Avalon Outlines Strategic Direction and Provides Update on 2023 Activities

Avalon Outlines Strategic Direction and Provides Update on 2023 Activities

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company"), a lithium-focused mineral development company advancing critical mineral projects to support the North American clean technology supply chain, is pleased to outline Avalon's strategic direction and provide an update on key 2023 activities.

Recent Highlights

  • Appointment of Zeeshan Syed as President, to lead the Company's growth and commercial strategy, and Rickardo Welyhorsky as COO, to lead key project initiatives and development work related to the Company's lithium portfolio.
  • Completion of 2022-2023 drill program at Separation Rapids, with recently announced drill results highlights (assays from four holes are still pending - see news release dated May 4, 2023).
  • Preparation of further exploration plans in 2023, which will include drilling the Snowbank target (6km northwest of flagship Separation Rapids), continue drilling at Separation Rapids and Lilypad.
  • Additional baseline environmental study work underway.
  • Ongoing lithium hydroxide conversion test work being conducted by a major technology group using innovative process technology.
  • Discussions with various engineering firms in preparation of a definitive feasibility study on Separation Rapids.

"Avalon's new strategic direction, and the key to unlocking shareholder value, focuses on advancing Separation Rapids through continued exploration and project development work," commented Zeeshan Syed, President of Avalon. "Accelerated growth within our entire lithium portfolio will position the Company as a substantial contributor to the North American critical minerals sector. Importantly, this mandate is supported by plans to assemble an execution-focused team of professionals at the corporate and Board level."

Focused on Lithium Growth
Avalon's new strategy is focused on organic growth of its lithium portfolio, as well as finding strategic growth opportunities in the region. Growth at Separation Rapids will be advanced through drilling and project permitting work.

Planned activities in H2 2023 will comprise of exploration work across all lithium projects including:

  • Separation Rapids - continue with deeper drill program to further test the extensions of the deposit.
  • Snowbank - previous exploration includes sample assays of up to 2.51% Li2O over 1.1 metres, indicating that petalite comprises approximately 50% of the mineral content in the rock sampled.
  • Lilypad - shows lithium samples at greater than 1% Li2O occurring primarily in spodumene in three separate occurrences. Avalon plans to initiate a drill program on select targets at Lilypad.

Development Initiatives
Further baseline test work continues this year to thoroughly understand and de-risk the site in preparation for future development and production activities, with a plan to submit the permitting application in late 2023. In addition, early discussions and a draft study are underway for a powerline to site.

Lithium Conversion Facility
The proposed lithium hydroxide conversion facility is an important part of Avalon's growth strategy. Future activities include:

  • finalizing the purchase of an industrial property located in Thunder Bay, Ontario;
  • advancing commercial and financing discussions with various parties, the provincial and federal government, and with downstream parties interested in supporting the project; and
  • completing test work to demonstrate the conversion of petalite and lepidolite concentrate into a lithium hydroxide product.

Community and Indigenous Engagement
Avalon looks to build upon a foundation of partnership with indigenous communities and seeks to elevate all forms of communication, partnerships and opportunities. Initial work has begun on community engagement and planning sessions with Indigenous groups. The Company's discussions will include participation from various groups and include former six term Chief of the Eabametoong First Nation, Harvey Yesno, who also serves as a director on Avalon's Board.

Dr. Bill Mercer, P. Geo. (ON). is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical information included in this news release.

About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-owned Lilypad Spodumene-Cesium-Tantalum Project located near Fort Hope, Ontario. Social responsibility and environmental stewardship are corporate cornerstones.

For questions and feedback, please e-mail the Company at ir@AvalonAM.com, or phone Zeeshan Syed, President, directly at (647) 300-4706.

Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, project work plans including future drilling, testwork, environmental work and contracting, that accelerated growth within our entire lithium portfolio will position the Company as a substantial contributor to the North American critical minerals sector, that Avalon's new strategy is focused on organic growth of its lithium portfolio, that growth at Separation Rapids will be advanced through drilling and project permitting work, that planned activities in H2 2023 will comprise of exploration work across all lithium projects, that further baseline test work continues this year to thoroughly understand and de-risk the site in preparation for future development and production activities, with a plan to submit the permitting application in late 2023, that the proposed lithium hydroxide conversion facility is an important part of Avalon's growth strategy, and that future activities include finalizing the purchase of an industrial property located in Thunder Bay, Ontario, advancing commercial and financing discussions with various parties, the provincial and federal government, and with downstream parties interested in supporting the project, and completing test work to demonstrate the conversion of petalite and lepidolite concentrate to a lithium hydroxide product, that Avalon looks to build upon a foundation of partnership with indigenous communities and seeks to elevate all forms of communication, partnerships and opportunities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "potential", "scheduled", "anticipates", "continues", "expects" or "does not expect", "is expected", "scheduled", "targeted", "planned", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be" or "will not be" taken, reached or result, "will occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avalon to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. Although Avalon has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to market conditions, and the possibility of cost overruns or unanticipated costs and expenses as well as those risk factors set out in the Company's current Annual Information Form, Management's Discussion and Analysis and other disclosure documents available under the Company's profile at www.SEDAR.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements have been provided for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. Avalon does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166039

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Avalon Completes Purchase of Industrial Site in Thunder Bay as Key Next Step in Becoming Ontario's First Vertically Integrated Lithium Producer

Avalon Completes Purchase of Industrial Site in Thunder Bay as Key Next Step in Becoming Ontario's First Vertically Integrated Lithium Producer

Avalon Advanced Materials Inc. Logo (CNW Group/Avalon Advanced Materials Inc.)

As part of its strategic transformation to become a vertically integrated lithium producer, Avalon Advanced Materials Inc. (TSX: AVL) and (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce the successful acquisition of an industrial site in Thunder Bay, Ontario (965 Strathcona Avenue) which has existing road, rail, deep-water port, and utilities services for its planned midstream lithium-hydroxide (LiOH) processing facility.

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Avalon Announces C$63M Strategic Investment by Sibelco to Create a Vertically Integrated Lithium Strategic Partnership in Ontario

Avalon Announces C$63M Strategic Investment by Sibelco to Create a Vertically Integrated Lithium Strategic Partnership in Ontario

As part of its strategic transformation to become a leading North American vertically integrated lithium producer, Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce the signing of a binding term sheet to create a new joint venture with SCR-Sibelco NV ("Sibelco"), a global leader in materials solutions. Avalon has issued to Sibelco, on a non-brokered private placement basis, 109,692,764 common shares of Avalon ("Common Shares") for aggregate proceeds of C$10,000,000 and a secured convertible debenture in the principal amount of C$3,000,000 (the "Debenture") (collectively, the "Private Placement").

Avalon Advanced Materials Inc. Logo (CNW Group/Avalon Advanced Materials Inc.)

The C$63-million transaction results in Antwerp -based Sibelco owning approximately 19.9% of the issued and outstanding Common Shares, and provides Avalon with a first tranche of funding to advance the Company's lithium production and processing goals across its suite of lithium mineral assets, led by Separation Rapids in northwestern Ontario . This new joint venture is expected to accelerate Avalon's core business objective of building a mid-stream lithium-hydroxide processing facility in Ontario .

"This strategic partnership represents a significant step forward in scaling our business towards full vertical integration of our lithium production," said Scott Monteith , Chief Executive of Avalon. "Sibelco's investment is a major vote of confidence in our vision, resources and capabilities by a respected and established international operator—and now partner."

"Our partnership with Avalon will focus both on the clean energy growth agenda and the technical glass and ceramics markets in which Sibelco has deep and time-tested expertise" Hilmar Rode , Sibelco Chief Executive Officer, said. "This dual-market strategy combined with a cash-generative business plan will lay the foundation for accelerated growth, and ultimately the venture's sustained success going forward."

Overview of Transactions

Strategic Financing

Pursuant to the terms of the Private Placement, Sibelco purchased: (i) 109,692,764 Common Shares at a price of approximately $0.091164 per Common Share (the "Per Share Price") for gross proceeds of C$10,000,000 which resulted in Sibelco owning approximately 19.9% of the issued and outstanding Common Shares; and (ii) the Debenture, which is a secured convertible debenture, providing for two advances to Avalon: (i) C$500,000 on the date hereof; and (ii) C$2,500,000 subject to the satisfaction of certain conditions precedent. The Debenture bears interest at 7.115% per annum and the principal and interest are payable on maturity, being two years from the date of the Debenture (the "Maturity"). To the extent not repaid at Maturity by Avalon, Sibelco will have the right to convert the outstanding principal amount of the Debenture and all accrued and unpaid interest thereon into either additional Common Shares at a conversion price equal to the Per Share Price, or an additional 5% interest in the joint venture corporation (the "JV Election"), as more particularly described below. The Debenture is a secured obligation, secured by a pledge of the shares of a subsidiary of Avalon subject to replacement security at defined milestones.

