Electric Royalties Ltd. (TSXV:ELEC) (OTCQB:ELECF) ("Electric Royalties" or the "Company") would like to inform the market of the termination of the previously announced agreement signed on June 27, 2022 to sell 1% of its existing 1.5% Net Smelter Royalty ("NSR") on the Seymour Lake Lithium Deposit in Ontario, Canada, to Lithium Royalty Corp. ("LRC"). LRC has informed the Company that it is unwilling to waive certain conditions to closing set out in the agreement and the Company accepts LRC's position that the agreement has terminated. Accordingly, Electric Royalties will retain it's 1.5% NSR on the Seymour Lake lithium deposit
Brendan Yurik, CEO of Electric Royalties,commented:"Since signing of the initial LOI an estimate that doubles the mineral resource1 at Seymour Lake has been announced. Further, the price of lithium carbonate has neared all time highs in China of more than $70,000 a tonne2. These factors, coupled with the property owner having just raised A$55M3 to further development at Seymour Lake mean that we are delighted to retain our full 1.5% NSR."
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 19 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact:
Brendan Yurik CEO, Electric Royalties Ltd. Phone: (604) 364‐3540 Email: Brendan.yurik@electricroyalties.com www.electricroyalties.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
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The increasing popularity of electric vehicles and the green energy movement has disrupted the transportation and power industry entirely. By 2050, over 17 countries announced 100 percent zero-emission vehicle targets or goals to phase out internal combustion engine vehicles.
Seeing these unprecedented trends in growth across the electric vehicle market means the demand for key raw materials used in the lithium-ion batteries needed to power these technological innovations could experience significant parallel growth. As prices for these raw commodities grow, market researchers predict more money investment opportunities coming into the sector. Especially for royalty companies with widespread exposure across the market, the investment upside could be significantly advantageous.
As a royalty company, Electric Royalties does not operate mines nor needs large and highly specialized teams to carry out their operations. Likewise, having a robust commodity portfolio helps to diversify investment and mitigate risk for investors and shareholders while leveraging exploration upside, revenue-driven business modelling and more. It currently has a growing portfolio of 19 royalties on assets located primarily in North America and Australia.
Unlike other royalty companies, Electric Royalties has an exceptionally robust nine commodity portfolio and a top management team that understands the ins and outs of how the royalty game works. “We’re creating new royalties where we make sure it’s gross revenue, covers the whole deposit and it’s drafted by us. At this point in time, we do this for a living. Ultimately, you’re going in, and you’re creating and adding some value to a group,” commented Electric Royalties CEO and director Brendan Yurik.
In May 2022, Electric Royalties closed a CAD$3.45 million marketed public offering with Cannacord Genuity Corp. (TSX:CF) as the lead agent and sole bookrunner. The offering was composed of 11,500,000 units at CAD$0.30 per unit. Net proceeds of the offering will fund potential future acquisitions of royalties and other interests.
Electric Royalties’ management team is an experienced group of executives and advisors with proven track records of success across multiple related industries like mining, finance and more. Together, their years of expertise primes the company for significant growth in line with the exponential growth forecast in the demand for clean energy metals globally.
This producing zinc asset hosts levels of annual production hovering 50,000 tons of zinc concentrate across a 15-year mine life.
Middle Tennessee zinc mines have produced over 2.7 billion pounds of zinc for over 50 years. The strategically positioned zinc mine leverages close proximity and association with Trafigura’s Clarksville smelter, the only primary zinc producer in the US.
In April 2022, Electric Royalties announced that the strong upward trend in the zinc price has significantly increased the Middle Tennessee Mine zinc royalty payments. The MTM zinc royalty is in a limited partnership with Electric Royalties owning a 25 percent of economic interest with the remaining 75 percent interest held by Sprott Streaming and Royalties Corp. From the time the MTM zinc royalty was acquired to March 31, 2022, the aggregate gross amount of royalty revenue accrued to MTM LP on a 100 percent basis is approximately US$1,158,000 and a total of US$289,000 is attributable to the company.
The Authier Lithium is a 0.5 percent gross revenue royalty and the project sits in close proximity to the only producing lithium mine in Canada about 45 kilometers northwest of Val d’Or and is operated by Sayona Lithium. It stands as a simple, near-surface deposit with resources defined in one spodumene-bearing pegmatite based on 31,000 metres of diamond drilling. Authier also leverages excellent infrastructure, including existing mining support services, environmentally-friendly low-cost hydroelectric power, gas and road networks.
On May 23, 2022, Sayona Mining Limited (ASX:SYA) announced a pre-feasibility study for its flagship North American Lithium Project in Québec, Canada which also integrated the Authier Lithium Project with the NAL operation into Sayona’s Abitibi
Lithium Hub. Sayona Mining plans to release an updated feasibility study for the Authier Project in Q2 2022.
