Nth Cycle Signs Strategic Partnership with Glencore for Critical Minerals Supply

BURLINGTON, Mass., Sept. 22, 2026 /CourierPR/ -- Nth Cycle, a pure play critical minerals refining company, has announced a binding term sheet with Glencore Ltd., representing an estimated 10-year off-take value over $1 billion, based on forecasted pricing figures as of the second quarter of 2026. The signing ceremony, held today at Glencore’s New York City offices, was attended by Megan O’Connor, CEO and Co-Founder of Nth Cycle, and Jyothish George, Head of Marketing, Metals, and Bulks at Glencore.

The partnership’s key commercial arrangements are centered on Project SHIELD, Nth Cycle’s planned battery materials refining facility, including:

- 100% of the black mass supply for the facility, from Glencore’s commercial network and already operational US shredding assets; - The offtake of Nth Cycle’s high purity mixed hydroxide product (MHP) and battery-grade lithium carbonate; and - Assessment of an existing, developed Glencore site in the US to accelerate build-out.

The collaboration also provides for joint exploration to deploy Nth Cycle’s OYSTER system for black mass refining in Europe, as well as rare earth and copper recovery globally.

With this, Nth Cycle has binding term sheets that represent 100% of its projected feedstock and offtake needs for Project SHIELD. Spurred by federal policy and funding announcements, the deal also aligns with the recent US black mass export controls and the $100 million grant Nth Cycle was selected for by the Department of Energy’s Office of Critical Minerals and Energy Innovation.

The parties are targeting to execute definitive agreements relating to the black mass supply and offtake of MHP and battery-grade lithium carbonate by the end of 2026.

Nth Cycle, a critical minerals midstream refining company, is building the technology and infrastructure needed for Western supply chains. The company addresses the structural bottleneck of foreign dependence to process domestic critical mineral resources with its modular OYSTER system and proprietary electroextraction platform. Combined, they dramatically lower capital intensity, deployment time, and emissions to convert industrial scrap, black mass, primary and waste feeds into intermediate and refined products within the battery materials, copper, and rare earth value chains. These advancements enable the domestic production and allied partnerships vital to industrial competitiveness, economic growth, and national security.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Through a network of assets, customers, and suppliers that span the globe, Glencore provides financing, logistics, and other services to producers and consumers of commodities. With over 140,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, Glencore’s marketing and industrial activities are supported by a global network of offices.

Nth Cycle previously entered into a Business Combination Agreement with Kensington Acquisition Corp. VI, pursuant to which the combined company will be renamed “Nth Cycle Holdings, Inc.” and is expected to trade on the New York Stock Exchange under the ticker symbol “NTH.”

Important Information for Investors and Shareholders

The transactions contemplated by the Business Combination Agreement will be submitted to shareholders of Kensington for their consideration. In connection with the Business Combination, Kensington has filed a Registration Statement on Form S-4, dated September 18, 2026 (File No. 333-298998), with the Securities and Exchange Commission, which includes a proxy statement/prospectus and certain other related documents, which will serve as both the proxy statement to be distributed to shareholders of Kensington in connection with its solicitation for proxies for the vote by its shareholders in connection with the Business Combination and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities to be issued to securityholders of Kensington and securityholders of Nth Cycle in connection with the completion of the Business Combination. After the Registration Statement is declared effective, Kensington will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the Business Combination. This press release is not a substitute for the Registration Statement, the definitive proxy statement/prospectus, or any other document that Kensington will send to its shareholders in connection with the Business Combination.

Participants in the Solicitation

Kensington and its directors, executive officers, and other members of management, and consultants, under SEC rules, may be deemed participants in the solicitation of proxies from Kensington’s shareholders with respect to the Business Combination. Information about the directors and executive officers of Kensington is set forth in the Registration Statement.