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Nth Cycle is a US metals-refining start-up whose patented electro-extraction processor ("the OYSTER") recovers critical metals from metal scrap, electronics waste, untapped mining resources and refinery waste.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 supplier, 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Binding term sheet (announced 2026-09-22) for Project SHIELD, Nth Cycle's planned South Carolina battery-materials refining facility: Glencore supplies 100% of black-mass feedstock from its US shredding/commercial network, and takes offtake of Nth Cycle's MHP and battery-grade lithium carbonate, projected 10-year value over $1B. Formal supply/procurement agreement expected by end of 2026; not yet finalized.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 2 of its 2 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.