The near-production Graphmada Large Flake Graphite Mining Complex is located in Eastern Madagascar and was in continuous production for 30 months prior to being placed in care and maintenance due to Covid-related restrictions put in place at the start of 2020. The operator Bass Metals has been using the down time to look at an expanded production case set to be released in the near future and recently increased its mineral resource by 41 percent to 20.2 million tonnes (Mt) of >90 percent large flake graphite. All mining and processing infrastructure, including roads, bridges, power, camp, tailings dams are in place, along with 40-year mining permits and 20-year landholder agreements. The complex sits adjacent to the main national highway and is110km to the country’s only deep-water port at Toamasina. The royalty is a 2.5 percent gross revenue royalty.
Greenwing Resources (ASX:GW1) completed its 3,268-metre drill program in Madagascar comprising 69 diamond holes, with results recording significant intercepts of graphite mineralization. The drill program has significantly expanded the mineralization footprint of the Graphmada Mineral Resource. Greenwing also plans to assess the need for further drilling to update resource confidence and test the mineralization laterally.
BISSETT CREEK IN PROXIMITY TO EV BATTERY MEGAFACTORIES (BY 2050). Source: Northern Graphite.
The Bissett Creek property sits between Ottawa and North Bay in Ontario, Canada. The feasibility stage asset has a potential annual production level of 33,200 tons with a mine life of approximately 21 years at a US$1,800 revenue per ton ratio.
Bissett Creek hosts open pit mining potential and has already seen significant bulk sampling, pilot plant testing and recoveries of over 92.4 percent graphite. The next steps include further exploration and production expansion of some of the highest large flake yields reported from any graphite project globally.
The Mont Sorcier property hosts a large-high-quality iron resource with significant and extractable vanadium in a top-tier mining jurisdiction.
Exceptionally low titanium content makes the deposit unique to other iron-titanium-vanadium deposits around the world. Low titanium in the deposit allows the iron ore and vanadium processing directly through a blast furnace for potential lower-cost operations and open-pit mining with a life of mine strip ratio of 0.89.
Glencore has entered into a long-term arrangement to support the development of the Mont Sorcier project and is assisting with raising capital to finalize feasibility studies.
Battery Hill is a historic resource that spans 1,228 hectares and leverages fast-tracked feasibility study stage potential. Kemetco currently has operations to develop and commercialize a flow sheet to produce a battery-grade manganese product for the growing electric vehicle and energy storage industries. The property leverages great highway access and transmission lines. Electric Royalties has early-mover potential with Battery Hill as there are no producing manganese mines in North America.
Royalty asset partner Manganese X Energy (TSXV:MN) published a preliminary economy assessment (PEA) showing significant gross revenue projections for the Battery Hill project of US$177 million per year over an initial forecast mine life of 47 years. Electric Royalties' 2% gross revenue royalty entitles the company to 2% of those gross revenues. The Battery Hill PEA forecasts robust economics and a short payback period for relatively low capital investment.
In early 2022, Manganese X Energy initiated discussions with potential strategic partners seeking high-purity manganese products and started the development of the pilot plant program for the Battery Hill manganese project. Manganese X intends to engage an engineering firm to design the work for its field pilot plant to demonstrate Manganese X’s proprietary process under near commercial-scale operating conditions incorporating a modular design. The pilot plant will use innovative solutions to produce high-purity manganese sulphate without the use of selenium.
For more information on Electric Royalties’ complete royalty portfolio, see its corporate presentation here https://www.electricroyalties.com/presentation
Brendan Yurik is the founder and CEO of Evenor Investments Ltd, a financial advisory group to junior mining companies for alternative financing, debt, equity and M&A with experience on over CAD$2 billion in mining financing transactions throughout his career. He has prior global experience as a research analyst as well as in business development and mining financial advisory roles with Endeavour Financial, Cambrian Mining Finance Ltd, Northern Vertex Mining Corp. and King & Bay West Management Corp.
Luqman Khan is also the CFO of RE Royalties Ltd, a renewable energy royalty company, involved in the acquisition of 86 royalties to date. He has been a financial reporting executive with over 20 years of professional experience in accountancy and business management. Additionally, Khan has served as CFO for several publicly listed TSX-V resource companies and previously with Ernst and Young in their assurance practice.
David is an economic geologist specializing in project assessment and resource estimation. His experience spans projects worldwide and includes roles with senior mining companies and junior exploration companies. He is a co-recipient of the PDAC’s Thayer Lindsley International Discovery Award.
Co-founder and Chairman of RE Royalties Ltd, a renewable energy royalty company, involved in the acquisition of 84 royalties to date. Over 25 years senior executive experience in corporate finance and mining with a global merger, financing, acquisition and divestiture track record of more than 50 transactions.
