Nth Cycle Signs Binding Term Sheet With Glencore for 10-Year Offtake Above $1 Billion

Nth Cycle signed a binding term sheet with Glencore covering a projected 10-year offtake arrangement valued above $1 billion. The agreement centers on Project SHIELD, a planned battery materials refining facility in South Carolina.

Under the term sheet, Glencore would source Project SHIELD's black mass through its commercial network and existing shredding assets in the United States. In return, Glencore would take the high-purity nickel mixed hydroxide product and battery-grade lithium carbonate produced at the planned South Carolina facility.

The arrangement includes an assessment of an existing developed Glencore site in the United States to accelerate Project SHIELD's build-out. Nth Cycle said the South Carolina location offers strategic port access and proximity to a fast-growing North American energy corridor.

The collaboration provides for joint exploration of Oyster deployment for black mass refining in Europe and for rare earth and copper recovery globally, the company said.

Nth Cycle said the agreement aligns with recent US black mass export controls.

The projected value is based on forecast pricing from the second quarter of 2026. It does not represent a completed transaction or realized revenue. Project SHIELD remains planned infrastructure and is not yet operational or commercially producing.

The companies are targeting definitive agreements on black mass supply and product offtake by the end of 2026. The arrangement remains subject to definitive agreements and successful development of the planned South Carolina facility.