Base Metals

Battery Mineral Resources Corp. is pleased to announce that it intends to complete a non-brokered private placement of unsecured convertible debentures for total gross proceeds of up to C$5 million. The proceeds from the Debentures will be used to fund an extension of the successful 2021 exploration drilling program at the Company's recently acquired Punitaqui copper project in Chile and for general working capital ...

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement of unsecured convertible debentures (the "Debentures") for total gross proceeds of up to C$5 million. The proceeds from the Debentures will be used to fund an extension of the successful 2021 exploration drilling program at the Company's recently acquired Punitaqui copper project in Chile and for general working capital purposes.

The Debentures will mature on the date (the "Maturity Date") that is three years from the date of issuance. The holder of any Debenture may, at its option, at any time from six months from the date of issuance, and prior to the close of business on the business day immediately preceding the Maturity Date, convert all, but not less than all, of the principal amount of such Debenture into common shares of the Company at the conversion price of C$0.65 per share.

The Debentures will bear interest at 8% per annum, compounded annually, from the date of issuance, payable upon the earlier of the date of any conversion thereof and the Maturity Date, by way of issuance of common shares of the Company. If a Debenture is converted as of a date that is on or before the first anniversary date (the "First Anniversary Date") that it was issued, interest will be calculated as of the First Anniversary Date, and if a Debenture is converted as of a date that is after the First Anniversary Date but before the second anniversary date (the "Second Anniversary Date") that it was issued, interest will be calculated as of the Second Anniversary Date. Common shares issued for payment of accrued interest on the principal amount of the Debenture will be issued at the market price of the common shares at the time the accrued interest becomes payable, calculated in accordance with the policies of the TSX Venture Exchange. If not converted prior to the Maturity Date, the Debentures will automatically convert upon the Maturity Date into common shares of the Company on the same terms as described above.

At least one of the proposed purchasers of the Debentures is an insider of the Company and, the purchase of any Debenture under the private placement by an insider will be considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of related party participation in the private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for the private placement is expected to exceed 25% of the Company's market capitalization. The Company will not file a material change report 21 days prior to the closing date because the Company intends to complete the private placement as soon as commercially possible.

The Debentures will be subject to a statutory hold period of four months and one day from the date of issuance. Closing of the private placement is subject to receipt of TSX Venture Exchange approval.

Battery CEO, Martin Kostuik states, "Attaining funds to enable the advancement of our successful 2021 drilling program is a tremendous opportunity to bring increased value to the shareholders. By continuing the drilling, engineering, and permit modification activities, we are charging ahead towards copper production in a very robust copper market. We will take the opportunity to build on the success of the 2021 program now, instead of taking a pause, and are very encouraged that our largest shareholder is standing by us to help fund our progress - it is a great show of support. This round of financing provides funding to reach our next milestone and is a compelling arrangement with minimal shareholder dilution. We are a battery metal and electrification-focused company, and we remain as excited as ever about this sector of the global economy with copper reaching new highs as the gap between demand and supply continues. We look forward to updating the market and shareholders on further advancement of the Punitaqui mine in the coming days and weeks."

Appointment of New Director to the Board

The Company is pleased to announce the appointment of Mr. Joseph Tuso to the Company's Board of Directors. Mr. Tuso is currently a partner at Reed Smith LLP, one of the world's largest law firms, which he re-joined in July 2019. His practice focuses on both the origination and resolutions of complex investments and other special situation transactions, including the diligence, structuring, risk management, and resolution process of portfolio investments. Mr. Tuso's corporate, funds and finance experience has covered numerous industries and he has closed hundreds of investment transactions worth billions of dollars. Prior to re-joining Reed Smith, Mr. Tuso spent eight years at a New York City based United States Securities and Exchange Commission registered investment adviser focusing on asset oriented and special situation credit transactions, with assets under management of approximately (USD) $1.8 billion dollars. Mr. Tuso held numerous C-Suite roles during his tenure, including Chief Operating Officer, General Counsel, Head of Asset Management, and Chief Compliance Officer, as well serving as an officer of the funds' Cayman Islands feeder funds.

Battery Chair of the Board of Directors, Lazaros Nikeas, states, "We are very pleased to welcome Joe to the BMR Board. Joe brings more than two decades of both broad, practical experience, and in-depth expertise in corporate governance and regulatory oversight, which will be invaluable as we continue to grow our business and pursue our mission to our shareholders. I look forward to working with him in meeting our corporate strategic goals."

Additional Information

The Company announces it has granted an aggregate of 345,832 options to acquire common shares of the Corporation ("Options"), and an aggregate of 208,332 restricted share units (the "RSUs") to its new director and existing officers of ESI Energy Services Inc. ("ESI"), pursuant to the Stock Option and RSU plan. The Options have an exercise price of C$0.65 per share, have an eight-year term from the date of grant, and vest over the next 1 to 3 years on the first anniversary of the date of grant. The RSU will vest over the next 1 to 3 years. The Company's RSU and stock-based option plans are aimed to compensate and reward its directors, officers, and employees for working towards the Company's long-term objectives and in alignment with the shareholders' best interest.