Founder and CEO of Otis Gold Corp (TSXV: OOO) and a current director of Excellon Resources, VR Resources and Alianza Minerals. Prior to Otis, was Founder and CEO of Magnum Uranium Corp and led its sale to Energy Fuels Inc. (TSX: EFR). In excess of 30 years’ experience in corporate finance, investment banking and business development.
Co-founding director of International Royalty Corp (sold for $800m to Royal Gold). More than 30 years of experience working internationally in business development roles with major and junior mining companies including formerly representing as Chairman of PDAC. Serves as a director of a number of public resource companies.
Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") announces that its Board of Directors has adopted a shareholder rights plan (the "Shareholder Rights Plan") to help ensure the fair treatment of all Electric Royalties shareholders in connection with any take-over bid for the outstanding common shares of the Company
The Shareholder Rights Plan is effective immediately but is subject to ratification by shareholders of the Company at its 2022 annual general meeting. If ratified, the Shareholder Rights Plan would have a term of three years.
The Shareholder Rights Plan is similar to rights plans adopted by other Canadian companies and ratified by their shareholders. It was not adopted in response to any specific proposal or intention to acquire control of the Company.
The Board of Directors considered a number of factors in adopting the Shareholder Rights Plan. The Board of Directors believes that the Shareholder Rights Plan benefits shareholders by providing a substantially greater opportunity to protect the interests of all shareholders in the event that the Company is put in play through a hostile take-over bid.
The Shareholder Rights Plan is subject to customary stock exchange approval and execution of a definitive agreement with the Company's transfer agent. A copy of the Shareholder Rights Plan will be available once executed with the transfer agent under the Company's profile on www.sedar.com .
On Behalf of the Board of Directors Brendan Yurik CEO
About Electric Royalties Ltd . Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 19 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact: Brendan Yurik CEO, Electric Royalties Ltd. Phone: (604) 364‐3540 Email: Brendan.yurik@electricroyalties.com www.electricroyalties.com
Scott Logan Renmark Financial Communications Inc. Phone: (416) 644-2020 or (212) 812-7680 Email: slogan@renmarkfinancial.com www.renmarkfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
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Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to provide an asset update on its current royalty portfolio
Brendan Yurik, CEO of Electric Royalties, commented: "Lithium assets comprise 40% of our royalty portfolio so we are tremendously encouraged by the 350% increase in lithium prices over the past 12 months1. In the last quarter alone, more than $200 million has been raised for the advancement of these assets. Not only has there been encouraging results announced at the Cancet and Seymour Lake lithium projects, but of paramount importance is the progress at the Authier project. Sayona Mining's North American Lithium operation, which is expected to integrate Authier, is fully financed to restart production and to develop Authier, and has completed 30% of the plant and equipment upgrades. We expect Authier to be the first of our lithium assets (royalties) to enter production."
Highlights since the Company's previous update on July 21, 2022:
David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 19 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact:
Brendan Yurik CEO, Electric Royalties Ltd. Phone: (604) 364‐3540 Email: Brendan.yurik@electricroyalties.com www.electricroyalties.com
Scott Logan Renmark Financial Communications Inc. Phone: (416) 644-2020 or (212) 812-7680 Email: slogan@renmarkfinancial.com www.renmarkfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
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Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to provide an asset update on its current royalty portfolio
Brendan Yurik, CEO of Electric Royalties,commented:"It's exciting to see the advancement of our portfolio with two new resource estimates announced during the last month along with continued drilling at two more projects. At our Cancet and Seymour Lake lithium royalties, we have seen very quick progress over the past year with nearly A$100 million raised by the operators and significant work programs completed since November 2021."
Highlights since the Company's previous update on June 16, 2022:
David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.
About Electric Royalties Ltd. Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 19 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact: Brendan Yurik CEO, Electric Royalties Ltd. Phone: (604) 364‐3540 Email: Brendan.yurik@electricroyalties.com www.electricroyalties.com
Scott Logan Renmark Financial Communications Inc. Phone: (416) 644-2020 or (212) 812-7680 Email: slogan@renmarkfinancial.com www.renmarkfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
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Stefan Gleason (the "Acquiror"), a private investor, today announced that he is filing another early warning report in connection with his acquisition of an additional 2% in outstanding shares of Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company"), taking his stake in the Company above 13
On July 15, 2022, Acquiror purchased 216,000 Company shares via the OTCQB (at a cost of $55,821 CAD, or an average of $0.258 per share). Prior to July 15, the Acquiror held an aggregate of 11,597,928 Common Shares and 500,000 Warrant Shares, representing approximately 13.13% of the issued and outstanding Shares on an as converted and partially diluted basis. After the purchases on July 15, the Acquiror held 11,813,928 Common Shares and 500,000 Warrant shares, or 13.37% of the issued and outstanding Shares on an as converted and partially diluted basis
On July 5, 2022, the Acquiror filed an initial report filed under the early warning reporting rules of Canadian securities laws, disclosing that he beneficially owned or had control or direction over 9,848,729 Shares and 500,000 Warrants, representing approximately 11.24% of the Company's issued and outstanding Shares on an as converted and partially diluted basis. The Acquiror is filing a second early warning report because he has now accumulated more than 2% of the Company's issued and outstanding Shares since his initial filing on July 5, 2022.
