Nth Cycle and Glencore Sign Term Sheet for Critical Minerals Partnership

Nth Cycle has signed a binding term sheet with Glencore Ltd. for a strategic partnership covering feedstock supply and product offtake for its planned Project SHIELD battery materials refining facility. The companies estimate the agreement could represent more than $1 billion in offtake value over 10 years, based on forecast pricing as of the second quarter of 2026. 

Under the proposed arrangements, Glencore would supply 100% of the black mass required by Project SHIELD through its commercial network and existing U.S. shredding operations. Glencore would also take offtake of Nth Cycle’s high-purity mixed hydroxide product (MHP) and battery-grade lithium carbonate.

The parties are also assessing an existing developed Glencore site in the United States as a potential location for the facility, which could help accelerate project development. Nth Cycle said the term sheet, together with its other binding agreements, represents 100% of Project SHIELD’s projected feedstock and offtake requirements.

The collaboration extends beyond the U.S. facility. The companies plan to explore opportunities to deploy Nth Cycle’s OYSTER refining technology for black mass processing in Europe, as well as for rare earth and copper recovery in global markets.

Nth Cycle said the partnership supports efforts to establish domestic critical minerals refining capacity. The company was previously selected for a $100 million grant from the U.S. Department of Energy’s Office of Critical Minerals and Energy Innovation. The announcement also references recent U.S. controls on black mass exports as part of the policy context for developing domestic processing.

“Partnering with Glencore represents another significant step forward for Nth Cycle and a strong and resilient domestic critical mineral supply chain,” said Megan O’Connor, CEO and Co-Founder of Nth Cycle. She said the agreement would provide Project SHIELD with the feedstock and offtake needed to serve demand for critical materials, while creating opportunities to deploy OYSTER for copper and rare earth recovery.

Jyothish George, Glencore’s Head of Marketing, Metals and Bulks, said the company would supply black mass from its U.S. operations and market the resulting refined products, supporting the supply of critical minerals to U.S. customers.

The companies are targeting definitive agreements covering black mass supply and offtake of MHP and battery-grade lithium carbonate by the end of 2026.

Source: Nth Cycle

SUNSHINE Spotlight: Nth Cycle and Glencore have signed a binding term sheet covering Project SHIELD’s projected black mass supply and refined-product offtake, with an estimated 10-year value exceeding $1 billion based on second-quarter 2026 pricing forecasts.