Resources Top 5: Lithium Universe takes up challenge of recycling spent solar panels

Lithium Universe has executed a binding agreement to acquire the global rights to patented photovoltaic solar panel recycling technology.

Managing solar panel waste and recovering valuable materials is a challenge taken up by Lithium Universe. Pic: Getty Images

• Lithium Universe is securing exclusive licensing rights to Microwave Joule Heating Technology

• A US$120m LOI from EXIM will assist in developing the Tanbreez REE project

• Gold and antimony have been identified in data from historical drilling and rock chips at Falchion prospect

Your standout small cap resources stocks for Wednesday, June 18, 2025

Lithium Universe (ASX:LU7)

The increasing global focus on reducing carbon emissions and limiting fossil fuel use by adopting renewable energy sources, including solar power, generates news on a daily basis but little attention is paid to what happens to the spent solar panels and the valuable metals they contain.

It makes plenty of sense in the quest for a cleaner, greener world that more attention is paid to address the issue of waste from spent panels.

Panels have a life of 25-30 years and the industry will increasingly face the growing challenge of managing solar panel waste and recovering valuable materials.

One company taking up the challenge is Lithium Universe, which has executed a binding agreement to acquire the global rights to a patented photovoltaic solar panel recycling technology.

This has been greeted positively by investors with LU7 shares doubling to 1.2c before easing back to 1c at the close, a 66.67% increase on the pre-trading halt close.

LU7 will acquire Australian-incorporated holding company New Age Minerals to secure exclusive licensing rights to Microwave Joule Heating Technology (MJHT) under an agreement with Macquarie University, which developed the technology.

MJHT uses microwave technology to selectively heat silicon to soften the EVA encapsulant in solar panels, enabling easy delamination and potential recovery of valuable materials at room temperature.

This avoids the need for extreme heat of up to 1400 degrees C that’s typically required to separate materials like glass and silicon as well as the use of costly hazardous chemicals such as nitric acid, sulphuric acid and hydrogen fluoride used in traditional processes.

Adding interest for Lithium Universe (ASX:LU7), delamination enables selective separation of materials without the need for mechanical crushing, which often results in cross-contaminated material and lower recovery rates.

It is also particularly effective for the recovery of silver as it preserves the silver contacts embedded within the cell layers, enabling nearly complete extraction.

This is hugely important as growing demand for silver in industrial uses has meant that the market now faces supply shortfalls, which leads to significant price increases.

“I am thrilled about the acquisition of Macquarie University’s Microwave Joule Heating Technology and the opportunity to potentially extract critical metals such as silver from solar panel recycling,” executive chairman Iggy Tan said. 

“The need for effective PV recycling has never been greater, with only 15% of panels currently being recycled. 

“The mass accumulation of solar panel waste in landfills is a growing problem, as valuable critical metals like silver, silicon, gallium and indium are left behind, contributing to both resource depletion and environmental harm. 

“Microwave technology offers a promising solution to these challenges, enabling higher recovery rates and more sustainable recycling processes.

“We firmly believe that this technology represents the future of solar panel waste management. 

“We are eager to collaborate with the Macquarie team to develop a more efficient and cost-effective recycling process.”

Currently, just 15% of used panels are recycled – with the rest accumulating in landfills – due to complex processes, high-temperature furnaces, toxic chemicals and poor recovery yields required for traditional processes.

This is concerning as the International Energy Agency has flagged that global waste PV modules will amount to 1.7-8Mt cumulatively by 2030 and 60-78Mt cumulatively by 2050.

Panels can contain harmful materials like cadmium and lead, which may leak into the ground and water when dumped in landfills.

Recycling panels enables the recovery of valuable minerals such as silver, silicon, gallium and indium while cutting down on pollution.

European Lithium (ASX:EUR)

A US$120 million letter of interest from the Export-Import Bank of the United States has been received by Critical Metals Corp to assist in developing the Tanbreez rare earths project in Greenland.

As the largest shareholder in Critical Metals with a stake of around 63%, European Lithium has welcomed the LOI as have shareholders, who sent shares to a high of 6.9c, a 57% increase on the previous EUR close.

EUR closed at 6.4c, an increase of 45.45% on the pre-trading halt finish, with almost 40m changing hands.

“This is a huge milestone for the Tanbreez project. The flow-on effect to European Lithium is enormous,” said EUR’s executive chairman Tony Sage.

“As of close of Nasdaq trading yesterday , the company’s shareholding in Critical Metals was valued at approximately A$305 million.” 

Tanbreez, which is one of the world’s largest rare earth deposits, hosts elevated concentrations of high-value magnet rare earth oxides including neodymium, praseodymium, dysprosium and terbium, which are significantly more valuable than light rare earths.

The EXIM funding proposal highlights the strategic importance of the Tanbreez project in bolstering Western supply chains for critical minerals, particularly rare earth elements.

EXIM is the official export credit agency of the United States, offering financing tools including loans, guarantees and insurance to facilitate international trade to strengthen the US economy and support jobs across the country. 

