale agreement, paid partly in shares of a NASDAQ-quoted company 1.
- BlueBird Metals
Canadian firm that already held a 10% interest in the Idaho projects and would acquire most of their economic interest 1.
- LOHUM
Indian producer of energy transition materials and offtake partner of Recyclus for black mass 1.
- Jervois (Idaho Cobalt Operation)
Mining operator in the same Idaho geological belt, cited as a reference for the potential of the Blackbird Creek projects 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Dec 2024
- Annual report 202315 Nov 2023
Sources
- [1] Annual report, fiscal year ended 2024-06-30 (ESEF) · SEC / Technology Minerals Plc · 30 Jun 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.