Nth Cycle Signs Binding Glencore Term Sheet for $1B-Plus Offtake

Is the $1 billion Glencore agreement final?

Not yet. The term sheet is binding, but Nth Cycle and Glencore still plan to execute definitive supply and offtake agreements by the end of 2026.

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What will Glencore supply and buy?

Glencore will supply roughly 24,000 metric tons of battery black mass annually, while Nth Cycle will process it into battery-grade lithium carbonate and nickel-rich mixed hydroxide product for Glencore.

Why does the agreement matter for Nth Cycle?

It reduces two major commercial risks for the planned Project SHIELD refinery by securing both feedstock and a buyer for its output. Nth Cycle says its binding term sheets now cover 100% of the project's projected feedstock and offtake needs.

Does the $1 billion figure mean guaranteed revenue?

No. The figure is an estimated 10-year offtake value based on forecasted second-quarter 2026 metal prices, while actual production volumes will depend partly on the mineral content of the black mass.

Is Nth Cycle publicly traded yet?

No. Nth Cycle is pursuing a business combination with Kensington Capital Acquisition Corp. VI and expects the combined company to trade on the NYSE as NTH if the transaction closes.

What should investors watch next?

The next commercial milestone is execution of definitive Glencore agreements by the end of 2026, while Nth Cycle also plans to select a U.S. Southeast site for Project SHIELD before operations begin by 2029.