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Charbone Hydrogen
Investor Insight
Charbone Hydrogen offers a compelling investment opportunity in the US$89 billion green hydrogen market, leveraging a decentralized approach for scalable plant deployment and focusing on environmentally friendly production to reduce carbon footprints.
Overview
Charbone Hydrogen (TSXV:CH,OTCQB:CHHYF,FWB:K47) is the only publicly listed green hydrogen firm in Canada looking to expand across North America (US and Canada) with a pipeline of new projects. This is an opportune time for Charbone as the world races to find effective solutions to meet its net-zero ambitions by 2050. Green hydrogen could be a perfect fit as a potentially low-emitting fuel source. There is an increasing realization of the potential of hydrogen in serving as a low-emissions substitute for fossil fuels in residential as well as industrial use cases.
The Government of Canada has laid out its hydrogen policy, aiming to meet nearly 30 percent of its energy requirement in 2050 by hydrogen, as well as become one of the top three clean hydrogen producers globally. The presence of abundant hydroelectric power, favorable government policies, and a progressive tax regime should boost hydrogen production in the country. The 2023 federal budget includes more than $17 billion in tax credits over the next five years to help fund clean energy projects, including hydrogen.
Green hydrogen: key element to decarbonize the world
The US Department of Energy expects to produce 10 million metric tons (MMT) of hydrogen annually by 2030 and eventually reach 50 MMT by 2050. According to US Deputy Secretary of Energy David Turk, 50 MMT of hydrogen could power every bus, train, plane and ship in the US.
Charbone stands to benefit from rapid adoption of hydrogen as an alternative to fossil fuels. Moreover, Charbone’s focus solely on “green hydrogen” should further its position among investors looking for opportunities to invest in sustainable energy solutions. Green hydrogen is produced when the energy used to power electrolysis comes from renewable sources like wind, water, solar or nuclear. Charbone has clearly stated its intentions to leverage hydropower and nuclear energy to produce hydrogen.
Project Pipeline and Key Partnerships
Carbone forged strong partnerships to execute its business model.
Charbone has signed a memorandum of understanding (MoU) with ABB to collaborate on the development of up to 15 modular and scalable green hydrogen production facilities across North America over the next five years. Under the MOU, ABB will support CHARBONE in standardizing basic engineering for systems and components across its project portfolio, to increase energy efficiency and reliability.
Among the sites covered by the collaboration is Charbone's flagship Sorel-Tracy facility near Montreal in Québec, Canada, which is currently under construction. The Sorel-Tracy facility is located on a 40,000-square-meter land parcel along Quebec Highway 30, known as the “Steel Highway” because of the numerous steel mills and process plants operating along the highway.
The construction of Phase 1 of its Sorel-Tracy facility is being done in partnership with EBC, one of the largest construction companies in Quebec. EBC has a proven track record of designing and building facilities in Canada and the US. The partnership agreement gives EBC the right of first refusal to construct additional Sorel-Tracy phases, as well as one or all of Charbone’s facilities within the North American market.
In addition, Charbone has entered into several other strategic partnerships all aimed to expand its footprint in North America. The company entered into a special consultancy agreement with Enki GéoSolutions for potential partnership proposals as a co-operator and distributor of an emerging form of clean and renewable hydrogen, known as white or natural hydrogen.
In June 2024, Carbone executed a supply agreement for a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site in the City of Sorel-Tracy, Quebec. The electrolyzer has a higher capacity than originally planned and will significantly enhance initial operational capacity estimates. The company also acquired its first tube trailer for the transport and bulk delivery of compressed green hydrogen produced from the City of Sorel-Tracy, Quebec flagship project to local and domestic customers.
Charbone signed commercial supply agreements (CSAs) with a top-tier US industrial gas producer and distributor. The first CSA secures hydrogen supply ahead of Charbone’s own production, while the second expands its product offerings to include helium and other industrial gases. Positioned to capitalize on emerging North American opportunities, particularly in Canada, Charbone leverages its early-mover advantage to build strategic partnerships and strengthen its role in the low-carbon, high-purity hydrogen market.