"I am excited to increase even further my investment in this undervalued company which has the benefit of cash in the bank and a first-mover advantage in the battery metals royalty space," said Gleason. "Company management has demonstrated savvy, win-win deal making abilities and communicates transparently to shareholders and the markets about the company's ongoing progress. The future is bright for this business."
This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the Early Warning Report will be filed at www.sedar.com.
Electric Royalties Ltd. is located at 14th floor, 1040 West Georgia Street, Vancouver, B.C. V6E 4H1 Canada.
Stefan Gleason PO Box 49043, Charlotte, NC 28277 Tel: 208-577-2230 Email: stefan_gleason@yahoo.com
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Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to announce that Manganese X Energy Corp. (TSXV: MN) has filed a Preliminary Economic Assessment ("PEA") of the Battery Hill manganese project ("Battery Hill") in New Brunswick, Canada, on SEDAR. Electric Royalties holds a 2% gross revenue royalty on Battery Hill, which is projected to have a 47-year operating mine life
Brendan Yurik, CEO of Electric Royalties,commented: "We congratulate our royalty asset partner Manganese X Energy on this milestone, which shows significant gross revenue projections for the Battery Hill project of US$177 million per year over an initial forecast mine life of 47 years. Electric Royalties' 2% gross revenue royalty entitles us to 2% of those gross revenues which, once in production, could present a source of significant cash flow to the Company moving forward. The Battery Hill PEA forecasts robust economics and a short payback period for a relatively low capital investment which bodes well for Manganese X Energy as it strives to become the first North American company to commercialize high purity, battery-quality manganese."
Highlights of the PEA (all dollar values are in US dollars unless otherwise stated)1:
HPMSM Market Price and Sensitivity
The Battery Hill project is located approximately 6 km northwest of the town of Woodstock and is accessible to the east via a new two-lane road that connects with Highway 560. The PEA mine plan assumes conventional open-pit mining using a contract mining equipment fleet at a total mining rate of 1.0 million tonnes per year to provide a mill feed of 365,000 tonnes per year, or 1,000 tonnes per day. The proposed process for Battery Hill manganese resources is a whole ore sulphuric acid slurry leach which is further treated to produce a crystalline manganese sulphate monohydrate product meeting all specifications for sale as a battery grade product.
The PEA is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 19 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact: Brendan Yurik CEO, Electric Royalties Ltd. Phone: (604) 364‐3540 Email: Brendan.yurik@electricroyalties.com www.electricroyalties.com
Scott Logan Renmark Financial Communications Inc. Phone: (416) 644-2020 or (212) 812-7680 Email: slogan@renmarkfinancial.com www.renmarkfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
1 Technical report titled "NI 43-101 Technical Report on the Preliminary Economic Assessment of the Battery Hill Manganese Project, Woodstock, New Brunswick, Canada" with an effective date of May 12, 2022, available under Manganese X Energy Corp.'s profile on Sedar.com. The Mineral Resource (MR) within the mine plan includes Measured MR of 5.90 Mt grading 7.65% Mn, Indicated MR of 6.37 Mt grading 7.26% Mn and Inferred MR of 4.73 Mt grading 8.26% Mn at 3.3% Mn cut-off. Input assumptions to the pit shells that constrain the MR estimate include an HPMSM price of US$2,900/t, mine operating cost of $7.43/t, process operating cost of $110/t, G&A cost of $7.60/t, stockpile reclaim cost of $1.46/t, closure cost of $3.00/t, selling cost of US$65/t, process recovery of 78%, a gross metal royalty of 3% applied to the HPMSM produced, and a pit slope of 45°.
2 CPM Group generated a single weighted average forecast price of HPMSM (80% North America/20% Europe) for the 2029 to 2035 period of US$4,200/tonne. A risk managed base case scenario for the long-term period covering the LOM for the Project was provided at US$2,900/tonne HPMSM. Wood's QP considers the US$4,200/tonne HPMSM price as a reasonable basis for the upside sensitivity analysis of the Project economics.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
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Battery Mineral Resources Corp. (TSXV: BMR) ("BMR" "Battery" or the "Company") is very pleased to announce the appointment of Julia B. Aspillaga Rodriguez ("Julia Aspillaga") to the board of directors of the company. Julia Aspillaga is a mining executive and partner of several mining exploration companies having worked in Chile and in several other Latin American countries since the 1980's. At present, Miss Aspillaga is Managing Partner of Andeak Global Management, a firm providing mining exploration services to several international companies, including Lowell Mineral Exploration, Orestone Resources (Canada), and Emerita Resources which has exploration projects in Spain.
