Nth Cycle, a critical minerals refining company, has signed a binding term sheet with Glencore Ltd. for a strategic partnership with a projected 10-year off-take value of over $1 billion, based on forecasted pricing as of the second quarter of 2026.

The agreement centers on Project SHIELD, Nth Cycle's planned battery materials refining facility. Under the terms, Glencore will supply 100% of the facility's black mass feedstock from its commercial network and U.S. shredding assets. Glencore will also take off-take of Nth Cycle's high purity mixed hydroxide product and battery-grade lithium carbonate. The parties will also assess an existing Glencore site in the U.S. as a potential location to accelerate the facility's build-out.

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

Nth Cycle stated that it now holds binding term sheets covering 100% of its projected feedstock and off-take needs for Project SHIELD. The company said the deal aligns with recent U.S. black mass export controls and a $100 million grant Nth Cycle was selected for by the Department of Energy's Office of Critical Minerals and Energy Innovation.

"By supplying black mass from our US operations and taking the refined product to market, we can help close the loop in the supply of critical minerals for our US customers," said Jyothish George, Head of Marketing, Metals and Bulks at Glencore.

The parties are targeting execution of definitive agreements on black mass supply and off-take of MHP and battery-grade lithium carbonate by the end of 2026.

Nth Cycle has a pending business combination agreement with Kensington Capital Acquisition Corp. VI (NYSE: KCAC.U), after which the combined company is expected to trade on the New York Stock Exchange under the ticker symbol "NTH."