About Battery Mineral Resources Corp.

A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration and acquisitions in the world's top mining jurisdictions. BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations for second half of 2022 at the prior producing Punitaqui copper-gold mine. The Punitaqui mine, operating as recently as April 2020, has typically produced 20 to 25 million lb. of copper in concentrate during its 9 plus year operating history and is located in the Coquimbo region of Chile.

BMR is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, the Company owns 100% of ESI Energy Services, Inc., also known as Ozzie's, a mainline pipeline and renewable energy equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona. ESI, established in 1979, typically generates positive EBITDA in the range of C$4-$5 million and is poised for growth in 2022. For more information on the business of Ozzie's Pipeline Padder, see http://ozzies.com.

For further information, please contact:

Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: info@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.

Forward-Looking Statements

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, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, 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 as a result 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/110118

News Provided by Newsfile via QuoteMedia

BMR:CA
Battery Mineral Resources

Battery Mineral Resources

Overview

The global battery metals market is a rapidly growing billion-dollar industry. This market represents the raw materials used in the production of batteries such as lithium, nickel, cobalt, manganese and graphite. With the increasing popularity of electric vehicles, energy storage systems, consumer electronics and electric alternatives to everyday applications, the demand for these metals has seen unprecedented growth.

In 2019, analysts valued the market at US$11.3 billion and projected it to grow at a CAGR of 8.2 percent and reach US$20.5 billion by 2027. A rapid surge in the renewable energy industry has many looking to the battery mineral and metal exploration and development companies to supply the demand, which shows robust projections across global markets.

Battery Mineral Resources (TSXV:BMR,OTCQB:BTRMF) is a Canadian multi-commodity resource company focused on exploring, mining and bringing essential battery minerals to market through project development and production. Its unparalleled management team and high-quality asset portfolio set the company apart from other emerging battery metals players.

battery mineral resources punitaqui plant

BMR stands as the largest claim holder across all minerals in the Ontario Cobalt Belt, which is one of the most richly endowed mining regions in the world. It currently has a robust asset portfolio, including its McAra, Gowganda, Iron Mask, Island 27 projects in Ontario and additional projects in the works across the province and Quebec. As a first-mover in the district, the company has led efforts in recognizing the potential of multiple new, at-surface and high-grade primary cobalt discoveries in this region.

In March 2021, BMR acquired the near-term cash flow Minera Altos de Punitaqui copper-gold project in Chile, which consists of a centralized process plant fed by four satellite copper deposits — San Andres, Cinabrio, Dalmacia and Los Mantos. The past-producing mining operation leverages easy road access to local population centers and presents outstanding exploration opportunities across its classic IOCG and manto style copper-gold-silver veins.

The company's cobalt reach extends into the prolific mining district of Idaho with its three 100 percent owned properties covering 14 significant cobalt prospects in the state. Bonanza, Desert and East Fork properties are strategically positioned near the home of eCobalt Solutions Idaho cobalt project, the only advanced stage, near term, environmentally permitted, primary cobalt deposit in the U.S.

Another exciting addition to the BMR portfolio is its highly prospective graphite assets located in South Korea and lithium assets in prolific U.S. mining districts. The Guemam and Taehwa projects are two past-producing graphite mines, which leverage close proximity to excellent lithium-ion industrial infrastructure and considerable yield and high-grade graphite potential.

battery mineral resources san andres trend punitaqui

The next steps for the company involve extensive drilling in Chile and a 9,000-meter drilling program across its assets in Ontario, targeting eight cobalt silver prospects. Exciting development work and operational construction in the near future could propel exploration and drilling forward significantly. Positive drill results at its Idaho properties also present higher-than-expected cobalt grades and exploration opportunities.

Battery Mineral Resources Corp.'s management team consists of leaders with extensive operational and development experience. Combined with a stellar and supportive shareholder portfolio, the company is primed for exceptional economic growth and well-funded development.

Battery Mineral Resources' Company Highlights

  • Battery Mineral Resources is a multi-commodity resource company focused on discovering, acquiring and developing battery metals projects (cobalt, lithium, graphite, nickel & copper), in North and South America and South Korea. It's poised to become a premier and sustainable supplier of battery minerals to the electrification marketplace.
  • BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near-term resumption of operations at the prior producing Punitaqui copper-gold mine.
  • BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada. It controls a robust portfolio of cobalt assets across the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas.
  • Its Canadian cobalt portfolio consists of McAra, Gowganda, Iron Mask, Island 27, Fabre in Quebec and several additional highly prospective projects in politically stable jurisdictions of Ontario.
  • Additional battery mineral exposure includes its strategically acquired graphite assets in South Korea and lithium properties in prolific mining districts like Nevada and California.
  • BMR's management team combines seasoned experts across related industries in finance, resource development and battery mineral exploration.