Miss Aspillaga studied at the Pontifical Catholic University of Chile, graduating as an English teacher in 1977, then completed studies and graduated in Business Administration in 1979. Miss Aspillaga has participated in the discovery and development of several mining projects, including as a partner of Dr. David Lowell in the San Cristobal gold project, in Region II, Chile at the end of the 1980's. In the 1990's she was manager of Bema Gold in Chile, a company that developed the Refugio gold deposit in Region III, Atacama-Chile, that was previously exploited by Kinross Gold Corp. (Canada). From the year 2000 to date, Miss Aspillaga has participated as manager and/or management advisor for various international companies including Mineral Resource Development (Great Britain), Yorkton Securities (Canada), Endeavour Financial (Canada), Galileo Minerals (Canada), and Global Hunter Corp (Canada).
Battery's Chairman of the Board of Directors Lazaros Nikeas states, "On behalf of the Board of Directors, we are delighted to welcome Julia to the Board of Directors of BMR. Julia's decades of experience in the discovery and development of mining projects throughout Chile and Latin America will be invaluable as we progress towards accomplishing our goals of restarting mining operations at Punitaqui, establishing positive cash flow and using Punitaqui as a platform to scale the Company."
Corporate Update - Mine Manager & Water Supply
The company is delighted to announce that it has hired Mr. Giglio Barlaro Anes as the Punitaqui Mine General Manager. Mr. Barlaro, a native of Chile, is a mining engineer and holds a Master's degree in Business Administration with more than 25 years of experience in the areas of operations, technical services and projects in open pit and underground mining. Most recently, Mr. Barlaro was Mine Operations Manager from 2020 to 2022 at Newmont Mining's Cerro Negro underground gold mine in Argentina, one of the largest underground gold mines in Latin America. Prior to that, Mr. Barlaro was Mine Operations Manager at Lundin Mining's Candelaria mining complex in Chile that includes three underground copper mines and a large open pit operation from 2015 to 2020. Mr. Barlaro has also held senior operational roles with Codelco, Sociedad Química y Minera (SQM), Anglo American and SCM at mines in Chile as well as at Homestake Mining (a division of Barrick Gold) in Argentina.
BMR is also pleased to announce it has secured additional water supply for the resumptions of operations at its Punitaqui copper mine complex. The Company is currently able to source water from Company owned wells on its property and has now added an additional supply of water for Punitaqui. The company has secured procurement for a minimum of 400,000 and a maximum of 600,000 cubic meters of water per year through an agreement with local Chilean water supply company, SAGA. Between the water BMR is able to pump from its own wells and this new supply agreement with SAGA, BMR is confident it has a sufficient supply of water to resume full operations at its Punitaqui copper mining complex.
Battery CEO Martin Kostuik states: "We are thrilled to welcome Giglio as the Mine General Manager of the Punitaqui mine. As we transition into a cash-flow generative copper producer in the near-term, Giglio's experience and successful track-record of mine management, project and technical management, including mine start up, will prove especially valuable. We look forward to welcoming him to the growing operational team and also to the local Chilean communities of Punitaqui and Ovalle."
About Battery Mineral Resources Corp.
Battery Mineral Resources ("BMR") is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable mining jurisdictions. Battery Mineral's mission is the discovery, acquisition, and development of battery metals (namely cobalt, lithium, graphite, and copper), in North America, South America and South Korea, to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a potential near-term resumption of operations in late 2022 of the Punitaqui Mining Complex, a past copper-gold producer, in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc. a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada and Arizona, USA. Battery Minerals Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol "BMR" and on the OTCQB under the symbol "BTRMF". Further information about BMR and its projects can be found on www.bmrcorp.com.
For more information, please contact: Martin Kostuik, CEO Phone: +1 (604) 229 3830 info@bmrcorp.com
Mars Investor Relations +1 (604) 335-1976 bmr@marsinvestorrelations.com
Harbor Access Corp. 475-477-9402 jody.kane@harbor-access.com Twitter: @BMRcorp_ www.bmrcorp.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, the ability of the Company to complete the Debenture offering, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether because of new information or future events or otherwise, except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135322
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Xantippe Resources Ltd is a mineral exploration company. The company operates various mineral projects which include the Graphite project, Base Metal project, Lithium project, and Gold project. The Group operates as two segments, which are Mineral Exploration and Evaluation within Australia and South Korea. It has acquired the southern cross gold project in Western Australia.
