Technology Minerals PLC

First-pass take

Recyclus recycling subsidiary shows strong operating leverage (76% gross margins, first positive monthly cash flow July 2025, 174% revenue growth) and secured major customers (Ocado, Halfords, Glencore black mass offtake). However, the group is loss-making (£13.6m loss on £1.5m revenue), technically insolvent with net liabilities of £0.4m, and has minimal cash (£0.1m). No explicit AI exposure detected. Company faces material going-concern uncertainty and depends on securing £3m+ additional funding; emergency £0.001 share placement signals distressed capital structure.