
March 24, 2024
Test-work to run in parallel with other key development workstreams to unlock the world-class potential of the high-grade flake graphite project
Metals Australia Ltd (ASX:MLS) has a proven track record of battery minerals discovery and has a high-quality portfolio of advanced battery minerals and metals projects in the highly ranked and well-established mining jurisdictions of Quebec, Canada and Western Australia.
- Major new metallurgical test-work programs are set to commence at the high-grade Lac Rainy flake graphite project in the tier-one Canadian mining jurisdiction of Quebec. The test-work will utilise bulk samples of existing drill-core from the following Mineral Resource1 zones (see Figure 1):
- Southeast Carheil: A 220kg bulk sample grading 13% graphitic carbon (Cg). Sample of predominantly fine to medium flake will be split into several variability samples representing the first 10 years of the mining schedule detailed in the previously completed Scoping Study 2.
- Northwest Carheil: A 200kg bulk sample grading 8%Cg. Examination of drill core from Northwest Carheil indicates a high proportion of large (>180 micron) flake. The metallurgical test-work program for this portion of the Mineral Resource will assess the recovery characteristics of higher value, large flake graphite concentrate.
- Metallurgical test-work will be carried out in two stages:
1. Generation of flake graphite concentrate (>95%Cg) using modified flow-sheet conditions designed to optimise recovery of fine to medium flake for downstream spherical graphite production as well as generation of large flake concentrate that can attract premium pricing.
2. Generation of premium battery grade coated spherical graphite (SpG), trialling chemical and thermal purification options to assess the preferred techno-economic method for production of premium battery grade SpG, followed by lithium-ion battery anode charging and durability testing. This work will expand on the outstanding purification (to 99.96%Cg) and battery test results achieved in 20233 and will result in the optimum SpG production method being adopted for more advanced development studies.
- The Metallurgical test-work results will feed directly into the flake-graphite concentrate Pre-Feasibility Study (PFS) as well as the Options Assessment and Scoping Study into downstream spherical graphite- battery anode material production. Additionally, the results will guide the preferred location for that production facility.
- Latest workstreams will be advanced as the Company finalises discussions with First Nations groups in Quebec to secure the necessary approvals to launch a major new drilling program aimed at significantly expanding and upgrading the existing Lac Rainy Mineral Resource. The program will also test new regional targets where high-grade rock chips of up to 64.3% Cg4 have been generated (see Figure 1). The company is aware of changes to the permitting application process in Quebec that come into effect on May 6th this year. More formal stakeholder engagement is a requirement as part of the revised process.
Figure 1: Lac Rainy Graphite Project high-grade sample locations, drilling areas planned with inset of Carheil zone
Metals Australia CEO Paul Ferguson, commented:
“These new metallurgical test-work programs at Lac Rainy represent another important step forward along the very clear pathway we have mapped out to develop what we believe has the potential to be a world-class flake-graphite project in the tier-one Canadian mining jurisdiction of Quebec.”
“The US$50 million equity investment and a future construction commitment of US$275 million5 announced only last month by General Motors and Panasonic Energy to advance the development of Nouveau Monde Graphite Inc’s graphite project in Quebec is another sign of the global rush to secure sources of high-grade flake graphite and downstream products outside China.”
“Building on our Scoping Study which indicates potential for an initial 14-year production mine life, we are committed to accelerating our pre-feasibility studies (PFS) for the production and downstream processing of Lac Rainy’s high-grade flake-graphite product.”
“Other critical work programs being advanced in parallel with our metallurgical test-work include environment and social impact studies, hydrogeological and geotechnical assessments, Mineral Resource estimation work and finalising key inputs to mine planning and engineering design for the concentrate plant PFS and the proposed downstream upgrading facility to produce battery anode material.”
“We have also finalised our drilling plans and contract and look forward to our drilling permit applications being approved by the government authorities in Quebec. The Company has been advised that no adverse comments were provided by stakeholders during the initial public review period for that drilling program and we look forward to our upcoming discussions with representatives of the Innu Council of Uashat Mak Mani- Utenam First Nations group to outline our planned program as part of the approval process.”
“The Company is fully committed to working respectfully and productively with all stakeholders to demonstrate the significance and potential benefits of developing this important critical minerals project, while understanding and accommodating the expectations of stakeholders throughout the development phases.”