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Battery Mineral Resources' Key Projects

Minera Altos de Punitaqui Copper Complex

battery mineral resources minera altos de punitaqui copper complex map

Minera Altos de Punitaqui (MAP) is an integrated copper and gold mining complex located in the region of Coquimbo, Chile approximately 50km south of the Andacollo copper mine owned by Teck Resources. The 8.095-hectare asset consists of a centralized process plant that is fed by four satellite copper deposits – San Andres, Cinabrio, Dalmacia and Los Mantos. The fully permitted operation also leverages excellent road access and widespread mineralization.

MAP boasts a past production history and near-term production potential. Cinabrio and San Andres mining zones leverage underground portal access and Mantos-type copper mineralization up to 30 meters thick. The Dalmacia drill target contains copper-silver-gold mineralization which is structurally controlled. All regional targets offer immediate exploration and district-scale potential to BMR.

After its acquisition in March 2021, BMR has been quick to begin development on the asset. The company plans to immediately commence restart activities at the site to resume mining and milling operations which will be carried out in conjunction with an aggressive regional exploration campaign to better define historical mineral resources and add new resources for mining in the future. Re-start is projected to begin within 12 months to a potential annual EBITDA of US$50 million per annum.

Canadian Cobalt Exploration Projects

battery mineral resources cobalt mining camp

BMR controls a large 1,100-kilometer squared land package in the Ontario Cobalt Belt, which hosts multiple high-grade and widespread mineralized targets. The company has conducted geotechnical assessments and assays on the property with samples from outcrop revealing target prospects that present up to-21 percent cobalt values.

The project portfolio consists of McAra, Gowganda, Iron Mask, Island 27, other additional Ontario properties and highly prospective cobalt assets in Quebec. The projects access well-serviced mining networks and infrastructure with excellent exploration, development and mining suppliers in the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas. BMR stands as the largest regional landholder with extensive claim packages in the Elk Lake and Gowganda mining camps.

Over 42,244 meters have been drilled on 20 cobalt-silver prospects across seven properties. McAra has a measured and indicated resource of approximately 1,124,000 pounds of cobalt and stands as the highest-grade cobalt dominant deposit worldwide in more than 50 years with grades upwards of 1.5 percent cobalt. Exciting next steps for the company's Ontario cobalt assets include a 9,000-meter drilling program and a projected centralized processing plant at Gowganda.

Idaho Cobalt Projects

battery mineral resources idaho cobalt belt projects

Battery Mineral Resources has 434 mineral claims in three 100 percent owned properties covering fourteen significant cobalt prospects within a three by six kilometer cobalt-copper mineralized zone. Its properties include Bonanza, Desert and East Fork assets located in the historic cobalt-copper Blackbird mining district approximately 30 kilometers west of Salmon, Idaho.

The largest Bonanza hosts multiple surface and subsurface shoots of copper-cobalt mineralization hosted along contact with gabbro sill. Historic drilling results demonstrated cobalt grades ranging 0.4 percent to 0.58 percent with anomalous gold from surface level to 100 meters deep. All projects host excellent high-grade copper-cobalt discovery potential.

Graphic Assets — Geumam and Taehwa, South Korea

battery mineral resources south korea projects

BMR has 100 percent ownership of Guemam and Taehwa graphite exploration projects containing high-purity flake graphite deposits. Both assets are past-producing mines with existing local infrastructure and near-term production potential. Advantageous positioning in South Korea puts BMR close to established and booming battery industries in Asia.

Guemam is located 20 kilometers from South Korea's second-largest lithium-ion battery factory and has a maiden NI 43-101 resource. Indicated mineral resources on the property stand at approximately 101-kilo tons containing 6.6 percent graphite grades. The Taehwa project also has excellent discovery potential with historical mineral resource estimates of 99,000 tons of graphite at 6.8 percent and additional inferred mineral resource of 70,000 at seven percent graphite grades.

Battery Mineral Resources' Management Team

Lazaros Nikeas — Executive Chairman

Lazaros Nikeas has over 15 years of strategy and capital markets advisory for resource, chemicals and industrial companies, with over US$25 billion of M&A transactions completed. He is currently a principal investment manager of Weston Energy LLC, a Yorktown Partners LLC portfolio company with investments in energy minerals assets. Nikeas was previously a partner of Traxys Capital Partners, a private equity firm backed by The Carlyle Group.

Martin Kostuik — CEO & Director

Martin Kostuik has over 28 years of diversified experience in the mining industry as a mining engineer and senior executive. He was the president and director for the last four years at Arizona Gold Corporation and before was CEO and director of Rupert Resources Limited.

