Nth Cycle announced that it has signed a binding term sheet with Glencore covering a projected 10-year offtake arrangement valued above $1 billion. The Nth Cycle Glencore offtake agreement is centred on Project SHIELD, the company’s planned battery materials refining facility in South Carolina. The projected value is based on forecast pricing figures as of the second quarter of 2026 and does not represent a completed transaction or realised revenue.
The binding term sheet positions the Nth Cycle Glencore offtake arrangement as one of the larger announced commercial frameworks in the domestic critical minerals refining sector. Reuters independently reported on the announcement, corroborating the key commercial terms disclosed by the companies.
Glencore to Supply Black Mass and Receive Refined Battery Materials
Under the terms of the binding term sheet, Glencore would provide 100 percent of the black mass supply for Project SHIELD through its commercial network and existing shredding assets in the United States. In return, Glencore would take Nth Cycle’s high-purity nickel mixed hydroxide product and battery-grade lithium carbonate produced at the planned South Carolina facility.
The Nth Cycle Glencore offtake structure effectively creates a closed-loop commercial arrangement where Glencore serves as both the sole feedstock supplier and the primary buyer of refined output. This supply and offtake framework is designed to support Project SHIELD’s planned operations once the facility reaches production. It is important to note that Project SHIELD remains planned infrastructure and is not yet operational or commercially producing.
The black mass supply arrangement is significant because it connects Glencore’s established US recycling and shredding operations directly to a domestic battery materials refining pathway. Battery-grade lithium carbonate and nickel mixed hydroxide product are both essential inputs for lithium-ion battery manufacturing, and securing a domestic refining source for these materials aligns with broader efforts to build critical minerals processing capacity within the United States.
Evaluation of Glencore US Site and OYSTER System Expansion
Beyond the core Nth Cycle Glencore offtake terms, the binding term sheet also includes assessment of an existing developed Glencore site in the United States that could potentially accelerate Project SHIELD’s facility build-out. If the site evaluation proceeds favourably, it could reduce development timelines for the planned battery materials refining complex.
Additionally, the companies disclosed that the arrangement encompasses evaluation of Nth Cycle’s proprietary OYSTER refining system for black mass processing, copper recovery and rare-earth recovery across European and other international markets. This evaluation signals interest in extending the commercial relationship beyond Project SHIELD and the US market, though no binding commitments for international deployment were announced as part of the September 22 disclosure.
The Nth Cycle Glencore offtake binding term sheet reflects growing commercial activity around domestic critical minerals refining capacity in the United States. The projected value above $1 billion over the 10-year term, while based on forecast pricing rather than contracted fixed pricing, underscores the scale of battery materials refining volumes anticipated through Project SHIELD once the facility becomes operational. The Nth Cycle Glencore offtake arrangement remains subject to the completion of definitive agreements and the successful development of the planned South Carolina facility.