Sayona Mining Ltd is a mineral exploration and development company. The principal activity of the company is the identification, acquisition and evaluation of mineral exploration assets, focusing on lithium and graphite. The company's primary focus is the development of the advanced stage Authier lithium project in Quebec, Canada. It also holds interests in East Kimberley Graphite Project and West Australian Lithium Project.
About Altech Chemicals Ltd: Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company's 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia. HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. Increasingly HPA is used by lithium-ion battery manufacturers as the coating on the battery's separator, which improves performance, longevity and safety of the battery. With global HPA demand approximately 19,000t (2018), it is estimated that this demand will grow at a compound annual growth rate (CAGR) of 30% (2018-2028); by 2028 HPA market demand will be approximately 272,000t, driven by the increasing adoption of LEDs worldwide as well as the demand for HPA by lithium-ion battery manufacturers to serve the surging electric vehicle market.
Contact: Corporate Iggy Tan Managing Director Altech Chemicals Limited Tel: +61-8-6168-1555 Email: info@altechchemicals.com Shane Volk Company Secretary Altech Chemicals Limited Tel: +61-8-6168-1555 Email: info@altechchemicals.com Investor Relations (Europe) Kai Hoffmann Soar Financial Partners Tel: +49-69-175-548320 Email: hoffmann@soarfinancial.com
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South Star Battery Metals Corp. (“South Star” or the “Company”) (TSXV: STS) (OTCQB: STSBF), announces the board of directors of the Company has authorized a grant of 835,000 incentive stock options to directors, and officers at an exercise price of C$0.41 per common share and exercisable for a five-year period, subject to regulatory approval. The shares issuable upon exercise shall be subject to a four-month hold period from the date of the grant of the options.
The options are granted pursuant to the Company’s stock option plan, which was approved by shareholders at the Company’s 2021 annual general meeting.
About South Star Battery Metals Corp
South Star Battery Metals Corp. is a Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star’s Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (>30t) has been completed. The results of the testing show that approximately 65% of Cg concentrate is +80 mesh with good recoveries and 95%-99% Cg. With excellent infrastructure and logistics, South Star is carrying its development plan towards Phase 1 production projected in Q2 2023.
South Star’s next project in the pipeline is a development project in Alabama located in the middle of a developing electric vehicle, aerospace and defence hub in the southeastern United States. The Project is a historic mine active during World Wars I & II. Trenching, sampling, analysis and preliminary metallurgic testing has been completed. The testing indicated a traditional crush/grind/flotation concentration circuit achieved grades of approximately 96-97% with approximately 86% recoveries. and South Star is executing on its plan to create a multi-asset, diversified battery metals company with near-term operations in strategic jurisdictions. South Star trades on the TSX Venture Exchange under the symbol STS, and on the OTCQB under the symbol STSBF.
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on transparency, stakeholder engagement, ongoing education and stewardship. To learn more, please visit the Company website at https://www.southstarbatterymetals.com.
This news release has been reviewed and approved by Richard Pearce, P.E., a “Qualified Person” under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp. On behalf of the Board, Mr. Richard Pearce Chief Executive Officer
On behalf of the Board,
Mr. Richard Pearce Chief Executive Officer
For additional information, please contact: South Star Investor Relations (Canada IR) Email: invest@southstarbatterymetals.com +1 (604) 706-0212 x3002
RBMG – RB Milestone Group LLC (IR US) Trevor Brucato, Managing Director Email: southstar@rbmilestone.com
Twitter: https://twitter.com/southstarbm Facebook: https://www.facebook.com/southstarbatterymetals LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/ YouTube: South Star Battery Metals – YouTube
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements”.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.
Click here to connect with South Star Battery Metals Corp. (TSXV: STS) (OTCQB: STSBF), to receive an Investor Presentation
Battery Mineral Resources Corp. (TSXV: BMR) ("BMR" "Battery" or the "Company") is excited to announce a robust NI 43-101 resource update for its Punitaqui copper mining complex in Region IV of Chile. This resource estimate, completed for Battery by independent consultants JDS Energy & Mining Inc. ("JDS"), is a major milestone for the company.
The resource estimate is based on our Phase 1 drill program, initiated in August 2021 which totalled 32,526 meters ("m") of diamond core drilling and also includes the drilling and mining data from the Cinabrio mine completed by prior operators including Glencore PLC. The BMR Phase 1 drilling focused on three zones at Punitaqui: Dalmacia, San Andres, and Cinabrio Norte. An updated technical report will be filed on the Company's website and SEDAR within 45 calendar days of this disclosure.