Superior Plus
This partnership allows Charbone to sell hydrogen produced at the Sorel-Tracy facility to Superior Propane, a subsidiary of Superior Plus. Such supply agreements ensure that Charbone can generate cash flow immediately following the commencement of production.
Carbone Hydrogen entered into an off-take partnership with Superior Plus on the supply and
distribution of green hydrogen.
NEK Community Broadband
Another such supply agreement was signed in November 2023 with NEK Community Broadband, which ensures the supply of green hydrogen in the Northeast Kingdom of the state of Vermont (USA). NEK Broadband is building a high-speed broadband infrastructure and plans to install a hydrogen fuel cell backup system for a reliable power supply.
Oakland County Economic Development Department, Michigan
Further advancing its goal of US expansion, Charbone signed a memorandum of understanding in December 2023 with Michigan’s Oakland County Economic Development Department to set up Charbone’s first green hydrogen facility in the United States. Oakland County is home to major automakers, and a green hydrogen facility in their proximity will support the effort of producing environmentally friendly mobility options.
Being the only publicly listed green hydrogen player in Canada, Charbone offers investors a unique opportunity to participate in the rise of green hydrogen as a potential low-emitting alternative to fossil fuels.
Management Team
Dave Gagnon – Chairman and CEO
Dave Gagnon has been chairman and chief executive officer of Charbone Hydrogen Corporation since April 21, 2022. He has been a climate tech entrepreneur for the last 25 years, and was the first entrepreneur in Canada to start a wind turbine company and offer a new alternative energy solution in North America. Gagnon also worked with an institutional investor that manages several public pension plans, Caisse de depot et placement du Quebec, where he gained deep knowledge of the financial markets.
Benoit Veilleux – Chief Financial Officer
Benoit Veilleux was appointed as the CFO of Charbone on August 15, 2022. Veilleux has over 15 years of experience in corporate accounting and finance. He began his professional career at KPMG in 2003, where he managed and coordinated audit teams for public companies until 2010. Since then, he has worked with a number of companies including Air Liquide Canada and the Hypertec Group.
Daniell Charette – Chief Operating Officer
Daniell Charette has been the chief operating officer of Charbone since February 2019. He brings over 25 years of experience in running and managing renewable energy companies. He has worked in senior leadership roles with several renewable companies including NEG Micon A/S, Vestas and Brookfield Power. He has served on various association boards and councils, including the Canadian Wind Energy Association, Association Québécoise des Producteurs d’Énergie Renouvelable, and Latin Wind Energy Association.
Francois Vitez – Director
Francois Vitez is a hydropower and energy storage expert with more than 24 years of experience in the development, engineering and construction management as well as operations and maintenance of hydropower and energy storage projects in North America and internationally. He is a board member and chair of the Value of Hydropower committee at Waterpower Canada, vice-chair of the Energy Storage Association of Canada, board member of the California Energy Storage Association, and member of the International Hydropower Association.
Patrick Cuddihy - Hydrogen Operations Team
Patrick Cuddihy is a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including network sales director for Quebec Region, general manager for Pacific Region, director of procurement services, and director of logistics and assets for the Eastern Region.
The only publicly listed green hydrogen player in Canada.
Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC
- Inferred Mineral Resource of 56,945,602 tonnes Inferred at an average grade of 98.91% SiO₂, with very low levels of impurities. Overall analytical sampling results range from 95.82% to 99.82% SiO₂.
- The resource remains open along strike and at depth. Future exploration is expected to further expand the resource base and upgrade portions of the MRE to higher confidence categories.
