Bayan Mining and Minerals (ASX:BMM) secured an exclusive license from Macquarie University for microwave joule heating technology, a microwave-based solar panel recycling technology, according to a Wednesday Australian bourse filing.

The firm agreed to pay a reimbursement registration cost of AU$33,900, as well as an annual license fee of AU$20,000, in addition to a royalty, payable annually to Macquarie University, starting from 2027 and continuing until 2042.

The process can be undertaken at room temperature and is derisked from potential contamination concerns, with a low overall environmental impact compared to traditional recycling methods.

The firm will seek to further develop the proprietary technology while actively exploring its potential for application in advanced solar panel recycling. It will focus on checking the viability of high-yield recovery efforts targeting silver, silicon, and critical metals from end-of-life modules.

It set an initial budget of AU$180,000 over the next 12 months for the research and development of the technology.

Bayan Mining and Minerals' shares rose almost 9% in recent trading on Wednesday.