Battery CEO and director Martin Kostuik stated; "We are very proud of the outcome of our Phase 1 drilling and the work done jointly by our team and those at JDS Energy and Mining, Inc. to produce this NI 43-101 resource estimate for Punitaqui. It was always our goal to define 4M to 5M tonnes of total resources at Punitaqui to give us approximately four to five years of potential mining, so we are thrilled to be able to report Indicated resources of over 6M tonnes at grades similar to the historical values seen by previous operators. This resource estimate will be the first of many for Punitaqui and we plan to pursue an aggressive exploration drill program focussed on extensions to the known resources as well as a series of brownfields targets within our Punitaqui Mine Complex land holdings. We are particularly optimistic about the future potential of the Dalmacia zone, where the majority of the current resource estimate incorporates only one-third of the known strike length based on the drilling thus far. We believe its important to note that, before this resources report, only the Cinabrio mine had underground resources. This demonstrates are ability to find new mineralization and we will endeavour to continue thus successful process while the mine is in operations. Combined with the strong metallurgical results released July 13th, we believe we have successfully demonstrated that the Punitaqui project has as bright a future as it has ever had. To hear more, click the link below."
https://link.edgepilot.com/s/79ab1a1f/Z92jyravjk_ent45KD3TYw?u=https://youtu.be/rpjrBq4-UtM
Table 1: Punitaqui Sulphide Mineral Resource Estimate by Zone
To view an enhanced version of Table 1, please visit: https://images.newsfilecorp.com/files/6076/134002_table%201%20bmr.jpg.
Notes to the Sulphide Mineral Resource Estimate Table
Prepared by Garth Kirkham (Kirkham Geosystems Ltd.) an Independent Qualified Person in accordance with NI 43-101.
Effective date: August 16, 2022. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under NI 43-101.
Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
Cut-off grades are based on a price of US$3.50/lb copper, US$20/oz silver and several operating costs, metallurgical recoveries, and recovery assumptions, including a reasonable contingency factor.
Historic work at the Cinabrio Mine did not include silver analyses therefore silver grades are assumed to be at a null grade for the purpose of completeness however, it is reasonable to assume that silver grades will be at a similar tenor as Cinabrio Norte.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Resources reported for Cinabrio, San Andreas, Cinabrio Norte and Dalmacia are reported with internal dilution applied but are not fully diluted.
Note that all four zones of the resource estimate (the Cinabrio mine, the Cinabrio Norte zone, the San Andres zone and the Dalmacia zone) have underground access previously established by our predecessors.
Figure 1: Punitaqui Project Tenement Holdings, Resource Areas & Plant Location Map
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/6076/134002_09ea563bd4038b93_003full.jpg.
Figure 2: Plan Map of Cinabrio Mine, Cinabrio Norte & San Andres Historic & BMR Phase 1 Drill Collars
To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/6076/134002_09ea563bd4038b93_004full.jpg.
Figure 3: Plan Map of Dalmacia North Historic & BMR Phase 1 Drill Collars
To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/6076/134002_09ea563bd4038b93_005full.jpg.
In addition to the sulphide resources, an oxide near surface resource was calculated at Dalmacia, which is show in Table 2. At present, BMR is not planning to proceed with mining oxides at Dalmacia but may study the possibility of this in the future.
Table 2: Punitaqui Oxide Resources at Dalmacia
To view an enhanced version of Table 2, please visit: https://images.newsfilecorp.com/files/6076/134002_table%202%20bm.jpg.
Notes to the Punitaqui Oxide Mineral Resource Estimate Table
Prepared by Garth Kirkham (Kirkham Geosystems Ltd.) an Independent Qualified Person in accordance with NI 43-101.
Effective date: August 16, 2022. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under NI 43-101.
Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
Cut-off grades are based on a price of US$3.50/lb copper, US$20/oz silver and several operating costs, metallurgical recoveries, and recovery assumptions, including a reasonable contingency factor.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The Punitaqui project is a past producing copper-gold mining complex located about 50 km south of the Andacollo Copper mine owned by Teck Resources Region 4 of Chile, near the towns of Punitaqui and Ovalle. The asset consists of a centralized process plant that to be fed by four satellite copper deposits - San Andres, Cinabrio, Cinabrio Norte, and Dalmacia.
The mineral resource has a surface area of 2,000m x 750m and between elevations of -270 meters and 650m meters above sea level. The updated estimate is a result of surface drilling along with underground drilling and sampling by BMR and previous operators 3,762 drill holes and channel samples). The mineral resource estimate is based on robust geological models, supported by underground infrastructure that allowed underground mapping, channel sampling, and underground drilling that was critical to BMR's current understanding and validation of the Punitaqui geological models.
The differences in resources from this estimate (effective date August 16, 2022) compared to the previous resource estimate is due not only to additional surface drilling but also improved interpretation and modelling of the lithological units which was imperative for potential underground mining operations.
The mineral resource estimate for Punitaqui was prepared to industry standards and best practices by Garth Kirkham, P.Geo., an Independent Qualified Person for the purposes of NI 43-101. The mineral resource was estimated using commercial mine modelling and geostatistical software.