This maiden MRE, prepared in accordance with NI 43-101 standards, consists of an Inferred Resource of 56,945,602 tonnes of quartzite grading an average of 98.91% SiO₂. The results establish Table Mountain as a significant high-purity silica deposit in British Columbia and mark a major milestone in Troy's development of this critical mineral asset. The resource is comprised of an extensive quartzite (silica) bed of the Ordovician Mount Wilson Formation and remains open for expansion along strike and at depth with further exploration.
"This maiden resource estimate at Table Mountain marks a major milestone for Troy Minerals," stated Yannis Tsitos, President of Troy Minerals. "We are extremely encouraged by the size and quality of this maiden high-purity silica resource, which validates the strategic value of the project. As global demand for high-purity silica continues to grow, establishing a solid resource base is a critical step toward developing Table Mountain into a future production center. We believe this achievement paves the way for the next phase of growth for Troy, and we will continue to advance the project aggressively to unlock its full potential."
Initial MRE Overview
The initial MRE (Table 1) was prepared by Ray GeoConsulting Corporation ("RGC") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"). RGC is independent of Troy Minerals Inc.
Figure 1. Location of the Table Mountain High-Purity Silica Project
The following is the current Mineral Resource Estimate as at June 27, 2025 (the "Effective Date").
Table 1. Mineral Resource Estimate (MRE) Summary
Notes:
- CIM (2014) definitions were followed for Mineral Resources.
- Bulk density within the quartzite unit is 2.766 t/m³.
- No recovery, dilution, or other similar mining parameters have been applied. No cutoff grade has been applied.
- Brian Ray, P.Geo. of RGC, an independent Qualified Person who prepared the initial MRE is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and there is no certainty that the Company will be able to convert inferred mineral resources to higher confidence categories, however it is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
- A Technical Report is being prepared to support this resource estimate in accordance with National Instrument 43-101 ("NI 43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this news release.
Following the completion of this encouraging maiden resource, Troy Minerals is moving swiftly to advance the Table Mountain Project toward development. The Inferred Resource will be incorporated into a forthcoming NI 43-101 Technical Report, and the Company is outlining further work to maximize the project's value.
Next Steps
- NI 43-101 Technical Report: Troy is preparing a detailed Technical Report in accordance with NI 43-101 guidelines to support the new resource estimate. The report - including methodologies, data, and modeling parameters - will be filed on SEDAR within the required 45-day period, providing full disclosure of the resource modeling and assumptions.
- Phase II Exploration Program: Planning is underway for a follow-up sampling campaign as well as a drilling campaign aimed at expanding the resource and upgrading a portion of the Inferred resource to Measured and Indicated categories. The programs will test the continuity of high-grade silica mineralization beyond the currently established zones and at depth, where the deposit remains open.
- Metallurgical Testing & Economic Studies: The Company will initiate comprehensive metallurgical testing (including purity analyses and process trials on bulk samples) to confirm that the Table Mountain silica meets specifications for high-end industrial uses. Subsequent to metallurgical testing, Troy intents to initiate scoping, economic studies.
About the Table Mountain Project
The Table Mountain Silica Project is located approximately 4 kilometres east of Golden, B.C., Canada, with excellent year-round road access and proximity to the Canadian Pacific Railway's Golden rail yard (Figure 2). The property covers roughly 2,304 hectares, encompassing up to 10 kilometres of regionally mapped strike length of the Mount Wilson Formation quartzite, with widths ranging from 300 to 1,400 metres at surface. Table Mountain is strategically situated near two established high-purity silica operations - the Moberly Silica Mine and the Sinova Quartz Quarry - both of which demonstrate silica purity greater than 99.6% SiO₂. This advantageous location highlights the project's potential to become a significant source of high-purity silica in a region known for hosting premium-quality silica deposits.
Figure 2. Property Boundary and Access
Qualified Person
Technical information in this news release has been reviewed and approved by Brian Ray, P.Geo., who is independent of Troy and a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), scandium, vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | President and Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are 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. 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 the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Charbone Hydrogen Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects