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TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB
Q3 2023 Highlights and Headlines
Nano One Provides Quarterly Progress Update and Reports Q3 2023 Results
- Strategic investment and Collaboration Agreement with Sumitomo Metal Mining (SMM)
- Cash position of $26.0 million at quarter end ($43.0 million post-SMM strategic investment)
- Working capital of $22.0 million at quarter end ($39.0 million post-SMM strategic investment)
- Pre-Feasibility Study Completed for One-Pot LFP Production Lines
- LFP from Commercial Size Reactors and Customer Samples Delivered
nano one® Materials Corp. ("nano one" or the "Company") is a clean technology company with patented processes for the production of lithium-ion battery cathode materials that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint. nano one has filed its condensed interim consolidated financial statements (the "financial statements"), and management's discussion & analysis ("MD&A") as at and for the nine months ended September 30, 2023 ("Q3 2023") and is pleased to provide the following highlights from Q3 2023.
Corporate Milestones and Developments for Q3 2023
Strategic Investment and Collaboration Agreement with Sumitomo Metal Mining
On October 5, 2023, nano one and Sumitomo Metal Mining Co., Ltd. ( "SMM", together with nano one, the "Companies") closed a transaction whereby the Companies agreed to a strategic equity investment in nano one by SMM of approximately $17,000,000 and entered into a collaboration agreement under which the Companies will work together to accelerate the commercial production of lithium iron phosphate ("LFP"), cathode active materials ("CAM") and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide ("NMC"). SMM is a leading vertically integrated miner, refiner and producer of CAM.
nano one issued a total of 5,498,355 common shares (the "Shares"), representing approximately 5% of the current issued and outstanding Shares of nano one, at $3.07 per Share ($16,879,950) in a non-brokered private placement.
nano one intends to use the proceeds principally towards the conversion of its existing Candiac LFP manufacturing facility to a One-Pot production scale pilot plant, nickel and manganese-rich engineering, and piloting activities, and for working capital purposes.
Pre-Feasibility Study of One-Pot LFP Production Lines Completed
On October 23, 2023, the Company announced the completion of its Front-End Loading (FEL) 2 pre-feasibility study with Hatch Ltd., which estimates that the capacity for a One-Pot LFP production line is 12,500 tonnes per annum ("tpa") and that two such lines (25,000 tpa) could be built within a 167,000 sq. ft. building, making it more efficient in size, footprint, and capital cost than other commercial methods of making LFP.
nano one is actively exploring site locations for its expansion plans, including but not limited to its existing site in Candiac, Québec, and is engaged with governments in various jurisdictions where access to financial incentives and technology attraction programs could further increase shareholder value and stakeholder interests.
LFP from Commercial Size Reactors and Customer Samples Delivered
On September 14, 2023, the Company announced that recent One-Pot trials in the existing reactors at the Candiac plant have produced LFP at commercial scale with performance results consistent to lab scale. nano one has leapfrogged to full commercial size reactors and its LFP can be shipped to select customers for evaluation.
With nano one's existing commercial reactors, it has continued to optimize trials in the existing commercial scale reactors, reproducing lab and development results. This demonstrates the One-Pot process can scale to commercial volumes and advances the de-risking of the technology at commercial scale. This rapid advancement allows commercial scale LFP samples to be sent to qualified customers, for thorough evaluation and validation for the purposes of entering binding offtake agreements.
Q3 2023 Financial Position and Results
- Cash position at quarter end of $26.0 million, plus approximately $17.0 million subsequently raised through a strategic equity investment by SMM resulting in a cash position post-SMM investment of $43.0 million
- Working capital at quarter end of $22.0 million ($39.0 million post-SMM investment)
- Total assets of $46.0M (pre-SMM investment) at quarter end
- Total liabilities of $7.4M with no long-term debt at quarter end
- Net use of cash and cash equivalents of $8.4M for the quarter ($13.4M year-to-date)
- Total gross investment (capitalized and expensed) before allocations of government funding on at its Candiac plant including equipment, retrofitting, engineering, and expansion totalled $8.6M (year-to-date)
Annual budgeting planning activities are underway, with a base shelf prospectus to be filed following standard company governance practices to fund expansion plans.
For a more detailed discussion of nano one's interim Q3 2023 results, please refer to the Company's financial statements, and MD&A which are available at www.sedar.com.
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About nano one®
nano one materials corp. (nano one) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like Sumitomo Metal Mining, BASF, Umicore and Rio Tinto. nano one's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The Company aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. nano one has received funding from SDTC and the Governments of Canada and British Columbia.
For more information, please visit www.nanoone.ca
Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes but is not limited to: the Company's current and future business and strategies; estimated future working capital, funds available, and uses of funds, future capital expenditures and other expenses for commercial operations; results of the FEL 2 pre-feasibility study and timely completion of the FEL 3 study; industry demand; potential offtake commitments; projected revenue generation; ability to obtain employees, consultants or advisors with specialized skills and knowledge; joint development programs; incurrence of costs; competitive conditions; general economic conditions; the intention to grow the business, operations and potential activities of the Company; the functions and intended benefits of nano one's technology and products; the development and optimization of the Company's technology and products; the commencement of a commercialization phase; prospective partnerships and the anticipated benefits of the Company's partnerships; the Company's licensing, supply chain, joint venture opportunities and potential royalty arrangements; the purpose for expanding the Candiac facilities; the scalability of developed technology to meet expanded capacity; access to skilled labour, permits, and provincial and municipal utilities; and the execution of the Company's stated plans - which are contingent on access to capital and grants. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', ‘target', ‘goal', ‘potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of the Company's business plans; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful current or future collaborations that may happen with OEM's, miners or others; the execution of the Company's plans which are contingent on support and grants; the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in nano one's MD&A and its Annual Information Form dated March 29, 2023, both for the year ended December 31, 2022, and in recent securities filings for the Company which are available at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE: nano one materials corp.