From a total of 3,762 drillhole and channel samples, the San Andreas, Cinabrio, Cinabrio Norte and Dalmacia deposits were estimated with 509, 2,853, 75 and 325 drillhole and channel samples, respectively. These datasets are a combination of validated and verified historic data performed by previous operators and recent drilling performed by BMR.
Each of the deposits were segregated into multiple estimation domains based on geologic models which were coded for geological matching within the database. Composites were created to 1.0-meter composite lengths which offered the best balance between supplying common support for samples and minimizing the smoothing of grades. To eliminate any potential over-estimation due to the effect of high-grade outliers, cumulative frequency plots were analysed to determine appropriate thresholds for which to cut the outlier grades. The copper outlier thresholds chosen San Andreas, Cinabrio, Cinabrio Norte and Dalmacia were 4%, 5%, 2.5% and 4.5%, respectively. The silver outlier threshold chosen were 20 g/t for San Andreas and 30 g/t for Cinabrio Norte as there was no significant silver for Cinabrio nor Dalmacia.
All block models are orthogonally oriented apart from Dalmacia that is rotated to 325 degrees. In addition, all block models have 2m x 2m x 2m dimensions and are sub-blocked to 0.25m x 0.25m x 0.25m for ease of mine planning. All mineral resources were estimated using ordinary kriging interpolation for the continuous domains and validated using nearest neighbour and inverse distance estimates.
Search ellipse anisotropy and orientation were guided by the orientation of the domain solids models. Copper and silver block grades were estimated from capped composited samples in a single pass. Specific gravity readings were derived from measurements within the individual deposits and assigned as an average within the mineralized zones.
Mineral Resources are classified under the categories of Indicated and Inferred according to CIM guidelines. Mineral Resource classification for gold was based primarily on drill hole spacing and on continuity of mineralization. Indicated resources were defined as those with a drillhole spacing of than ~30 meters and informing at least four drill holes. Inferred resources were defined as those with a drill hole spacing of less than ~60 meters distance and informing at least three drillholes.
Final resource classification shells were manually constructed on plan sections and all resources are constrained within lithological domains and by the continuous domain solids. Final Resource classification shells were manually constructed on sections. Mined out underground ramp material was extracted from those deposits that have underground development. Silver was not classified separately and is reported based on the copper classification schema. These interpreted boundaries were created for the indicated and inferred thresholds to exclude orphans and reduce potential "spotted dog" effect.
This estimate is also based upon the "reasonable prospect of eventual economic extraction" based on reasonable potentially underground mining shapes, using estimates of reasonable operating costs and price assumptions.
The Mineral Resource Estimate in this release has an effective date of August 16, 2022 and was prepared in accordance with NI 43-101 by Garth Kirkham, P.Geo., a Qualified Person for NI 43-101. Mr. Kirkham is an employee of Kirkham Geosystems Ltd., and is an independent Qualified Person as defined by National Instrument 43-101. The scientific information in this release was reviewed by Peter Doyle, P.Geo., Vice President Exploration for BMR. Both Qualified Persons have read and approved the information contained in this press release.
Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practices. BMR has implemented protocols and procedures to ensure high-quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.
Sample preparation is performed by ALS Global - Geochemistry Analytical Lab in La Serena, Chile and sample analyses by ALS in Lima, Peru. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples are collected and packaged by BMR staff and delivered upon receipt at the ALS Laboratory. Samples are logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples are dried then crushed to 70%
ME-ICP61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma ("ICP") mass spectrometry that produces results for 48 elements.
ME-OG62: Aqua-Regia digest: Analysed by ICP-AES (Atomic Emission Spectrometry) or sometimes called optical emission spectrometry (ICP-OES) for elevated levels of Co, Cu, Ni and Ag.
Certified standards are inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.
About Battery Mineral Resources Corp.
Battery Mineral Resources ("BMR") is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable mining jurisdictions. Battery Mineral's mission is the discovery, acquisition, and development of battery metals (namely cobalt, lithium, graphite, and copper), in North America, South America and South Korea, to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a potential near-term resumption of operations in late 2022 of the Punitaqui Mining Complex, a past copper-gold producer, in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc. a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada and Arizona, USA. Battery Minerals Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol "BMR" and on the OTCQB under the symbol "BTRMF". Further information about BMR and its projects can be found on www.bmrcorp.com.
For more information, please contact: Martin Kostuik, CEO Phone: +1 (604) 229 3830 info@bmrcorp.com
Mars Investor Relations +1 (604) 335-1976 bmr@marsinvestorrelations.com
Harbor Access Corp. 475-477-9402 jody.kane@harbor-access.com
Twitter: @BMRcorp_ www.bmrcorp.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, the ability of the Company to complete the Debenture offering, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether because of new information or future events or otherwise, except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134002
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