“Our drilling program aims to extend and further define the Mineral Resource to allow expansion of the mining plan, as well as testing new regional targets where high-grade rock chips of up to 64.3% Cg4 have been generated. The fact we still have 35km of mineralised zones at Lac Rainy to drill test adds to our confidence that we will be able to significantly grow the existing Mineral Resource.”
“Critically, the recent $3.5 million placement we made through Canadian investors leaves the Company well- funded to accelerate our exploration and development studies with cash reserves of more than $18 million. The fact that Metals Australia’s market capitalisation is less than our cash balance makes us more determined than ever to demonstrate the value of our flagship Lac Rainy project, which we believe will result in a significant re-rating of the Company’s share price.”Click here for the full ASX Release
This article includes content from Metals Australia, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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The Conversation (0)
28 May 2024
Metals Australia
Overview
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in Tier 1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada — the Lac Carheil flake graphite project and the Corvette River lithium (and gold) project. The Australian portfolio comprises four projects: Tennant Creek (copper-gold) in the Northern Territory and Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc) – all in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. The EV automakers and battery manufacturers, rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Figure 2 – Graphite is a Critical Mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite to the North American market – including for lithium-ion and EV battery production in the future. The company announced positive sampling results across a 36-km strike length of identified graphite trends at Lac Carheil, including many values over 20% Cg and an exceptionally high-grade sample containing over 63% Cg. The company has planned a drilling program to test new high-grade zones identified from the sampling program, which will form the basis for upgrading the existing Lac Carheil Mineral Resource. An application for the drilling program is progressing with the Quebec regulator. Additionally, the company has recently commenced a Flake Graphite concentrate prefeasibility study with Lycopodium in Ontario and a downstream battery anode plant design with ANZAPLAN in Germany.
Metals Australia is also advancing its lithium, gold and silver exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Further, the company carries out aggressive exploration programs at its other projects, including Manindi, Warrambie & the Murchison in Western Australia and Tennant Creek in the Northern Territory region of Australia.
Metals Australia is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million, which we note was higher than the company’s market capital at current share price. Metals Australia benefits from a team of professionals boasting extensive expertise in geology and mining. The appointment of experienced mining executive Paul Ferguson as the CEO is positive for the company. Since joining in January 2024, he has significantly advanced planning and preparation for the exploration, metallurgical test work programs, and design studies required to move its flagship Lac Carheil high-grade graphite project towards development. The Corvette Project has also completed exploration planning and is now fully permitted for drilling and trenching work during the northern hemisphere summer.
Company Highlights
- Metals Australia is rapidly advancing its flag ship Lac Carheil Graphite Project in Quebec, Canada. In addition, the company has a suite of high-quality exploration projects – including Lithium, Gold and Silver in Quebec, Canada and Lithium, Gold, Copper & Vanadium in Western Australia (WA) and the Northern Territory (NT).
- All projects are in Tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geo-politically.
- The company has six key exploration and development projects:
- two in Canada: the Lac Carheil high-grade flake graphite project and the Corvette River lithium and gold-silver-copper exploration project, and,
- four in Australia: Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc-silver) in WA, and Tennant Creek (Warrego East copper-gold) in the NT.
- The focus is to rapidly advance its flagship Lac Carheil Graphite Project towards development. A drilling program is already contracted to substantially increase the existing JORC 2012 Mineral Resource of 13.3 Mt @ 11.5 percent graphitic carbon (Cg) and test the potential of the many other identified high-grade graphite trends.
- The 2020 Scoping Study on Lac Carheil based on the existing resource, representing only 1km of drilling out of the total 36kms of identified graphite trends, indicates a 14-year mine life with a production of 100,000 tons per annum and a pre-tax NPV @ 8 percent of US$123 million (~AUD$190 million).
- There are multiple catalysts at Lac Carheil in the near term including a pre-feasibility study (PFS) (underway), a scoping study on downstream battery (anode) - grade graphite production, and planned drilling aiming to at least double the resource as well as test other identified high-grade graphite trends.
- Furthermore, other projects in Canada including the Corvette River lithium and gold targets, and exploration in Australia at Manindi, Warrambie, Murchison and Warrego – are all seeing active progress.
- The company is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million.
- Metals Australia is led by a seasoned board and management team possessing extensive mining sector experience and a proven track record of successful discoveries and project developments. With funding in place, the company is well-positioned to capitalise on growth prospects.