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Pre-Feasibility Study Anticipates 10X Increase in Capacity for Nano One LFP Site in Québec
Highlights:
- FEL 2 study estimates capacity at nano one Candiac can be increased by 10X, up to 25,000 tpa.
- Compact design cuts down land and water use, adding further value to the One-Pot Process.
- Potential to create 140+ full-time jobs, 1000+ indirect jobs and generate $50M in tax revenue over first 5 years.
- nano one readying to address a 2035 LFP market estimated at approximately 3 million tonnes and $48 billion per year in North America, the EU and Indo-Pacific regions.[i]
TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) nano one® Materials Corp. ("nano one" or the "Company") a clean technology company with patented processes for the production of lithium-ion battery cathode materials is pleased to announce the completion of its Front-End Loading (FEL) 2 pre-feasibility study with Hatch Ltd, which estimates that nano one could add 25,000 tonnes per annum ("tpa") of lithium iron phosphate (LFP) production capacity to its Candiac property, potentially making it significantly more efficient in size, footprint, and capital cost than other commercial methods of making LFP
" The study anticipates that the optimal production line capacity for One-Pot LFP is 12,500 tonnes per year, " stated Dan Blondal, CEO, " and that two such lines may fit in a 167,000 square foot facility at our Candiac site. Capacity could be added in 2 stages to synchronize with demand, supporting about 12.5 gigawatt hours of LFP cell manufacturing and increasing our capacity by 10x with only a 2x increase in footprint, when compared to the existing 2,400 tonne facility. This is a leap forward for our One-Pot process made possible by fewer units of operation, high efficiency kilns and by eliminating all wastewaters, by-products, and treatment thereof.
"The land and water use implications alone add significant value to the One-Pot Process and bolster our strategic objectives to engineer, package and license low cost, low footprint LFP production plants, for rapid turnkey deployment with partners in North America, Europe, Japan and other regions. "
Image 1.nano one FEL2 pre-feasibility study anticipates a 25,000 tpa Commercial LFP Plant in Candiac, Québec.
The FEL 2 study is at the prefeasibility stage and defines (a) the potential production line size, (b) the optimal plant size for nano one's site in Candiac, Québec, and provides (c) operating cost estimates and (d) Association for the Advancement of Cost Engineering (AACE) class 4 estimates of the capital cost. Cost estimates are based on equipment quotes from various major vendors, installation factors, indirect costs, and best practices in engineering, procurement, and construction management (EPCM). Specifics on cost are commercially sensitive and held in confidence to allow the company to engage effectively in product pricing discussions with customers. LFP sample evaluation with customers is underway, with the goal of securing offtake commitments and building out production capacity to suit.
nano one is actively engaged with governments, not only in Québec, but also in other jurisdictions where access to financial incentives and technology attraction programs could further increase shareholder value and stakeholder interests.
Based on the FEL 2 pre-feasibility study and subsequent Economic Impact Assessment conducted by the Institut de la Statistique du Québec, it was determined that the project has the potential to create 149 direct, full-time highly skilled jobs and 1065 indirect jobs. In addition, the project has the potential to generate tax revenues for the Governments of Québec and Canada of approximately $35 million during construction and over $17 million annually when at full capacity. It could generate roughly $450 million in economic activity in Québec in the first five years.
Denis Geoffroy, CCO added, " The proposed facility could potentially supply Gigafactories announced in the US and Canada, creating new opportunities all while helping jurisdictions source local feedstock and meet GHG reduction targets."
The FEL 2 study relies on a process design basis from January 2023. Subsequent to this, nano one has identified further potential cost reductions from its full-scale trials and fast-tracking results, as disclosed on September 14, 2023. These anticipated improvements will be factored into an FEL 3 feasibility study, improving project capital and operating costs and energy usage. The FEL 3 study is out for tender and anticipated to kick off in November 2023 and conclude Q3 2024.
Alex Holmes, COO commented, "The FEL 3 study will define a stand-alone facility for expansion purposes, optimal financing, sighting, and joint venture opportunities. Timing of the study is aligned with the execution of our roadmap, as disclosed on April 24, 2023 and is synchronized with project finance, government funding, customer support and further strategic investment activities. Following the closing of our deal with Sumitomo Metals Mining, nano one is in a strong cash position with approximately $41 million in cash and cash equivalents. We continue to execute on our plans and look forward to meeting our milestones on the path to commercialization. "
As previously disclosed, Sumitomo Metals Mining made an equity investment of C$16.9M in nano one on October 5, 2023, and entered into a collaboration agreement to support the piloting and commercial adoption of nano one's sulphate-free LFP and NMC CAM. This is complementary to nano one's existing joint development programs with Rio Tinto, BASF, Umicore and Our Next Energy, in its bid to expand and address CAM markets in North America, Europe and the Indo-Pacific region that are projected to reach approximately 2.7 million tons of NMC and 3 million tons of LFP by 2035, for an LFP market value of approximately $48 billion and a combined total market value of approximately $146 billion. i
About nano one®
nano one materials corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like Sumitomo Metal Mining, BASF, Umicore and Rio Tinto. nano one's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The Company aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. nano one has received funding from SDTC and the Governments of Canada and British Columbia.
For more information, please visit www.nanoone.ca
Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes but is not limited to: the Company's current andfuture business and strategies; estimated future working capital, funds available, and uses of funds, future capital expenditures and other expenses for commercial operations; results of the FEL 2 pre-feasibility study and timely completion of the FEL 3 study; industry demand; potential offtake commitments; projected revenue generation; ability to obtain employees, consultants or advisors with specialized skills and knowledge; joint development programs; incurrence of costs; competitive conditions; general economic conditions; the intention to grow the business, operations and potential activities of the Company; the functions and intended benefits of nano one's technology and products; the development and optimization of the Company's technology and products; the commencement of a commercialization phase; prospective partnerships and the anticipated benefits of the Company's partnerships; the Company's licensing, supply chain, joint venture opportunities and potential royalty arrangements; the purpose for expanding the Candiac facilities; the scalability of developed technology to meet expanded capacity; and the execution of the Company's stated plans - which are contingent on support and grants. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', ‘target', ‘goal', ‘potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of the Company's business plans; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful current or future collaborations that may happen with OEM's, miners or others; the execution of the Company's plans which are contingent on support and grants; the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in nano one's MD&A and its Annual Information Form dated March 29, 2023, both for the year ended December 31, 2022, and in recent securities filings for the Company which are available at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
Hatch disclaims any and all liability arising out of, or in connection with, any third party's use of, or reliance upon, information contained in this press release and the use of this information by any third party is at the risk of that party. The following items were excluded from the project scope of the Hatch project: offsite infrastructure and services; utility connections including water, gas and power; all services are assumed to be available at the site boundary; storage facility for effluent or solid residue are assumed to be discharged to environment or managed/stored by a third party; costs of environmental and ecology related studies; no allowance for study costs (feasibility studies prior to detailed engineering/execution); land acquisitions and associated work land; schedule acceleration costs; schedule delays and associated costs, such as those caused by force majeure; permit applications; forward escalation beyond the estimate base date; government levies and taxes; sustaining capital costs; detailed owner's costs; and tailings or effluent impoundment costs.
[i] Demand data from Benchmark Mineral Intelligence Q2 2023 Lithium Ion Battery Database, pricing assumes the prior 6 months' average from Benchmark's 2023 Monthly Cathode Assessments.
SOURCE: nano one materials corp.
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Nano One Announces Closing of Sumitomo Metal Mining $16.9M Strategic Investment and Collaboration Agreement
TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)(TSE:5713
nano one® Materials Corp. ("Nano One" or the "Company"), a clean technology company with patented processes for the sustainable production of lithium-ion battery cathode materials, is pleased to announce the closing of the strategic equity investment and collaboration with Sumitomo Metal Mining Co. Ltd ("SMM", together with nano one, the "Companies"), a leading vertically integrated miner, refiner and producer of cathode active materials ("CAM"), announced on September 25, 2023. SMM made an equity investment of C$16,879,949.85 and the Companies entered into a collaboration agreement (the "CA") under which they will work together to accelerate the commercial production of lithium iron phosphate ("LFP"), CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide ("NMC").
Investment and Collaboration
SMM purchased by way of private placement, 5,498,355 common shares (the "Shares") of nano one at a price of C$3.07 per share for a total investment into nano one of C$16,879,949.85 (the "Private Placement"). The Shares issued under the Private Placement equate to approximately 5% of the current issued and outstanding Shares of nano one.
The CA involves various aspects primarily centered on supporting the development of battery ecosystems, with a particular focus on LFP and NMC production using the One-Pot process. The collaboration will support technical product optimization for both LFP and NMC, as well as efforts to mitigate supply chain risks. These joint efforts are intended to strengthen and progress the development, design, construction, and operation of nano one's proposed LFP production scale pilot plant, the piloting of nickel- and manganese-rich CAMs, and nano one's first LFP commercial plant.
Additionally, the Companies will look to explore business development opportunities, including future sales and technology licensing, forging long term partnerships and identifying potential investment and financing opportunities to expand operations. In the pursuit of these shared business objectives, the Companies intend to exchange relevant market information and technical expertise to improve the quality and cost of CAM produced by the One-Pot process at the Candiac facilities to meet SMM customer requirements.
The Company intends to use this investment principally towards the conversion of its existing Candiac LFP manufacturing facility to a One-Pot production scale pilot plant, nickel- and manganese-rich engineering, and piloting activities, and for working capital purposes.
Together with the closing of the Private Placement and the CA, the Company entered into an investor rights agreement (the "IRA") whereby the Company granted SMM a participation right in any future equity financings to maintain its pro rata ownership interest for a period of up to three (3) years. Under the IRA, SMM has agreed to a standstill provision that, among other things, restricts SMM's ability to purchase additional shares without nano one's consent for a period of 24 months and restricts SMM's ability to sell the Shares for 12 months, subject to certain exemptions. In addition the Shares are subject to a restricted hold period of four months and a day under applicable Canadian securities legislation
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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About nano one
nano one materials corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like BASF, Umicore and Rio Tinto. nano one's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. nano one aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. nano one has received funding from SDTC and the Governments of Canada and British Columbia.
For more information, please visit www.nanoone.ca
About Sumitomo Metal Mining
Sumitomo Metal Mining Co., Ltd. (SMM) dates back to 16th Century Copper Mining and Processing in Japan. SMM is an integrated producer covering from mineral resources development, smelting & refining, to the production of battery materials and functional materials. By connecting the core businesses, it has advantages in sustainable value chains. SMM has expertise, deep knowledge and many years of experience in producing various types of precursor cathode active material/cathode active material and aims to increase the production capacity of cathode materials (nickel CAM and LFP) from approximately 60,000 tonnes per annum currently to 180,000 tonnes per annum by 2030.
For more information, please visit https://www.smm.co.jp/en/
Company Contact:
nano one:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to: the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful collaboration with SMM; industry demand; successful current and future collaborations that are/may happen with OEM's, miners or others; the functions and intended benefits of nano one's technology and products; the development of nano one's technology and products; achieving commercial production of LFP and pilot scale production of NMC at the Candiac facility; nano one's licensing, supply chain, joint venture opportunities and potential royalty arrangements; the purpose for expanding the Candiac facilities and scalability of developed technology; and the execution of nano one's plans - which are contingent on support and grants. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', ‘target', ‘goal', ‘encouraged', ‘projected', ‘potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of nano one to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of nano one's business plans; the development of technology, supply chains, and plans for construction and operation of the Candiac facility; industry demand; successful current or future collaborations that may happen with OEM's, miners or others; the execution of nano one's plans which are contingent on support and grants; nano one's ability to achieve its stated goals; the commercialization of nano one's technology and patentsvia license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in nano one's MD&A and its Annual Information Form dated March 29, 2023, both for the year ended December 31, 2022, and in recent securities filings for nano one which are available at www.sedar.com. Although management of nano one has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. nano one does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE:nano one materials corp.
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Nano One Announces Collaboration Agreement with Sumitomo Metal Mining and a C$16.9 Million Strategic Investment
TSX:NANO)(OTC:NNOMF)(Frankfurt:LBMB) and Tokyo, Japan (TSE:5713
Highlights:
- Sumitomo Metal Mining and nano one will partner via Collaboration Agreement.
- Sumitomo Metal Mining will make a C$16.9M equity investment in nano one.
- The Companies intend to jointly explore business development opportunities focused on future sales, licensing, partnerships, investment and financing opportunities for expanded operations.
- Collaboration to support the development of battery ecosystems, with a particular focus on LFP and NMC production using the One-Pot process.
- Includes ongoing research and development for the production of clean, reliable, long-lasting battery materials.
Nano One® Materials Corp. ("Nano One") is a clean technology company with patented processes for the sustainable production of lithium-ion battery cathode materials, and Sumitomo Metal Mining Co., Ltd. ("SMM", together with nano one, the "Companies") is a leading vertically integrated miner, refiner and producer of cathode active materials ("CAM") with over 400 years of experience. The Companies are pleased to announce that they have agreed to a strategic equity investment in nano one by SMM of C$16,879,949.85 and to enter into a collaboration agreement (a "Collaboration Agreement") under which the parties will work together to accelerate the commercial production of lithium iron phosphate ("LFP"), CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide ("NMC").
"This announcement builds on years of technology development and CAM production by both Sumitomo Metal Mining and Nano One Materials," said nano one CEO, Dan Blondal, "and it expresses our joint ambitions to develop and lead world class battery ecosystems and long-term partnerships in the production of LFP and NMC cathode materials. Sumitomo Metal Mining is a world class leader, having pioneered nickel-rich cathode active materials for long range electric vehicle battery applications. We are proud to be partnered with such a reputable and deeply experienced organization and to be jointly addressing emerging market demand in Japan, North America and other global regions."
For over 400 years, SMM has been mining, smelting, refining, and processing metals with a large and diverse customer base that includes nickel-rich cathode materials for lithium-ion battery and electric vehicle producers in recent years. In 2022, SMM expanded their CAM product portfolio to include LFP and have chosen to collaborate and partner with nano one to accelerate its efforts.
nano one has plans to build its first commercial LFP plant adjacent to its existing production scale pilot facility in Candiac, Québec, and is nearing completion of a Front-End Loading Pre-Feasibility Study ("FEL-2") that will help determine key factors including costs, production line size, total capacity and timing. The Companies believe LFP is an important battery material that will capture a significant portion of the market in the years ahead, and that it can be produced responsibly and cost effectively in North America, Japan, and other jurisdictions using technology and know-how from both organizations.
Katsuya Tanaka, Managing Executive Officer, General Manager of Battery Material Division of SMM stated, "nano one has proven LFP production experience and has demonstrated that their latest technology works at scale, their materials perform, and their costs are competitive. nano one is also aligned with our belief that less waste and energy intensive CAM production technology is one of the most important keys to contribute to developing EV markets. This is particularly important in Japan, North America, and other emerging markets where the race to meet net-zero goals and establish battery supply chains is just beginning. We are excited to be working with nano one."
Strategic Equity Investment
SMM will make a strategic equity investment into nano one for gross proceeds of C$16,879,949.85. On closing, nano one will issue a total of 5,498,355 common shares (the "Shares"), representing approximately 5% of the current issued and outstanding Shares of nano one, at C$3.07 per Share in a non- brokered private placement. nano one intends to use the proceeds principally towards the conversion of its existing Candiac LFP manufacturing facility to a One-Pot production scale pilot plant, nickel- and manganese-rich engineering, and piloting activities, and for working capital purposes.
In connection with the closing of the investment, nano one and SMM will enter into an investor rights agreement, providing SMM with participation rights in any future equity financings to maintain pro rata ownership interest for a period of up to three years from the date of closing. Under the agreement, SMM will agree to a standstill provision that, among other things, restricts SMM's ability to purchase additional shares without nano one consent for a period of 24 months and restricts SMM's ability to sell the Shares for 12 months, subject to certain exemptions.
The Shares will be subject to hold period of four months and a day under applicable Canadian securities law. Closing is subject to certain customary closing conditions, including the approval of the Toronto Stock Exchange (the "Exchange"). nano one expects closing to occur within 30 days.
Strategic Collaboration Agreement
SMM and nano one will enter into a Collaboration Agreement on closing of the investment that will encompass various aspects primarily centered on supporting the development of battery ecosystems, with a particular focus on LFP and NMC production using the One-Pot process. The collaboration will support technical product optimization for both LFP and NMC, as well as efforts to mitigate supply chain risks. These joint efforts are intended to strengthen and progress the development, design, construction, and operation of nano one's proposed LFP production scale pilot plant, the piloting of nickel- and manganese-rich CAMs, and nano one's first LFP commercial plant.
Further, the Companies will jointly explore business development opportunities, including future sales and technology licensing, forging long term partnerships and identifying potential investment and financing opportunities to expand operations. In the pursuit of these shared business objectives, the Companies intend to exchange relevant market information and technical expertise to improve the quality and cost of CAM produced by the One-Pot process at the Candiac facilities to meet SMM customer requirement.
Being the first CAM producing investor in nano one, SMM has taken a leadership position in seeking to transform the battery materials supply chain for electric vehicle, industrial and renewable energy storage applications. SMM's investment builds on past investments in nano one from mining companies and governments and could accelerate LFP adoption, demand and business opportunities for the Companies. In the future, the Companies intend to evaluate and negotiate a longer-term partnership in the form of a joint-venture and/or a licensing agreement for large scale production of LFP, NMC and other CAM formulations using nano one's One-Pot process in Asia (excluding China) and other global jurisdictions such as Europe, North America and the Indo-Pacific region.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US Persons (as defined in the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
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About nano one®
nano one materials corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like BASF, Umicore and Rio Tinto. nano one's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. nano one aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. nano one has received funding from SDTC and the Governments of Canada and British Columbia.
For more information, please visit www.nanoone.ca
About Sumitomo Metal Mining
Sumitomo Metal Mining Co., Ltd. (SMM) dates back to 16th Century Copper Mining and Processing in Japan. SMM is an integrated producer covering from mineral resources development, smelting & refining, to the production of battery materials and functional materials. By connecting the core businesses, it has advantages in sustainable value chains. SMM has expertise, deep knowledge and many years of experience in producing various types of precursor cathode active material/cathode active material and aims to increase the production capacity of cathode materials (nickel CAM and LFP) from approximately 60,000 tonnes per annum currently to 180,000 tonnes per annum by 2030.
For more information, please visit https://www.smm.co.jp/en/
Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to: the closing of the financing and related transaction, the approval by the Exchange for the financing; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful collaboration with SMM; industry demand; successful current and future collaborations that are/may happen with OEM's, miners or others; the functions and intended benefits of nano one's technology and products; the development of nano one's technology and products; achieving commercial production of LFP and pilot scale production of NMC at the Candiac facility; nano one's licensing, supply chain, joint venture opportunities and potential royalty arrangements; the purpose for expanding the Candiac facilities and scalability of developed technology; and the execution of nano one's plans - which are contingent on support and grants. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', ‘target', ‘goal', ‘encouraged', ‘projected', ‘potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of nano one to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of nano one's business plans; the development of technology, supply chains, and plans for construction and operation of the Candiac facility; industry demand; successful current or future collaborations that may happen with OEM's, miners or others; the execution of nano one's plans which are contingent on support and grants; nano one's ability to achieve its stated goals; the commercialization of nano one's technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in nano one's MD&A and its Annual Information Form dated March 29, 2023, both for the year ended December 31, 2022, and in recent securities filings for nano one which are available at www.sedar.com. Although management of nano one has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. nano one does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE: nano one materials corp.
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LFP from Nano One's Commercial Size Reactors Lead to Fast-tracking Customer Samples
TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB
Highlights:
- Commencing shipment of samples for partners to validate tonne scale LFP in Q4.
- Repeated One-Pot LFP trials demonstrates technology at commercial size reactors.
- Accelerated retrofit of Candiac for continuous production of LFP.
- 200 tpa reactors installed and optimization underway.
- Building pipeline of potential customers for LFP product orders.
Nano One® Materials Corp. ("Nano One" or the "Company") is a clean technology company with patented processes for the production of lithium-ion battery cathode materials that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint. The Company is pleased to report that One-Pot trials over the past few months in the existing reactors at the Candiac plant have produced lithium iron phosphate (LFP) at commercial scale with performance results consistent to lab scale. nano one has leapfrogged to full commercial size reactors and its LFP can be shipped to select customers in Q4 for evaluation. Additionally, the 200 tonne per annum (tpa) reactors have been installed and optimization is underway for scale-up.
"We are ready to send qualified LFP materials to our partners for evaluation at tonne scale from our commercial scale reactors." said nano one's Chief Commercialization Officer Mr. Denis Geoffroy, "These reactors performing are an important milestone in our commercialization strategy, to provide tonne scale samples to strategic partners and boost the confidence in our technology's scalability. I am very proud of our team who achieved these results in a very short timeframe."
2,000 tpa Commercial Reactors [existing]:
nano one has continued to optimize trials in the existing commercial scale reactors, reproducing lab and development results. This demonstrates the One-Pot process can scale to commercial volumes and advances the de-risking of the technology at commercial scale. This rapid advancement allows commercial scale LFP samples to be sent to qualified customers, ahead of schedule, for thorough evaluation and validation for the purposes of entering binding offtake agreements for both the existing Candiac plant and the first full commercial line to be built next door. Optimization will continue and the results have helped identify key processing parameters and will expedite the commercial scale-up process.
Successful repeatable LFP trials in the existing commercial scale reactors will lead to an accelerated refurbishment of the plant to automatize the use of the existing reactors for the One-Pot process. This will enable continuous production capabilities up to 2,000 tpa level toward the end of 2024.
200 tpa Pilot Reactors [new]:
In parallel, the team has continued to work on the reception, installation, and commissioning of the 200 tpa One-Pot reactors. These reactors will provide important information to improve the processes and support validation in a cost-effective manner as the Company continues to innovate. They also allow nano one to have a baseline automated production capacity of 200 tpa, ready to deliver to customers once they have validated the product.
"The experience of our team has been invaluable in achieving these important milestones." said Alex Holmes, COO, "Working concurrently with both the 200 tpa reactors and existing commercial scale reactors has fast tracked our commercialization efforts. We are setting the foundation for growth that can secure market share and enhance shareholder value. This couldn't have been achieved without the unwavering dedication of our team and showcases the amazing talent we have at nano one."
"Being ahead of schedule and producing high-quality LFP cathode material is what we needed to fast-track nano one's progression to profitability." said Andrew Muckstadt, VP Business Development, "While attending The Battery Show in Novi Michigan this week, we are able to talk to select customers about taking orders and potentially supplying them with LFP for their business plans in the future. As major players are still determining their supply chain and partners, we are demonstrating we have a viable product that can be produced in North America and replicated around the world."
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About nano one®
nano one materials corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like BASF, Umicore and Rio Tinto. nano one's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The Company aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. nano one has received funding from SDTC and the Governments of Canada and British Columbia.
For more information, please visit www.nanoone.ca
Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes but is not limited to: the Company's future business and strategies; industry demand; incurrence of costs; competitive conditions; general economic conditions; the intention to grow the business, operations, revenues and potential activities of the Company; the functions and intended benefits of nano one's technology and products; the development of the Company's technology, supply chains and products; results of trials and optimization for scale up to commercial production; current and future collaboration engineering, and optimization research projects; plans for construction, scale-up and operation of a multi cathode piloting hub; the successful and timely commencement of a commercialization phase; successful validation of LFP products; prospective partnerships with customers and the anticipated benefits of the Company's partnerships; the purpose for expanding its facilities; and the acceleration and execution of the Company's plans - which are contingent on support and grants. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', ‘target', ‘goal', ‘potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of the Company's business plans; the development of technology, supply chains, and plans for construction, scale-up, and operation of cathode production facilities; achievement of industrial scale piloting, demo commercial production and potential revenues; successful current or future collaborations that may happen with OEM's, miners or others; the execution of the Company's plans which are contingent on support and grants; the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in nano one's MD&A and its Annual Information Form dated March 29, 2023, both for the year ended December 31, 2022, and in recent securities filings for the Company which are available at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE: nano one materials corp.
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Troy Minerals Reports Drilling Results from the Lake Owen Project, Wyoming
Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that complete results from Hole LO24-01 show strong critical metal mineralization over continuous 240.73 meters (from 10.67 meters to 251.40 meters) from its maiden drilling program on its 100% owned Lake Owen Project (the "Project"), located 50 km southwest of Laramie, Wyoming, USA (see Figures 1,2).
The Project is a Proterozoic layered mafic intrusion complex historically explored for Platinum Group Elements (PGE). Similar to the Stillwater Complex in the USA and the Merensky Reef of South Africa, the Lake Owen Complex shows strong potential for vanadium, titanium, PGE, and associated metals.
In late 2024, the Company drilled two diamond holes totaling 607.77 meters near the southwestern claims' boundary (see Figure 3), marking Troy Minerals' first drill holes on the Project. These holes targeted titanium (TiO2) and vanadium (V2O5) mineralization linked with magnetite in gabbro, as well as reef-style PGE mineralization (see Company News Release dated February 28, 2025).
A first pass of selective sampling of the drill holes had been carried out and demonstrated presence of anomalous titanium and vanadium mineralization. Elevated values of vanadium are correlative with the titanium. Sampling was selected to assess various lithological units and all zones with magnetite content up to 15-20% and/or visible sulfide mineralization. Magnetite content in the gabbro in hole LO24-01 is consistently about 5-10%. In LO24-01, the initially limited sampling suggested a large zone of titanium and vanadium-enrichment and higher relative values correlate well with the green gabbro. Associated with these anomalous zones have been elevated concentrations of scandium.
Based on these initial results, additional infill sampling through all prospective lithologies was carried out by Company personnel in January, 2025. Results exhibit robust critical metal mineralization over 240.73 meters in hole LO24-01, including:
- 1.53% TiO2
- 0.10% V2O3
- 16.0% Fe (total Iron, mainly in Fe Oxides)
- 69.7 ppm (or g/t) Sc2O3
- 26.2 ppm (or g/t) Ga2O3
Concurrent with Company infill sampling, geologists from the USGS and Wyoming State Geological Survey (WSGS) collected samples for Whole Rock, Major Oxides, and thin section analyses. Results of the USGS and WSGS work are pending.
Figure 1 - Location Map, Lake Owen Project, Wyoming, USA
Figure 2 - Claim Map, Lake Owen Project"Our recent geological and geophysical findings, coupled with promising initial drilling results, are significantly enhancing our confidence in the Lake Owen Project. Each new insight reinforces our belief that this project deserves a robust exploration budget in the near future." Said Yannis Tsitos, President of Troy. "Beyond the historically recognized high grades of iron, titanium, and vanadium, the recent discovery of scandium and gallium-critical metals essential for applications in metal alloys, military and civil aviation, semiconductors, electric vehicles, and solar panels-underscores the project's immense potential for both our Company and the State of Wyoming in USA. We are committed to maximizing shareholder value through strategic development plans for Lake Owen, alongside our silica and rare earth element (REE) initiatives."
Figure 3 - Drill Hole LocationsTable 1: Drill hole specifications
Hole ID | Location (UTM Zone 13 North, NAD83) | Total Depth (m) | Orientation (°) | |||
Easting | Northing | Elevation (m) | Azimuth | Dip | ||
LO24-01 | 402871 | 4553588 | 2731 | 281.33 | 210 | -45 |
LO24-02 | 403004 | 4553382 | 2732 | 326.44 | 210 | -45 |
Drill hole LO24-01 was designed to test the extent of the Lower Mag Gabbro down to the basement contact. Drilling revealed a series of interlayered magnetic gabbro and a distinctive coarse-grained green gabbro. The green coloration is imparted by pyroxenes altering to chlorite. These layers are generally constrained to widths of less than 4 metres.
Table 2: Drill hole LO24-01 intersections
Hole ID | Interval (m) 1 | Results 2 | ||||||
From | To | Length | TiO2 (%) | V2O5 (%) | FeO (%) | Sc2O3 (ppm) | Ga2O3 (ppm) | |
LO24-01 | 10.67 | 251.40 | 240.73 | 1.53 | 0.10 | 15.95 | 69.7 | 26.2 |
incl | 29.93 | 55.78 | 25.85 | 1.98 | 0.12 | 19.00 | 82.7 | 28.8 |
and | 96.93 | 103.02 | 6.09 | 1.87 | 0.12 | 19.07 | 80.1 | 27.5 |
and | 115.61 | 131.98 | 16.37 | 1.74 | 0.11 | 18.44 | 82.4 | 24.5 |
and | 188.06 | 234.09 | 46.03 | 1.63 | 0.10 | 16.26 | 69.9 | 26.6 |
1: All intersections lengths are drill indicated thicknesses; insufficient work has been completed to reliably determine true thicknesses.
2: Elemental geochemical analyses were converted to oxides using following conversion factors
Titanium - 1.6681, Vanadium - 1.7852, Iron - 1.2865, Scandium - 1.5338, Gallium - 1.3442
Figure 4 - DDH Cross Section, LO24-01Drill hole LO24-02 intersected gabbroic units that are weakly magnetic and contain no anomalous values of titanium, vanadium, or scandium. This drill hole was collared deeper in the sequence than hole LO24-01; further down dip and stratigraphically lower in the Lower Mag Unit.
Drill core was detail logged and sampled by Company staff. Core was split by saw with samples sent to ALS Global's laboratory in Reno, NV for preparation and analysis. Samples were analyzed for multi-elements (ME-MS61). The Company's quality control monitoring consisted of inserting certified reference and blank material in the sample stream. No quality control issues were identified.
Only a very small portion of the Lake Owen Complex and therefore our Claims has been drill-tested to date. As currently mapped, the prospective Lower Mag Gabbro unit continues along strike to the west. The Company has yet to drill test the stratigraphically higher Upper Mag Gabbro. Surface mapping and sampling in 2023 identified two massive magnetite rock samples that returned 8.812% TiO2 and 0.548% V2O5, and 15.505% TiO2 and 0.586% V2O5 respectively (Figure 5). These represent priority drill targets for 2025. An historical drill hole was completed here not by Troy, but there was no assessment of titanium, vanadium, or scandium.
Figure 5 - Surface Rock Sampling - Titanium Values (part of the Project)Troy Minerals is planning its summer fieldwork for the Lake Owen Project. After analyzing airborne geophysical data, as reported in the May 21, 2025 news release, Troy will collect soil samples and conduct geological mapping and sampling. The aim is to refine drill targets for the 2026 season, including a relevant drilling pads application.
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
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), 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 | CEO & 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.
Provaris Energy
Investor Insight
Provaris Energy is at the forefront of developing integrated compressed hydrogen and liquid CO₂ storage and transport infrastructure. With proprietary technology, a capital-light license model, and a growing portfolio of European hydrogen supply chain projects, Provaris is well-positioned to support global decarbonization efforts.
Company Highlights
- Proprietary tank IP and vessel designs enable scalable, low-cost storage and transport solutions.
- Compression technology offers the lowest cost for regional hydrogen supply.
- Term sheet signed with Uniper Global Commodities for 42,500 tpa hydrogen supply; binding Hydrogen SPA targeted mid-2025.
- Second MoU signed in March 2025 for 30,000 tpa hydrogen supply from Norway to Germany; term sheet expected Q2 2025.
- Early cash flow via license and origination fees; no capex required for Provaris to participate in shipping infrastructure.
- Partnership with Yinson Production AS to deliver new liquid CO₂ tank designs targeting maritime, floating, and onshore storage.
- High-volume inbound interest (>150 ktpa) from Nordic and Spanish developers confirms market demand.
- Prototype compressed hydrogen tank in construction, with class approvals expected Q3 2025.
Overview
Provaris (ASX:PV1) offers innovative storage and transport infrastructure essential to lowering the cost of hydrogen and CO₂ supply chains. With offices in Sydney and Oslo, the company is strategically focused on Europe, where decarbonization goals and energy security demand scalable and efficient clean energy solutions.
Provaris has developed a proprietary compressed hydrogen shipping solution designed to deliver “ready-to-use” green hydrogen with the lowest delivered cost for regional markets. Compression has been validated as the most energy- and cost-efficient method for hydrogen delivery, eliminating the need for complex conversion to carriers like ammonia. Studies show Provaris’ model delivers ~50 percent more hydrogen at ~20 percent lower cost compared to ammonia, with emissions well below EU RED II thresholds.
The company's “capital lite” model enables early cash flow and long-term recurring revenue through license and origination fees, without requiring ownership of ships or infrastructure. Each hydrogen supply project can generate ~US$34 million in total revenue for Provaris, including a technology license fee of ~US$16.5 million per project.
With binding commercial milestones targeted for 2025, including two supply agreements with German utilities totaling over 70,000 tonnes per annum of hydrogen, Provaris is well positioned to enable Europe’s transition to clean hydrogen. Europe's hydrogen import needs are forecast to reach 7 million tonnes (Mt) by 2030, with less than 1 percent of that currently supplied by low-carbon sources.
The company is also pioneering bulk liquid CO₂ tank technology in partnership with Yinson Production AS, opening a second stream of licensing revenue and addressing bottlenecks in carbon capture and storage infrastructure. This innovation aligns with Provaris’ mission to enable practical, efficient, and scalable zero-carbon energy supply chains across Europe and beyond.
Advanced Supply Chain Project Pipeline in Europe
Provaris is advancing several green hydrogen export projects from the Nordics to continental Europe:
- Norway: Two hydrogen export projects under MoUs with German utilities (Uniper and a second unnamed utility).
- Germany: Import infrastructure collaboration with utilities; aligned with TSO build-out and industrial decarbonization targets.
- Spain: Ongoing discussions with developers and offtake partners for hydrogen export hubs.
- Finland: Working with local partners to identify export-capable hydrogen production sites.
- The Netherlands: Joint pre-feasibility with Global Energy Storage (GES) for 40,000 tpa hydrogen import terminal in Rotterdam.
These projects underpin a cumulative pipeline of over 150 ktpa and demonstrate Provaris’ ability to meet Europe’s growing hydrogen demand.
Key Features and Benefits of Compressed Hydrogen
- Enhanced Safety: Provaris’ compressed hydrogen technology prioritizes safety in storage and transportation.
- Cost-effectiveness: By eliminating the need for complex liquefaction or ammonia synthesis processes, the company's solutions reduce overall costs.
- Scalability: The technology is adaptable to various project sizes, from regional supply chains to large-scale international exports.
- Environmental Sustainability: Compressed green hydrogen aligns with global efforts to reduce carbon emissions and transition to cleaner energy sources.
Multiple studies reaffirm the simplicity and efficiency of compressed hydrogen enables low-cost supply for Europe.
Innovative Hydrogen Vessel Designs: H2Neo Carrier and H2Leo Barge for export efficiency
Complementing its proprietary compressed hydrogen technology, Provaris is progressing the final design and classification approval phases of two purpose-built vessel types—the H2Neo Carrier and H2Leo Barge—designed to safely and efficiently transport compressed hydrogen across regional maritime routes.
These vessels are central to Provaris' strategy to unlock flexible and cost-effective green hydrogen supply chains. The H₂Neo Carrier is engineered with a cargo capacity of 27,000 cubic meters (equivalent to 450 tonnes of hydrogen at 250 bar pressure) and features a closed containment system that eliminates boil-off losses and minimizes emissions. FEED level design has been completed and approved by classification societies, including safety studies. Final Class approval is expected in 2025, aligning with the company’s targeted project final investment decisions in 2026.
H2Neo carrier solution together with barge storage for loading and discharge sites
The combination proprietary tank technology, automated shipbuilding processes, and flexible infrastructure options, Provaris offers a lower total cost of ownership and faster deployment compared to alternative hydrogen carriers such as ammonia or liquid hydrogen. These innovations position Provaris as a first mover in delivering safe, scalable, and cost-competitive maritime transport for green hydrogen across Europe.
Innovating CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio in 2024 to include CO₂ storage. This strategic move commenced with a ground-breaking partnership with Norway’s Yinson Production AS to bring innovation to liquid CO₂ storage and transport, for both maritime and onshore applications. Yinson is a US$3 billion global energy infrastructure leader in FPSOs and renewable technologies, having raised US$1.6 billion in late-2024 for growth funding, including the establishment of CO₂ supply chains.
A Joint Development Agreement (JDA) to develop new bulk liquid CO₂ (LCO2) tank designs for floating, onshore and ship-based storage applications, solves an industry bottleneck for CO₂ tank capacity limited to ~7,500 cbm. Targeting major gains in storage volume and reduced storage costs, tank designs at low pressure and temperature maximise storage and efficiency to reduce storage and transport costs.
Aligned with its technology license model for hydrogen, Yinson is funding Provaris’ development of new tank designs to be jointly owned and then licensed to owners of floating storage, shipping and land-based storage solutions, which will include Yinson.
In March 2025, Provaris completed a concept design for a large-volume, low-pressure tank solution, unlocking a new stream of license fee revenue. The initial license fee of US$200,000 has already been received, and further payments are anticipated as development progresses.
Milestones for June 2025 include the completion of Phase 2 of the JDA which will include a type rating approval of a LCO2 tank and integrated with Yinson’s development of a Floating Storage Injection Unit (FSIU) proposed for the use in offtshore CCS injection projects under development in Europe and Asia.
Management Team
Martin Carolan – Managing Director & CEO
Greg Martin – Chairman
Andrew Pickering – Non-executive Director
David Palmer – Non-executive Director
Per Roed – Chief Technical Officer
Mats Fagerberg – Business Development, Europe
Garry Triglavcanin – Product Development Director
Norman Marshall – Group Commercial Manager
John Stevenson – Group Financial Controller
Jessica Roed – Operations Manager, Norway
Troy Minerals Reports Ongoing Geophysical Studies at the Lake Owen Project, Wyoming
Figure 1. Lake Owen, Location Map, Wyoming, USA
Recent maiden drilling results by Troy (announced on February 28th, 2025) have confirmed the presence of high concentrations of vanadium pentoxide (V₂O₅) and titanium dioxide (TiO₂), along with the discovery of scandium (a REE metal), significantly enhancing the project's critical mineral profile.
Lake Owen is supported by the US Geological Survey (USGS)'s Earth MRI (Earth Mapping Resources Initiative), which is delivering key geoscientific data and helping reduce exploration costs. As part of this initiative, a high resolution airborne magnetic and radiometric survey has been flown by USGS covering Troy's Claims and the raw data have become available to the Company. This federal backing highlights the project's strategic importance within the US critical minerals landscape.
Troy has engaged Geophysics One Inc. of Ontario, Canada, to evaluate, process, model and interpret the magnetic and radiometric data in conjunction with any available in-house geoscience data provided by the Company.
Figure 2. Lake Owen Project, Troy's Claims on Topo Map
Key Aspects of the Airborne Geophysical Survey
- The Lake Owen Project area was surveyed by EON Geosciences Inc. for the USGS, using an airborne total-field magnetic and radiometric method in 2021.
- Most of the 16,400 line-km helicopter survey was flown at 200m intervals, with the Lake Owen Complex subset infilled at 100m line separation in 2023 (see Figure 3, 4).
- Despite the 100m interval, the nominal altitude was high at 80m, averaging 107.4m within the property and ranging from 78m to 180m. Overall, the data quality is very good.
- Emphasis is placed on mapping magnetite-rich zones from the high-resolution magnetic data due to the area's mineralization being concentrated within cumulus magnetite-rich layers. Work and interpretation will be completed with enhanced magnetic images and a 3D magnetic model of the data that reveal remarkably consistent rhythmic magnetic layers and extending 10 km or more laterally, including the entire length of the Lake Owen property.
- High magnetization zones aid geological mapping and exploration of the Lake Owen property, particularly in areas with increased magnetite content and inferred structural zones.
- The radiometric response from the mafic complex is minimal and will be used only for mapping purposes, such as identifying cover and defining the Lake Owen Complex' extents. However, a few interesting anomalies will be analyzed to provide context for exploration targeting.
- Geophysics One, beyond general interpretation maps, will provide to Troy all magnetic and radiometric product maps, as well as 2D & 3D modelling in selected cases.
Figure 3.Map showing the 2023 flown high-resolution (100m line spacing) airborne survey (2nd Vertical Derivative magnetics) covering Troy's Lake Owen Project claims, on top of the 200m line spacing Medicine Bow Magnetic Survey (background data of Total Field magnetics)
The interpretation of the geophysical survey is in progress and the results of the Geophysics One studies once received will be reported and discussed in another news release in due course.
Figure 4. The 100m Line Spacing Magnetic Survey over the Lake Owen Complex (2VD)
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
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), 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 ultimately deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & 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.