Previously, Kostuik built a broad base of experience in operations, engineering, exploration and capital projects with various companies including Luna Gold (Equinox), Barrick Gold Corporation, Taseko Mines Limited and DMC Mining Services.

Jack R. Cartmel — CPA, CA, CFO

Jack R. Cartmel is a finance executive with over 15 years of experience in the mining industry with expertise in M&A, IPOs, taxation, public company accounting and disclosure and financial and risk management. Previously, he held a position with TSX-listed Monument Mining, a mid-size gold producer in Asia and White Tiger Gold, a mid-size gold producer.

Peter Doyle — VP of Exploration

Peter Doyle has over 40 years of experience in all aspects of mineral exploration from regional reconnaissance to project evaluation and development, in a variety of geological terrains throughout Canada, the U.S., South America and Australia. He was previously with PT Freeport Indonesia, Gold Fields and Troy Resources.

Jacob Willoughby — VP of Corporate Development & Strategy

Jacob Willoughby is a geologist and MBA graduate with nearly 17 years of diversified experience in mining capital markets. He has worked as a mining analyst for over eight years, covering exploration and development companies globally in both precious and base metals. Willoughby also worked as a capital markets consultant, an investor and as a director and senior executive.

Willoughby was most recently VP of Research and Analyst at Red Cloud Securities in Toronto. Prior, he was a partner and mining analyst at Beacon Securities. He began his career in mining equity research at Paradigm Capital, where he worked for five years. He also spent two years as President and Director of Aldridge Minerals, a Canadian public company with assets in Turkey and Papua New Guinea.

Click here to follow Battery Mineral Resources on LinkedIn

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Battery Mineral Resources Announces Intercept of 102 Meters Grading 1.41% Copper, at Dalmacia Target at Its Punitaqui Mine

Battery Mineral Resources Announces Intercept of 102 Meters Grading 1.41% Copper, at Dalmacia Target at Its Punitaqui Mine

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is extremely pleased to announce encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program focused on extensions of the Cinabrio orebody, the Dalmacia and San Andres targets within the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022.

Dalmacia is in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant. The Dalmacia target has underground mining access, partially delineated mineralized zones and is targeted as a potential new source of ore feed to the Punitaqui ore concentration plant (see Figure 1).

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Battery Mineral Resources Closes First Tranche of Unsecured Convertible Debenture Financing

Battery Mineral Resources Closes First Tranche of Unsecured Convertible Debenture Financing

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement of 8% unsecured convertible debentures (the "Debentures") previously announced in the Company's news release of January 14, 2022. Gross proceeds for the first tranche total C$3,250,000.

The proceeds from the Debentures will be used to fund an extension of the successful 2021 exploration drilling program at the Company's recently acquired Punitaqui copper project in Chile and for general working capital purposes.

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Drilling Update Continues to Deliver Positive Copper Intercepts at Battery Mineral Resources Punitaqui Mine

Drilling Update Continues to Deliver Positive Copper Intercepts at Battery Mineral Resources Punitaqui Mine

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program at the Cinabrio, Dalmacia and San Andres targets within the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022.

Dalmacia is located in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant. The San Andres target is located 500 meters west of the Cinabrio mine while the Cinabrio Norte and Cinabrio Sur targets represent potential extensions of the Cinabrio orebody to the north and south. (see Figure 1 and Figure 2).

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Dalmacia Drilling Delivers Step-Out Hole of 14 Meters at 2.44% Copper at Battery Mineral Resources Punitaqui Mine

Dalmacia Drilling Delivers Step-Out Hole of 14 Meters at 2.44% Copper at Battery Mineral Resources Punitaqui Mine

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce encouraging drill core assay results from the on-going 2021 exploration and in-fill Dalmacia drill program at the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022. Dalmacia is located in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant. The Dalmacia target is the second of several historic zones drilled by BMR with partially delineated mineralized zones and established underground access.

Highlights

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Dalmacia Drilling Delivers Encouraging Initial Copper Results at Battery Mineral Resources Punitaqui Mine

Dalmacia Drilling Delivers Encouraging Initial Copper Results at Battery Mineral Resources Punitaqui Mine

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce encouraging drill core assay results from the 2021 exploration and in-fill drill program at the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022. The Dalmacia Target is second of several historic zones within BMR's Punitaqui project with partially delineated resources and established underground access. Dalmacia is located in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant.

Highlights

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Sherritt Provides Notice of Fourth Quarter and Year-end 2021 Results Conference Call and Webcast

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) will release its fourth quarter and fiscal year 2021 financial results after market close on February 9, 2022. Senior management will host a conference call and webcast on February 10, 2021 at 10:00 am ET to review Sherritt's fourth quarter and fiscal year 2021 financial and operational performance.