This funding, if it proceeds, is expected to be used to develop the project, and European Lithium stands to benefit substantially via its shareholding in Critical Metals.

The proposed package has a 15-year term and is subject to key development milestones including permitting, feasibility studies and environmental assessments.

In order for the LOI to be converted to a binding financing agreement, EXIM will need to complete due diligence investigations.

iTech Minerals (ASX:ITM)

Gold and antimony have been identified by iTech Minerals in data from historical drilling and rock chips at Falchion prospect of its Reynolds Range project in the NT, prompting a 41% jump in shares to a high of 3.8c before closing up 14.81% at 3.1c.

Previous exploration at Reynolds Range in the 1990s was conducted primarily by Poseidon Gold, Exodus Minerals, North Flinders Mines, Normandy and Newmont.

Historical drill holes at Falchion were assessed for gold but not routinely analysed for antimony.

In a review of data, ITM has revealed historical mineralisation over a strike of 400m and this is open to the east. Notable results include:

• 22m at 2.20g/t gold and 2.3% antimony and 8m at 1.3g/t Au including 2m at 12.35g/t Au and 5.4% Sb; 
• 24m at 2.75g/t Au;
• 10m at 1.29g/t Au; and
• 7m at 1.4g/t Au. 

A review of the controls on gold and antimony mineralisation has identified multiple prospective structures in the surrounding region and this new geological interpretation allows for expanded gold prospectivity at Falchion and surrounding prospects.

iTech Minerals (ASX:ITM) has identified more than 18km of prospective structures coincident with a regional 6.5km-long antimony in lag soil anomaly.

“A review of historical drilling at the Falchion gold-antimony prospect has identified up to 400m of mineralised strike just 1.4km from the 800m-long Sabre gold antimony prospect to the east,” managing director Mike Schwarz said.

“Importantly the Falchion prospect remains open at depth and to the east. 

“Up to 18km of prospective structures have been identified in the region based on similarities to the Falchion and Sabre prospects.”

Mapping and sampling of the newly identified prospective structures is planned to help define targets with potential for economic mineralisation.

Drilling is expected to begin in the second half of 2025.

Warriedar Resources (ASX:WA8)

Visible gold has been encountered by Warriedar Resources in a diamond drill hole at Ricciardo gold-antimony deposit within the flagship Golden Range project with subsequent assays returning 2m at 116.3 g/t gold from 151m, including 0.2m at 1,148 g/t.

The results from the Ardmore end of the project in WA’s Murchison region saw shares hit a new two-year high of 13.5c, an increase of 17.39%. 

This represents a key development in the exploration of Ricciardo as it is the first time visible gold has been returned in Warriedar’s drilling and demonstrates the potential to host significant free-milling gold.

Two diamond drill rigs have been onsite at Golden Range, drilling at the Windinne Well and M1 deposits while an RC rig started drilling at Ricciardo earlier this week, marking the start of the Ricciardo fast-tracked program. 

Stage 1 of this program involves drilling 105 holes for about 29,000m, using four rigs concurrently.

Location of the Ricciardo gold deposit within the Golden Range project in the broader Southern Murchison region. Image: WA8

“The identification of visible gold is always an exciting development in exploration. However, in this case the primary excitement is in what it might actually represent for Ricciardo moving forward,” Warriedar managing director and CEO Amanda Buckingham said.

“The potential existence of significant zones of high-grade, free-milling material within primary mineralisation at Ricciardo would be a further game-changer for its development.” 

NewPeak Metals (ASX:NPM)

In welcoming progress made by Lakes Blue Energy with its gas supply strategy in Victoria’s Gippsland region, NewPeak Metals reached 1.9c, up 46.15% on the previous close, and closed at 1.8c.

NewPeak is the largest shareholder in Lakes with a stake of around 16.3%.

Lakes is undertaking a fully underwritten institutional placement with firm commitments received to raise about $6.5m, subject to reinstatement to trading on the ASX. 

It has been approved to relist on or about June 24, 2025, and is also moving toward drilling the Wombat-5 well in the Gippsland basin, close to existing gas pipeline infrastructure.

Lakes has received consent from the Victorian State Minister for Energy and Resources to drill the appraisal well in Petroleum Retention Lease 2, subject to the agreeing and payment of rehabilitation bonds. 

A drill rig supply agreement has been entered into, with an estimated spudding date of the week of July 21, 2025. 

The well is budgeted at $7.5m and an independent assessment of the properties of the reservoir suggests target rates of up to ~10TJ/day are achievable.

NewPeak said it remained supportive of Lakes’ strategy in the Gippsland Basin and looked forward to Lakes progressing towards drilling Wombat-5, which had potential to provide additional supply into the Australian East Coast domestic gas market from as early as 2026.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Lithium Universe and European Lithium are Stockhead advertisers, they did not sponsor this article.

Originally published as Resources Top 5: Lithium Universe takes up challenge of recycling spent solar panels