Avalon also granted to Sibelco, for so long as Sibelco holds not less than 10% of the issued and outstanding Common Shares on a non-diluted basis, the right to nominate one member to the board of directors of Avalon ("Board") (or up to two nominees if the size of the Board is increased to nine directors or more), and the right to participate in future equity offerings so that it can maintain its pro rata percentage ownership in Avalon. Sibelco also agreed to a 12-month standstill and certain resale restrictions placed on its holdings in Avalon.

The proceeds from the Private Placement will be used by Avalon to fund the acquisition of industrial land for a lithium-hydroxide processing facility in Thunder Bay, Ontario , and repayment of up to C$1.9 million of existing debt, and for working capital and general corporate purposes.

Joint Venture

Subject to the terms and conditions of the binding joint venture term sheet, Avalon and Sibelco have agreed to establish a joint venture with respect to Avalon's lithium projects, including Separation Rapids and Lilypad in northwestern Ontario . Sibelco, which will act as operator of the joint venture, has committed to invest €35 million (approximately C$50.4 million ) into the joint venture. Of this amount, €5 million is to be advanced concurrently with the contribution by Avalon of its interests in the Separation Rapids and Lilypad projects, with an additional €30 million to be advanced in tranches to fund the development of the joint venture mineral projects, including facilities and related infrastructure. After total cash contributions of €35 million by Sibelco, each of the parties will make any further cash contributions on a pro-rata basis (with dilution to a non-contributing party's interest). While the initial participating interests to be held on the formation date of the joint venture by Sibelco and Avalon will be 60% and 40%, respectively, such participating interests may change to 65% and 35%, respectively, if on the Maturity date of the Debenture Avalon fails to pay the full principal and accrued interest and Sibelco elects to exercise the JV Election.

The joint venture term sheet is binding on the parties. Avalon and Sibelco will work together to enter into a long-form joint venture agreement as soon as practicable with a view to execution on or before August 31, 2023 , but in any event not later than September 30, 2023 .

New Strategy, New Vision

Avalon's new strategic goals are focused on both organic growth of its lithium portfolio, consisting of a suite of critical-mineral mining projects across Canada , as well as developing new related opportunities. The Company's mission is to vertically integrate lithium processing in Ontario , positioning the province as an integral part of a North American supply chain for EV batteries.

"We are thrilled to execute on a plan to reliably produce a key resource required for North America's clean-energy transition—and, in so doing, deepen ties between Canada and the European Union in this geo-politically sensitive sector," noted Zeeshan Syed , President of Avalon. "We are keenly attuned to the strategic imperative among G7 economies to build domestic critical-mineral processing capacity, and we intend to do just that."

The joint venture will facilitate Phase 1 of Avalon's new strategic growth plan, which includes:

  1. The purchase of industrial land for a lithium-hydroxide processing facility in Thunder Bay, Ontario .
  2. Funding to advance upstream lithium production operations across Avalon's various projects, led by the Separation Rapids and Lilypad sites, as well as further the development of the promising Snowbank discovery.
  3. Enabling the Avalon-Sibelco joint venture to execute on a dual-market strategy targeting significant growth in both the glass and ceramics market and the EV clean energy market.

"Avalon's vision for an integrated lithium play is exciting and will enable Sibelco to play an important role in this business segment" Ian Sedgman , Sibelco Chief Strategy and Business Development Officer, said. "We see a tremendous opportunity to complement our core business by partnering with a proven lithium asset holder led by an experienced management team."

About SCR-Sibelco NV

Headquartered in Antwerp, Belgium , Sibelco is a global leader in material solutions. Sibelco mines, processes and sells specialty industrial minerals – particularly silica, clays, feldspathics and olivine – and is a leader in glass recycling. Sibelco's solutions serve a diverse range of industries including semi-conductors, solar photovoltaic, glass, ceramics, construction, coatings, polymers and water purification. The Sibelco Group has production facilities in more than 30 countries and a team of more than 5,000 people worldwide.

Avalon Advanced Materials Inc. is a Canadian mineral development company aimed at vertically integrating North America's lithium supply chain. The Company is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-owned Lilypad Spodumene-Cesium-Tantalum Project located near Fort Hope, Ontario . Social responsibility and environmental stewardship are corporate cornerstones.

For investor relations and media inquiries, please e-mail the Company at ir@AvalonAM.com , or phone Zeeshan Syed , President, at (647) 300-4706.

Forward-Looking Statements

Statements included in this news release, including any with respect to the Company's future financial or operating performance and other statements that express management's expectations or estimates of future performance, including statements in respect of the completion of the joint venture, the use of proceeds of the Private Placement, prospects and/or development of the Company's projects, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company's strategic review of certain of its assets; the development of the Company's material lithium projects, the Company's plans with respect to the exploration and development of its properties, costs of production, expected capital expenditures, operations outlook, expected benefits from the joint venture, the expected receipt of permits; permitting timelines, the future price of commodities; foreign exchange rates and currency fluctuations; requirements for additional capital; the Company's capital allocation; the estimation of mineral reserves and mineral resources; the realization of mineral reserve and mineral resource estimates, and government regulation of mining operations. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "continue", "expect", "budget", "forecast", "anticipate", "estimate", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "suspended", "strategy", or "project" or the negative of these words or other variations on these words or comparable terminology.

The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release, including with respect to: the completion of the joint venture, use of proceeds from the Private Placement, the Company's present and future business strategies, operations performance within expected ranges, local and global economic conditions and the economic environment in which the Company will operate in the future, legal and political developments in the jurisdictions in which the Company operates, the price of lithium and other key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the Company's projects.

Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon, including the ongoing strategic review of certain of the Company's assets; political and legal risks; risks associate with the estimation of mineral reserves and mineral resources; the ongoing impacts of the Ukraine war, the availability of labour and contractors; the volatility of the Company's securities; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; business risks, including pandemics, adverse environmental conditions and hazards; unexpected geological conditions; potential shareholder dilution; increasing competition in the mining sector; changes in the global prices for lithium and certain other commodities; consolidation in the lithium mining industry; legal, litigation, legislative, political or economic risks; government actions taken in response to potential future public health emergencies and pandemics, including new variants of COVID-19, and any worsening thereof; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for exploration, development or operations; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its outstanding debt instruments; changes in interest rates; the Company's choices in capital allocation; risks related to third-party contractors; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; failure to meet operational targets; equipment malfunctions; laws and regulations governing the protection of the environment; physical and regulatory risks related to climate change; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, public health emergencies or pandemics, such as COVID-19, unpredictable weather patterns and challenging weather conditions; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour; the availability of qualified contractors and the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; and the inherent risks involved in the exploration, development and mining industry generally. Please see the Company's current annual information form available on www.sedar.com or for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/avalon-announces-c63m-strategic-investment-by-sibelco-to-create-a-vertically-integrated-lithium-strategic-partnership-in-ontario-301851903.html

SOURCE Avalon Advanced Materials Inc.

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Avalon Overhauls Leadership Team to Compete in Global Lithium Race

Avalon Overhauls Leadership Team to Compete in Global Lithium Race

As part of its strategic transformation to become a leading North American vertically integrated lithium producer, Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce the appointment of three veteran executives to its leadership team, a key milestone as the Company executes on an ambitious growth plan.

  • Scott Monteith will assume control as interim Chief Executive Officer
  • Jim Jaques will serve as the Company's inaugural Chief Administrative Officer
  • Jan Holland will join the Board of Directors

"These appointments, and others to come, underscore the arrival of Avalon 2.0," Zeeshan Syed, Avalon President, said. "The commitment of our new leadership team is clear: reorient the Company towards full vertical integration of the lithium production cycle, and help establish Ontario, and Canada more broadly, as a strategic fulcrum in North America's clean energy transition."

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Avalon Reports Drill Results from 2022-2023 Exploration Program at Separation Rapids

Avalon Reports Drill Results from 2022-2023 Exploration Program at Separation Rapids

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQX: AVLNF) ("Avalon" or the "Company") is pleased to announce final assays from the 2022-2023 drilling program at the Company's flagship Separation Rapids Lithium Project, confirming potential to significantly expand its lithium resource at depth. New significant intercepts shown below are from three of the four final drill holes.

  • SR23-85: 1.56% Li2O over 47.71 metres ("m")
  • SR23-91: 1.06% Li2O over 10.38m and 1.66% Li2O over 7.01m and 1.36% Li2O over 10.61m
  • SR23-92: 1.47% Li2O over 3.42m and 1.14% Li2O over 4.35m and 1.49% Li2O over 4.52m

The assays for drill hole SR23-93 (the fourth hole) have confirmed the petalite mineralization to 566-metre depth increasing the potential depth of the deposit by 80%. The drilling has also confirmed that the deposit is open to the east and west, and to depth, over a 300-strike length, with similar grades to the current mineral resource estimate, supporting a conceptual target to double the size of the deposit through future drilling.

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Avalon Announces CEO Retirement

Avalon Announces CEO Retirement

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company"), a lithium-focused mineral development company advancing critical mineral projects to support the North American battery supply chain, today announces the retirement of its long-standing CEO, Don Bubar. Don will continue to serve on Avalon's Board of Directors. Scott Monteith, who was appointed to Avalon's Board of Directors in May 2023, will assume the role of Interim CEO.

Mr. Monteith is an experienced clean tech executive, entrepreneur and business owner with a successful track record of moving inventions from concept to commercial success. Currently, he holds the position of Chair of Monteco Ltd., Cable House Capital Ltd. and Imtex Membranes Corporation. Mr. Monteith has extensive experience in the areas of chemical manufacturing, international businesses, M&A, government affairs and strategic planning.

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Altech Batteries Ltd  Update on CERENERGY ABS60 Battery-pack Prototypes

Altech Batteries Ltd Update on CERENERGY ABS60 Battery-pack Prototypes

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to provide an update on the production of its CERENERGY(R) ABS60 BatteryPack prototypes. All 240 cells for the first ABS60 BatteryPack Prototype have now been fabricated, assembled and initialized at Fraunhofer IKTS Hermsdorf's pilot plant.

Highlights

- Prototype production is progressing well

- All CERENERGY(R) cells for the first 60 KWh Prototype completed

- Cell contacting system manufacturing finished and delivered

- Improved cell electrode design showing excellent results

- Cell quality tests by Fraunhofer delivering better than expected capacity

- Welding of cells to cell contacting system underway

- Completed modules will be mounted into ABS60 BatteryPack next week

To validate a homogeneous cathode material distribution, all cells were cycled through several testing stations at Fraunhofer IKTS Hermsdorf and Arnstadt.

IMPROVED CELL ELECTRODE DESIGN

During the fabrication of the two 60kWh CERENERGY(R) ABS60 BatteryPack prototypes, the Altech and Fraunhofer team made several design improvements to the cell's positive probe. These enhancements aimed to boost the cell's energy capacity and reduce the nickel content. The "V2" design of the positive probe allows for slightly faster charging and discharging while lowering the unit costs of the battery. Testing revealed that most cells had higher-than-expected energy capacities, an outstanding result that strongly supports the chosen electrode design. With all cells manufactured according to the series design and optimized processes, the best cells to date have been completed. The table below demonstrates that all the cells are meeting the expected specifications.

CELL CONTACTING SYSTEM COMPLETED

The Cell Contacting System (CCS) has undergone stringent testing and has now been completed and delivered by key supplier Hofer AG. The CCS was delivered to Fraunhofer IKTS in Dresden, where all parts of the modules will be collected to assemble each of the five modules. Each module contains 48 cells, that are currently being welded to the CCS by an external service provider.

After welding is completed, the ABS60 BatteryPack with its 60 kWh capacity can be completely assembled.

MODULE WELDING TRIALS

To guarantee the most time-efficient welding, a unique tool was designed and built at Xenon, which is responsible for welding and quality control across the 120 MWh battery plant. After completing the welding tool, it was shipped to an external laboratory, accompanied by a test module and several trial cells. The aim was to determine the best working parameters and to proof the handling of certain parts of the module.

The trials were successfully finished.

CELL MANUFACTURING PROGRESSING WELL

All 240 cells for the first ABS60 BatteryPack Prototype have been assembled and initialised at Fraunhofer IKTS, Hermsdorf. To validate a homogeneous cathode material distribution, all cells were cycled through several testing stations at Fraunhofer IKTS Hermsdorf and Arnstadt.

INTERIM CELL TESTING

At Fraunhofer IKTS in Hermsdorf, all cells were scanned using a unique X-ray microtomography device that enables the ability to look inside cells after they are hermetically closed. This is required to ensure the most homogeneous material distribution inside the cells as well as the best possible alignment of cell components e.g. electrode. The results have been excellent to date. Another quality assurance procedure involved cycling cells to ensure the electrical requirements and parameters are operating as designed.

MODULE WELDING AND BATTERYPACK ASSEMBLY

After every cell passed all quality checks, the modules containing the cells were shipped to the laboratory for welding onto the CCS. By using the predetermined parameters for welding, all modules have been successfully welded. After completion, the modules will be shipped to Fraunhofer IKTS, Dresden, where all five modules will then be mounted into the ABS60 BatteryPack and the first Prototype will be completed.

This will enable testing and demonstration to potential customers, to prove individual use cases for each customer.

ABOUT THE ABS60 - BATTERYPACK

The 60kWh Altech Battery Pack consists of five 12kWh modules with 48 cells each, mounted on top of each other and sealed in a thermal isolated stainless steel hood housing. The Battery management system is mounted at the base. To maintain thermal self-sufficiency, an insulation hood was designed, where the required heat of the system can be maintained inside the BatteryPack as long as possible, although the outer surface only has ambient temperature. This was achieved by using vacuum insulation. The base of each module is designed to accommodate folklift transport for easy mounting into the GridPack.

Commenting on the progress, MD and CEO Iggy Tan stated "Altech's team in Germany, together with its joint venture partner Fraunhofer, and with the assistance of key suppliers, have made excellent progress on the fabrication of two 60kWh CERENERGY(R) ABS60 BatteryPack prototypes. All components for the first BatteryPack have now been fabricated. Altech is now completing the welding of the cells to the Cell Contacting System, after which the five completed battery modules will be delivered to Fraunhofer IKTS in Dresden, where all five modules will be mounted into the ABS60 BatteryPack and the first ABS60 Prototype will be completed. The BatteryPack will then be available for testing and demonstration to potential customers, thereby assisting Altech in securing offtake and finance for the 120MWh CERENERGY(R) battery plant to be constructed on Altech's land in Germany".

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O449B2I4



About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

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Nevada Sunrise Initiates Data Review to Develop New Drill Targets at the Coronado Copper Project, Nevada

Nevada Sunrise Initiates Data Review to Develop New Drill Targets at the Coronado Copper Project, Nevada

Nevada Sunrise Metals Corporation (TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce that the Company has initiated a geological and geophysical data review on its Coronado Copper Project (" Coronado ", or the " Project ") located in Pershing County, Nevada approximately 48 kilometers (30 miles) southeast of Winnemucca . The purpose of the Coronado data review is to identify new, shallow drill targets in an area of the Project where historical drilling in 1976 identified high-grade copper mineralization.

Highlights of the Coronado Copper Project

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NextSource Materials Appoints Jaco Crouse as Chief Financial Officer

NextSource Materials Appoints Jaco Crouse as Chief Financial Officer

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces the appointment of Jaco Crouse as Chief Financial Officer (CFO) of the Company as part of its global growth strategy

Mr. Crouse today replaces Marc Johnson who has served as CFO since October 2015. Mr. Johnson will continue to provide consulting services to the Company to assist with the smooth transition of this role. The Board of Directors of the Company would like to thank Mr. Johnson for his service to the Company over the years and wishes him well in his future endeavours.

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Nevada Sunrise Signs Indicative Term Sheet to Sell Remaining Interest in the Kinsley Mountain Gold Project, Nevada

Nevada Sunrise Signs Indicative Term Sheet to Sell Remaining Interest in the Kinsley Mountain Gold Project, Nevada

Nevada Sunrise Metals Corp. (TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the "Company") announced today that it has signed a non-binding, indicative term sheet with CopAur Minerals Inc. (" CopAur ") for CopAur to acquire Nevada Sunrise's remaining ownership interest in the Kinsley Mountain Gold Project in Nevada (" Kinsley Mountain "). If the transaction is completed, CopAur will own 100% of Kinsley Mountain .

Nevada Sunrise Metals Corporation Logo (CNW Group/Nevada Sunrise Metals Corporation)

The indicative term sheet outlines a potential transaction whereby CopAur would acquire Nevada Sunrises' 18.74% ownership interest in Kinsley Mountain in consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common shares of CopAur (the "Shares"). The Shares would be deposited in escrow and released in successive releases of 250,000 Shares once every calendar quarter commencing after expiry of the four-month statutory hold period following the closing date. The terms of the transaction are indicative and the final terms are subject to the negotiation and completion of a definitive agreement on terms acceptable to Nevada Sunrise and CopAur. The transaction is subject to a number of conditions including CopAur arranging a financing in the amount of a minimum of CDN$475,000 , completion of satisfactory due diligence, and the fulfilment of various closing conditions, including acceptance by the TSX Venture Exchange.

About Kinsley Mountain

Kinsley Mountain was a historical past producer that yielded 138,000 ounces of near-surface, open-pit oxide gold between 1995 and 1999, and currently hosts a compliant National Instrument 43-101 mineral resource. A technical report on Kinsley Mountain entitled "Technical Report of the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A. ", dated June 21, 2021 , with an effective date of May 5, 2021 , prepared by Michael M. Gustin and Gary L. Simmons , is available for review under New Placer Dome Gold Corp.'s issuer profile on sedarplus.ca

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC , Canada , that holds interests in lithium, gold and copper exploration projects located in the State of Nevada, USA .

Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV , and in the Pelican lithium project in Saskatchewan, Canada . The Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Gold Point, NV.

Nevada Sunrise has the right to earn a 100% interest in the Coronado Copper Project , located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

The Company owns an 18.74% interest in the Kinsley Mountain Gold Project near Wendover, NV , in a joint venture with CopAur, which is now the subject of a potential transaction between Nevada Sunrise and CopAur.

FORWARD LOOKING STATEMENTS

This release may contain forward–looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward–looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward–looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to: the completion of the potential transaction with CopAur Minerals Inc. for the purchase of the Company's remaining participating interest in the Kinsley Mountain Gold Project joint venture; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Six Months Ending March 31 , 2024,  which is available under Company's SEDAR profile at www.sedar.com .

Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Nevada Sunrise Metals Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/08/c5338.html

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CopAur Minerals Signs Indicative Term Sheet to Acquire Remaining 18.74% Interest in Kinsley Mountain Gold Project

CopAur Minerals Signs Indicative Term Sheet to Acquire Remaining 18.74% Interest in Kinsley Mountain Gold Project

CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) ("CopAur" or the "Company") is pleased to announce that it has signed a non-binding indicative term sheet with Nevada Sunrise Metals Corporation ("Nevada Sunrise") to acquire Nevada Sunrise's 18.74% ownership interest in the Kinsley Mountain Gold Project in Nevada ("Kinsley Project"). If the transaction is completed CopAur will own 100% of the Kinsley Project.

The indicative term sheet outlines a potential transaction whereby CopAur will acquire Nevada Sunrises' 18.74% ownership interest in the Kinsley Project in consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common shares of CopAur. The shares will be deposited in escrow and will be released in successive releases of 250,000 shares once every calendar quarter commencing after expiry of the four-month statutory hold period after the closing date. The terms are indicative, and the final terms are subject to the negotiation and completion of a definitive agreement on terms acceptable to CopAur and Nevada Sunrise. The transaction will be subject to several conditions including CopAur arranging a financing in the amount of a minimum of CDN$475,000, completion of satisfactory due diligence and the fulfilment of various closing conditions, including acceptance by the TSXV.

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Lancaster Resources Engages KorrAI Technologies Inc. for Uranium Exploration Using AI Advanced Geospatial Solutions

Lancaster Resources Engages KorrAI Technologies Inc. for Uranium Exploration Using AI Advanced Geospatial Solutions

Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF0) ("Lancaster"), a North American lithium exploration company, is thrilled to announce the signing of a service agreement with KorrAI Technologies Inc. ("Korrai"), a pioneering artificial intelligence, earth systems modelling, and remote imaging company. This collaboration marks a significant step forward in Lancaster's mission to leverage cutting-edge technology to optimize and enhance its critical mineral exploration projects.

Under the terms of this agreement, KorrAI will provide Lancaster with advanced geospatial data products to identify field targets for sampling. This technology will be integral to Lancaster's exploration activities, specifically for uranium at the Catley Lake and Centennial East properties. The scope of KorrAI's work, as outlined in the contract, will include the identification and digitization of outcrop exposures from AI-based detection, mapping of iron oxide signatures, mapping and source vectoring of vegetation stress signatures, integrating geological and geophysical datasets, and the recommendation of exploration targets for field exploration and sampling programs.

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