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FPX Nickel to Present at TD Securities Global Mining Conference

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FPX Nickel Corp. (TSXV: FPX), (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce that the Company will be presenting at this year's TD Securities Global Mining Conference (the " TD Conference ") on Friday, January 28, 2022 at 1:50 pm Eastern Time . FPX is one of only two companies invited to present during the TD Conference's session on nickel.

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Canada Silver Cobalt Intersects High-Grade Silver Up to 6,188.43 g/t Ag with a Gold Equivalent of 74.67 g/t Au at Castle East

Canada Silver Cobalt Intersects High-Grade Silver Up to 6,188.43 g/t Ag with a Gold Equivalent of 74.67 g/t Au at Castle East

Excellent intercepts from the Big Silver Zone will contribute significantly to the upcoming resource update

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce a continued expansion of its silver deposit at Castle East with excellent intercepts from the Big Silver Zone containing high-grade silver and cobalt grades. The drill results will be included in the planned resource update expected by the end of Q1 2022.

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Canada Silver Cobalt Intersects High-Grade Silver up to 6,188.43 g/t Ag with a Gold Equivalent of 74.67 g/t Au at Castle East

Canada Silver Cobalt Intersects High-Grade Silver up to 6,188.43 g/t Ag with a Gold Equivalent of 74.67 g/t Au at Castle East

(TheNewswire)

Canada Silver Cobalt Works Inc.

Excellent intercepts from the Big Silver Zone will contribute significantly to the upcoming resource update.

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Fortune Minerals Secures Option to Purchase Brownfield Site in Alberta's Industrial Heartland for NICO Refinery

Fortune Minerals Secures Option to Purchase Brownfield Site in Alberta's Industrial Heartland for NICO Refinery

Former steel fabrication plant with buildings and facilities to materially reduce capital costs

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has entered into an option agreement with JFSL Field Services ULC (" JFSL "), a wholly-owned subsidiary of a large international engineering company, to purchase its former steel fabrication plant, located in Lamont County within Alberta's Industrial Heartland northeast of Edmonton. Pursuant to the agreement, Fortune will have six months to carry out additional due-diligence and complete the purchase of the JFSL facility for C$5.5 million. Fortune intends to acquire this brownfield site in order to construct the hydrometallurgical refinery for the planned NICO Cobalt-Gold-Bismuth-Copper mine in the Northwest Territories (" NWT "). The proposed refinery would process concentrates from the mine and produce cobalt sulphate for the rapidly expanding lithium-ion rechargeable battery industry and their use in electric vehicles (" EV's "), portable electronic devices, and stationary storage cells to make electricity use more efficient. In addition to cobalt, the unique mineral assemblage of the NICO deposit includes a highly liquid 1.1 million ounce in-situ gold co-product, 12% of global bismuth reserves, and copper. The vertically integrated NICO development (" NICO Project ") would provide a reliable North American source of three Critical Minerals produced responsibly with Canadian environmental-social governance (" ESG ") values that are essential to support the transformation to new technologies and the growing green economy.

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Electra Battery Materials Logo

Electra Battery Materials


Overview

As governments, large corporations, and established automakers turn their attention to clean energy initiatives, it’s clear the reliance on electric vehicles and battery technology is on the rise. In fact, electric vehicle (EV) sales are expected to increase ten-fold from 3.2 million units in 2020 to an astonishing 32.2 million units in 2030, resulting in an aggressive demand for battery materials as the green economy takes off. However, with the battery material market being led by China controlling over 80 percent of the current market share the need for a domestic supply chain is critical now more than ever.

Among battery supply materials, cobalt and nickel are considered crucial to lithium-ion batteries used in EVs. The battery industry requires materials such as nickel and cobalt to be supplied in a specific chemical form for the production of precursor material converted to cathode active material used in lithium-ion batteries. As the demand for EVs booms in the coming years, companies outside of China that can supply battery materials in this specific chemical form will likely present an attractive opportunity for investors.

Electra Battery Materials (TSXV:ELBM,OTCQX:ELBMF) is an ESG-focused battery materials company advancing the only fully integrated, localized and environmentally-sustainable battery park in North America. Electra is led by a highly experienced management team with decades of experience in the mining and mineral processing industry.


Electra Battery Materials’ battery materials park, the first of its kind in North America, will supply the electric vehicle industry with cobalt and nickel sulfate production, a large-scale lithium-ion battery recycling facility and battery precursor materials production . The company plans to become a leader in the battery supply chain by leveraging vertical integration opportunities in North America.
Electra Battery Materials Battery Materials Park

"Globalization has created an electric vehicle supply chain that is too long, too costly and increasingly unreliable," said Trent Mell , President & CEO in an interview with INN. "Our automaker clients have a strong interest in greater localization of the upstream supply chain to achieve greater reliability, security of long-term supply, and a lower carbon footprint. With the continent's rich mineral endowment, the rationale for supplying battery materials through Asia into a growing U.S. EV market is not sustainable. Electra will act as a bridge between North American electric vehicles and a North American source of primary and recycled material, providing a low carbon solution for zero emission vehicles.”