Key Projects
Canada
Lac Carheil Flake Graphite Project (MLS 100%)
Conceptual 3D Mining layout from February 2021 Scoping Study (Lac Carheil Project formerly named Lac Rainy Project)
The Lac Carheil Graphite Project is located in eastern Quebec, Canada, a tier 1 mining jurisdiction with access to excellent infrastructure, including hydroelectric power facilities. The project hosts an existing JORC 2012 mineral resource of 13.3 million tons (Mt) @ 11.5 percent graphitic carbon, which was announced in 2020 and a scoping study was completed and reported on in early 2021. Battery test work followed, in Germany, and this demonstrated the Lac Carheil Graphite concentrate could be shaped, purified, coated and used in battery applications with excellent results. Given the above work, the company carried out further field work, recently announcing exceptionally high-grade sampling results from 80 samples on 10 identified graphitic trends across the property. This included a sample containing 63 percent graphitic carbon, and 10 samples containing over 20% Cg. The average grade of the sampling was 11% Cg, which is comparable to the current high-grade resource. The combined strike length of the identified high-grade graphitic zones is over 36 kms. This compares to just 1 km of drilling on 1.6 kms of graphite trend that was utilised to obtain the existing resource. The potential for expanding and upgrading the existing resource remains enormous.
Figure 4 –Lac Carheil Graphite Project - Electromagnetic imagery outlining graphite trends and the resource
Additional drilling and development studies are either planned or are already underway, including a pre-feasibility study for a high grade Flake graphite concentrate product – which has commenced and a downstream purification options assessment and a scoping study for a battery anode facility in North America, which has been contracted. The company also announced it is contract ready for its planned drilling program and will fast-track the program as soon as permits are received from the Quebec regulator.
Corvette River Lithium Project (MLS 100%)
Corvette River Lithium, gold and silver Project is located in Quebec’s James Bay region Metals Australia recently announced that it is fully permitted to advance an extensive field exploration program across its holdings which include the wholly owned East Pontois, Felicie and West Pontois projects, situated within Patriot Battery Metals' (ASX:PMT) CV Lithium Trend, as well as tenements at West and East Eade in the company's parallel Corvette River South Trend. A field mapping and sampling program concluded last year and identified large, potentially lithium-bearing pegmatites immediately along strike from Patriot Battery Metals’ world-class lithium pegmatite discoveries. Additionally, the company has flagged significant gold and silver samples from its review of work previously completed across the field as is illustrated in the diagram below.Figure 5 – The Corvette Projects in the James Bay region of Canada. Prospective for Lithium, Gold & Silver
Australian Projects
Warrambie Project (MLS 80%)
The Warrambie project is located in the Pilbara region of Western Australia. It is 20 kms west of the Andover Lithium discovery (Azure Minerals (ASX:AZS). Metals Australia has completed geophysical surveys across the area and is identifying targets for further field exploration and drilling.
Warrego East Project (MLS 80%)
Metals Australia acquired the tenements as part of a package purchased from Payne Gully Gold in 2022. The company’s tenements include a granted exploration license (E32725) directly along strike to the east of the Warrego copper-gold deposit, which has a production of 1.45 Million Ounces of gold at 8 grams per tonne and over 90,000 tonnes of Copper at 2%. The Warrego mine operated from the late 1950’s through until 1989. It was found under sedimentary cover. The area and this land package is under detailed review utilizing available geophysical surveys. The company aims to identify further targets hidden under shallow sediment cover.
Big Bell North Project (MLS 80%)
The Murchison tenements were also acquired as part of the Payne Gully Gold transaction. Metals Australia owns exploration licenses at the Murchison gold project, which is adjacent to the >5 million ounces (Moz) Big Bell gold deposit. The company plans to conduct detailed magnetics and gravity surveys to test for extensions and repeats of high-grade gold deposits.
Manindi Project (MLS 80%)
The Manindi project is located in the Murchison District, approximately 500 kms northeast of Perth in Western Australia. The project comprises three mining leases and has an established high-grade zinc mineral resource. The metallurgical test work has located spodumene in samples from a high-grade lithium intersection of 12m @ 1.38 percent lithium oxide, including 3m @ 2.12 percent lithium oxide. The company also made a new vanadium-titanium discovery at the Manindi project.Management Team
Paul Ferguson – Chief Executive Officer
A Mining Engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in Executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby – CFO and Joint Company Secretary
Tanya Newby is a finance and governance professional with over 20 years experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to a number of publicly listed entities through exploration, project development through to the production stage. Tanya is a member of the Institute of Chartered Accountants, Member of the Governance Institute of Australia and a Graduate Member of the Institute of Company Directors.
Michael Muhling – Joint Company Secretary
Michael Muhling has over two decades of experience in the resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
John Dugdale – Technical Advisor
John Dugdale is a geologist with over 35 years of experience in the discovery and development of graphite, lithium, gold, nickel and copper projects. His corporate experience includes serving as a director and CEO of several junior resource companies focused on nickel-cobalt, graphite and copper-gold projects. Additionally, he has experience in funds management with Lion Selection Group.
Chris Ramsay – General Manager Geology
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Board
Michael Scivolo – Non-executive Chairman
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs – Non-executive Director
Alexander Biggs has over 20 years of experience in the mining and engineering sector. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX:CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky – Non-executive Director
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Rachelle holds non-executive board positions at Quebec Lithium and Access Plus WA Deaf.
Basil Conti – Non-executive Director
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
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High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for lithium, gold and copper-gold discoveries.
01 May
NextSource Materials Announces Executive Transition to Drive Molo Mine Optimization and Prepare for Future Expansion
NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces that Mr. Johnny Velloza will be stepping down from his position as Interim Chief Operating Officer, following a successful tenure during which he provided critical operational oversight and implemented key recommendations for process optimization at the Molo mine.
Mr. Velloza's responsibilities will be transitioned to Mr. Nick Miller, who has been appointed as Acting Executive Vice President, Operations. This newly consolidated role merges the responsibilities of Interim Chief Operating Officer and General Manager, enabling a more streamlined and effective management structure as part of the broader organizational restructuring of the Molo operations.
Mr. Miller, who previously served as Director of Risk Controls at NextSource, brings extensive expertise in global mining project development to this position. His impressive track record includes pivotal roles at Oyu Tolgoi for Rio Tinto, where he contributed significantly to the development of one of the world's largest copper-gold projects, as well as at ArcelorMittal Mining as part of their international operational improvements and development group. His experience and leadership in high-stakes, multi-jurisdictional mining operations position him fittingly to oversee the continued optimization of Phase 1 of the Molo mine and to lay the groundwork for Phase 2 expansion of the Molo project.
President and CEO, Hanré Rossouw, commented:
"I would like to thank Johnny Velloza for his significant contributions to the Molo project and wish him continued success in his future endeavours. The appointment of Nick Miller marks an important step in our evolution, ensuring continued strong operational leadership as we focus on optimizing Phase 1 and advancing Phase 2 of the Molo mine. Nick's experience will be pivotal as we continue to optimize operations and build the foundation for the next phase of Molo's expansion."
About NextSource Materials Inc.
NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.
The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine is in production, with Phase 1 mine operations currently being optimized.
The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner.
NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".
For further information about NextSource, please visit our website at nextsourcematerials.com
Investors may contact: Brent Nykoliation, Executive Vice President +1.416.364.4911 brent@nextsourcematerials.com
Cautionary Note
This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements include any statements regarding, among others, timing of commissioning and achievement of nameplate capacity, including the processing plant, process improvements and mine plant adjustments as well as production estimates and timing thereof, the rollout of Battery Anode Facilities including the capabilities and the timing thereof. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
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28 April
E-Power Resources Inc. Announces Closing of a Second Tranche of Private Placement
E-Power Resources Inc. (CSE: EPR) (FSE: 8RO) ("E-Power" or the "Company") announces that it has closed the second tranche of the private placement (the "Second Tranche") previously announced on March 12, 2025 (the "Private Placement").
An aggregate of 3,276,000 units (the " Units") of the Company were issued in the Second Tranche of the Private Placement at a price of $0.05 per Unit for gross proceeds of $163,800, each Unit being comprised of one common share in the capital of the Company (each a "Common Share") and one-half common share purchase warrant (each a "Warrant"), each full Warrant entitling its holder thereof to acquire one additional common share (each a "Warrant Share") at a price of $0.10 per Warrant Share for a period of 60 months from the closing date (the "Offering").
Net proceeds from the Offering will be used by the Company for general working capital purposes.
One insider of the Company participated in the Second Tranche of the Private Placement.
Finder's fees of $5,800 and 11,600 broker warrants were paid to Acuarios Foundation in connection with this private placement. Each broker warrant entitles the holder to purchase one common share of the Company at 10 cents per share and is valid for 2 years following the closing date of the second tranche.
All securities issued pursuant to the Second Tranche of the Private Placement are subject to a statutory hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.
One insider of the Company participated in the Second Tranche. The insider subscribed for a total of 200,000 Units under the Second Tranche. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the First Tranche of the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insiders of the Company had not been confirmed at that time.
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The securities offered pursuant to the Offering are subject to certain trade restrictions pursuant to applicable securities laws.
About E-Power Resources Inc.
E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at info@e-powerresources.com.
The Tetepisca Property is located approximately 220 km north of the town of Baie-Comeau in the North Shore Region of Québec. The property consists of 230 claims covering an area of approximately 12,620 hectares within the emerging Tetepisca Graphite District ("TGD"). The property is 100 per cent owned by E-Power. Fifty-two claims, located in the southern part of the property, are subject to a 1.5-per-cent net smelter royalty held by a group of local prospectors; otherwise, the Tetepisca property remains unencumbered. The TGD is an active graphite exploration and development district with delineated measured and indicated resources in excess of 120 Mt at an average grade of approximately 14% Cg. The Company's Tetepisca property is strategically located over continuous bedrock conductive horizons that are known and interpreted to be due to graphite and which hold significant potential to host flake graphite resources. The intersection of graphite in our 2023 drilling and the results of our 2024 exploration program to date confirms the Company's exploration model and provides the basis for continued exploration and evaluation.
On Behalf of the Company
James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance are "forward-looking statements". These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the contents of this news release.
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08 April
E-Power Resources Inc. Announces Closing of a First Tranche of Private Placement
E-Power Resources Inc. (CSE: EPR) (FSE: 8RO) ("E-Power" or the "Company") announces that it has closed the first tranche of the private placement (the "First Tranche") previously announced on March 12, 2025 (the "Private Placement").
An aggregate of 3,646,460 units (the " Units") of the Company were issued in the Private Placement at a price of $0.05 per Unit for gross proceeds of $182,323, each Unit being comprised of one common share in the capital of the Company (each a "Common Share") and one-half common share purchase warrant (each a "Warrant"), each full Warrant entitling its holder thereof to acquire one additional common share (each a "Warrant Share") at a price of $0.10 per Warrant Share for a period of 60 months from the closing date (the "Offering").
Net proceeds from the Offering will be used by the Company for general working capital purposes.
No finder's fees were paid in connection with the First Tranche.
All securities issued pursuant to the First Tranche of the Private Placement are subject to a statutory hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.
Two insiders of the Company participated in the Private Placement. Insiders of the Company subscribed for a total of 666,460 Units under the First Tranche. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the First Tranche of the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insiders of the Company had not been confirmed at that time.
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The securities offered pursuant to the Offering are subject to certain trade restrictions pursuant to applicable securities laws.
About E-Power Resources Inc.
E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company by email at info@e-powerresources.com.
The Tetepisca Property is located approximately 220 km north of the town of Baie-Comeau in the North Shore Region of Québec. The property consists of 230 claims covering an area of approximately 12,620 hectares within the emerging Tetepisca Graphite District ("TGD"). The property is 100 per cent owned by E-Power. Fifty-two claims, located in the southern part of the property, are subject to a 1.5-per-cent net smelter royalty held by a group of local prospectors; otherwise, the Tetepisca property remains unencumbered. The TGD is an active graphite exploration and development district with delineated measured and indicated resources in excess of 120 Mt at an average grade of approximately 14% Cg. The Company's Tetepisca property is strategically located over continuous bedrock conductive horizons that are known and interpreted to be due to graphite and which hold significant potential to host flake graphite resources. The intersection of graphite in our 2023 drilling and the results of our 2024 exploration program to date confirms the Company's exploration model and provides the basis for continued exploration and evaluation.
On Behalf of the Company
James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com
Disclaimer for Forward-Looking Information
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20 March
E-Power Resources CEO: Boosting North American Sources Key to Looming Graphite Supply Deficit
James Cross, CEO of E-Power Resources (CSE:EPR), discusses the critical role of junior mining companies in developing a North American graphite supply chain.
With China’s dominance of global production and the expected increase in demand, Cross outlines how the company's Tetepisca graphite project in Québec could play a key role in boosting supply.
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