The creation of a nickel sulfate production line directly supports the company’s four-phase growth plan. The company is already in talks with various nickel suppliers to secure the raw materials its future nickel sulfate facility will require, which when combined with its near-term cobalt output, could power 1.5 million electric vehicles each year.

The company’s cornerstone asset, the Cobalt Refinery, is a fully-permitted, modular and environmentally-friendly facility located in Ontario, Canada. The facility will be the world’s second-largest battery-grade cobalt sulfate refinery outside of China.

The Company’s 4-phased approach to market entry allows it to grow its product line offering in line with demand from the evolving EV market, while minimizing risk and managing capital intensity.

Electra Battery Materials Cobalt Refinery

At Phase 1, the refinery is expected to be capable of supplying the EV market with 25,000 tonnes of battery-grade cobalt sulfate per annum in 2023, with a planned increase of 30 percent shortly thereafter. The company’s refinery will account for 26 percent of cobalt sulfate production outside of China.

The next stage, Phase 2, Electra will be growing its recycling business initially targeting black mass from consumer electronics and subsequently targeting primary battery scrap material from North American EV cell manufacturers.

Based on industry forecasts, there could be nearly 250,000 tonnes of lithium-ion batteries available for recycling from manufacturing scrap in North America alone by 2025. (see how to footnote Benchmark and Li-cycle)

As the e-mobility and renewable energy industries ramp up in North America, Electra will use hydrometallurgy to recycle black mass back into useable Li-ion battery materials.

The Company’s third phase involves refining nickel from 2024 to 2025, while Phase 4 involves establishing a partnership for a PCAM plant in 2025.

Developing a world-class critical mineral deposit in the USA: The Iron Creek Copper-Cobalt Project

Electra is the owner of one of the only primary copper/cobalt deposits in the United States. Cobalt is a strategic critical mineral identified by the US Government as part of their broader efforts to secure domestic supply chains.

Iron Creek will support the asset necessary for the nation’s development of the US-based a domestic EV materials supply chain.

  • Indicated Resource of 2.2 million tonnes at 0.32 percent cobalt equivalent (0.26 percent cobalt and 0.61 percent copper) for 12.3 million pounds of contained cobalt and 29 million pounds of contained copper
  • Inferred Resource of 2.7 million tonnes at 0.28 percent cobalt equivalent (0.22 percent cobalt and 0.68 percent copper) for 12.7 million pounds of contained cobalt and 40 million pounds of contained copper

Electra Battery Materials is committed to ESG initiatives with industry-leading credentials. The company’s ESG commitments include recycling, producing a low carbon footprint, fostering traceability and shortening and securing a domestic supply chain. The company’s refinery is expected to produce 51 percent lower greenhouse gases than its Chinese counterparts with higher yields and lower energy requirements.

Company Highlights

  • Electra Battery Materials Corporation (TSXV:FCC,OTCQX:FTSSF) is an ESG-focused battery materials company focused on building the first battery-grade refinery in North America. The company aims to build the only fully integrated, localized and environmentally-sustainable battery park in North America.
  • Electra’s Battery Materials park will supply the electric vehicle industry with cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility and battery precursor materials production
  • The company’s Refinery is a fully-permitted, modular and environmentally-friendly hydrometallurgical facility located in Ontario, Canada. The facility will be the world’s second-largest battery-grade sulfate refinery outside of China.
  • The company’s Iron Creek Project offers strong resource growth potential to become an important critical mineral deposit for the U.S’ domestic EV supply chain. Inferred Resource of 2.7 million tonnes at 0.28 percent cobalt equivalent (0.22 percent cobalt and 0.68 percent copper) for an additional 12.7 million pounds of contained cobalt and 40 million pounds of contained copper. The resource estimate used a 0.18 percent cobalt equivalent cutoff grade.Electra Battery Materials is committed to ESG initiatives with industry-leading credentials. The company’s ESG commitments include recycling, producing a low carbon footprint, fostering traceability and shortening and securing a domestic supply chain.

Key Projects

Electra’s Refinery

Electra Battery Materials Electra\u2019s Refinery

The Electra’s Refinery is a fully-permitted and environmentally-friendly hydrometallurgical facility located in Ontario, Canada. The facility will be the world’s second-largest non-Chinese battery-grade sulfate refinery and the only refinery in North America of its kind. The property is located near exceptional infrastructure with access to talented skilled labour. The Refinery will provide battery-grade cobalt and nickel, recycled battery materials and precursor material through its modular design.

The facility has a 10-year operating history. The company’s lithium-ion battery recycling process involves hydrometallurgical refining of Black Mass which is superior to pyrometallurgy. The process produces higher yields, significantly lower energy intensity and lower greenhouse gas emissions compared to pyrometallurgical facilities. Additionally, the process allows for lithium and graphite recoveries, unlike pyrometallurgy. The refinery is environmentally friendly as it is expected to produce 51 percent lower greenhouse gases than its Chinese counterparts. These low emissions are credited to the hydroelectric electricity grid in the area.

Electra Battery Materials strongly believes that this facility can supply the electric vehicle market in North America with 5,000 tonnes of cobalt contained as early as the fourth quarter of 2022. The company has already begun work on commissioning a lithium-ion battery recycling line in 2021. Electra Battery Materials is currently in the process of testing black mass feeds from recycled batteries and is awaiting the results from test work and engineering studies in the coming weeks.

Iron Creek Project

Electra Battery Materials Iron Creek Project

The Iron Creek project is a copper and cobalt project located in Lemhi County in the state of Idaho in the United States. The project is situated in the most prolific trend of cobalt mineralization in the US. The property spans 1,820 acres of mining patents and exploration claims. The Iron Creek project is located in the same trend as the historic Blackbird mine. The project features significant infrastructure that allows for multiple drills and underground activity. The property is accessible via an all-weather road that connects to a highway.

The property features historic exploration of 600 metres of underground development from 1970 to 1972. The company produced an updated and upgraded NI43-101 compliant resource estimate in 2020. Iron Creek currently has an Indicated Resource of 2.2 million tonnes at 0.32 percent cobalt equivalent (0.26 percent cobalt and 0.61 percent copper) for 12.3 million pounds of contained cobalt and 29 million pounds of contained copper, as well as an Inferred Resource of 2.7 million tonnes at 0.28 percent cobalt equivalent (0.22 percent cobalt and 0.68 percent copper) for an additional 12.7 million pounds of contained cobalt and 40 million pounds of contained copper. The resource estimate used a 0.18 percent cobalt equivalent cutoff grade

In total, Electra Battery Materials has completed the advanced exploration of 29,00 metres of diamond drilling to date. Electra Battery Materials believes the property has strong high-grade resource growth potential given the strike extent and open nature of the mineralization in all directors. The company is currently awaiting drill results on the property expected at the beginning of 2022.

Management Team

Trent Mell - President, Chief Executive Officer and Director

Trent Mell founded First Cobalt in 2017. Mell has more than 20 years of international business and operational experience. His mining career experience includes mine permitting, development and operations with Barrick Gold, Sherritt International, North American Palladium and AuRico Gold. Mell’s commercial experience includes M&A, joint ventures, offtake contracts and over $2.6 billion in equity and debt financings. He was also the CEO of Falco Resources. Falco Resources is the owner of the Horne project which has mineral reserves of over 6 million gold equivalent ounces. Mell was the president and head of mining of PearTree Securities. In this role, Mell created a mining team and led the firm to become the largest provider of flow-through capital in Canada, placing more than $300 million in capital in their first year.

Mell holds an EMBA from the Kellogg School of Management and Schulich School of Business, an LL.M from Osgoode Hall as well as a B.A., B.C.L. and LL.B. from McGill University.

Ryan Snyder - CPA, CA and Chief Financial Officer

Ryan Snyder has more than a decade of experience in finance. Previously, he spent five years in operations finance with Inmet Mining Corporation. In this role, he led a project to build the life-of-mine model for Cobre Panama which is one of the largest copper development projects in the world. He also led the worldwide annual budgeting and quarterly forecasting processes, oversaw operational financial reporting and analysis and conducted scenario analysis for strategic decision-making. He then joined Enirgi Group Corporation where he oversaw financial planning, asset modelling and corporate governance. Most recently, he was with Primero Mining Corp. Snyder initially began as the director of finance and treasurer of Primero Mining but later became the chief financial officer. At Primero Mining, he was part of the team that negotiated the friendly merger of Primero with First Majestic Silver in 2018. Before entering the mining industry, Synder obtained his Chartered Professional Accountant designation with KPMG LLP.

Mark Trevisiol - P.ENG. and Vice President of Project Development

Mark Trevisiol is a professional engineer with 30 years of experience in mineral processing, mining, capital projects and executive management. He spent over 20 years with Falconbridge Ltd. and Xstrata Nickel which are Glencore predecessor companies. At these companies, he held various roles, including general manager of business development and strategy, general manager of the Sudbury smelter business unit, manager of smelter operations and superintendent of the Kidd Creek Zinc plant. More recently, Trevisiol held several executive leadership and board positions, including CEO positions at Crowflight Minerals and Silver Bear Resources.

During his career, Trevisiol has been responsible for mining and mineral processing for teams of up to 300 people. He was also responsible for operations, safety and environment, custom feed, engineering, maintenance and technology. He has a demonstrated track record of increasing plant efficiency and margins, notably in treating third-party feeds. With Falconbridge Ltd., he championed a new recycling facility primarily designed to handle spent cobalt-based lithium batteries. He has worked across several commodities, including nickel, cobalt, zinc, copper, lithium, gold, and silver.

Trevisiol has an engineering degree from the University of Waterloo.

Michael Insulan - Vice President of Commercial

Michael Insulan has nearly 20 years of experience across oil and gas, bulk commodities and base and minor metals. He has worked for Royal Dutch Shell, CRU and Eurasian Resources Group. Over the past four years, Insulan has been primarily focused on the cobalt market where he has built a reputation as an industry expert.

As vice president of commercial, Insulan will have overall responsibility for marketing the company’s refined cobalt sulfate product to electric vehicle (EV) manufacturers and battery cell makers. He will also be responsible for marketing recycled cobalt, nickel, lithium and other battery materials produced by the company’s Canadian refinery. These marketing efforts are part of a proposed Phase 2 expansion to refine black mass recovered from end-of-life lithium-ion batteries.

Michael holds a Ph.D. in Economics focused on the extractive industries.

Regan P. Watts - Vice President of Corporate Affairs

Regan P. Watts is a seasoned and entrepreneurial executive with more than 20 years of public and private sector experience in corporate communications, strategy, innovation and regulatory and corporate affairs. His experience spans various industries, including infrastructure, transportation, industrial manufacturing, information technology and financial services.

Watts has provided services to Electra Battery Materials since 2019 and has been instrumental in helping communicate the company’s priorities and plans to the Government of Canada and the Government of Ontario. In his executive capacity, Watts will add U.S. corporate and regulatory affairs to his responsibilities. Electra Battery Materials has ambitious plans for its Iron Creek copper-cobalt project in Idaho which align with President Biden’s US$2 trillion green energy plan.

Before working with Electra Battery Materials, Watts was a member of IBM Canada’s senior leadership group. At IBM, Watts headed the innovation, citizenship and government affairs team.

Before IBM, he served on the executive committee of Lafarge Canada where he led corporate communications, public and regulatory affairs and corporate social responsibility. Watts had an extensive career in public service, serving in leadership roles in the Government of Canada across four federal departments. From 2006 to 2012, he served at Finance Canada, Transport Canada, Health Canada and Foreign Affairs and International Trade Canada. In 2012, Watts was awarded the Queen Elizabeth II Diamond Jubilee Medal for his public service to Canada. Watts is also a published author. Watts holds an MBA from the Ivey Business School at Western University and is president of consultancy Fratton Park Inc.

Christina Lalli - Head of Investor Relations

Christina Lalli has nearly 20 years of investor relations and capital markets experience. Lalli has spent the majority of her career in the mining sector. She has held several senior-level investor relations positions throughout her career. Christina’s contribution has been instrumental in building robust IR programs, establishing new shareholder contacts and developing important relationships within Canada, the U.S. and Europe. Before joining Electra Battery Materials, she worked for Nouveau Monde Graphite, a Canadian natural graphite and battery anode materials company, currently in development. In this role, she acted as a key force in driving the company’s market awareness and share price growth. Before that, she worked for both Osisko Metals and Osisko Mining Corporation in 2003. Osisko Mining Corporation is an important success story in Canadian mining history.

Lalli holds a BA in Psychology and Human Relations as well as a graduate diploma from the Ivey School of Business from the University of Western Ontario. She is a Certified Professional in Investor Relations (CPIR) and a long-time member of the Canadian Investor Relations Institute.

Dr. George Puvvada - Refinery Technical Manager

Dr. George Puvvada is a P.Eng. and PMP with a Ph.D. Puvvada is a highly qualified metallurgist with over 25 years of industrial metallurgical experience. Over his career, Dr. Puvvada built a reputation for developing flowsheets for difficult ores. He also delivered projects for some of the world’s largest mining companies, including Vale, Xstrata and Barrick Gold.

As Electra Battery Materials’ technical manager, Dr. Puvvada will be a key member of the senior leadership team tasked with executing the company’s refinery expansion and commissioning strategy. He will also assist in qualifying the Electra Battery Metal’s cobalt sulfate product for inclusion in Western automaker electric vehicle batteries.

Before joining Electra Battery Materials, Dr. Puvvada was employed with Northern Sun Mining. Dr. Puvvada oversaw all aspects of feed evaluation, metallurgical processing, lab supervision and project development at Northern Sun Mining. He previously spent several years as a metallurgist at the Peko Mine in Australia where he tested, developed and piloted for the recovery of base and precious metals. Dr. Puvvada has also worked with some of the world’s leading metallurgical and engineering firms, including SNC Lavalin, Tetra Tech, Ortech and SGS. Dr. Puvvada holds a Bachelor’s Degree in Mineral Processing from Andhra University in India and a Ph.D. in Extractive Metallurgy from the University of New South Wales in Australia.

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