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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.
###
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."
###
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.
View source version on accesswire.com:
https://www.accesswire.com/783883/lfp-from-nano-ones-commercial-size-reactors-lead-to-fast-tracking-customer-samples
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CoTec Holdings: Innovating the Future of Resource Extraction
CoTec Holdings (TSXV:CTH,OTCQB:CTHCF) (CoTec) leverages disruptive technologies to undervalued critical mineral assets and waste materials into high-value commodities essential for a low-carbon future. The company offers a unique investment opportunity, characterized by low cost, lower capex, faster cash flow generation, and superior returns through innovation and strategic execution.
CoTec targets sectors crucial to today’s evolving economies like rare earth magnet recycling, green steel production and copper waste processing by advancing four cutting-edge technologies and three strategic assets.
CoTec's medium-term goal of acquiring 10 technologies and 20 to 30 assets. The company’s business model is supported by partnerships, joint ventures (JVs), and a disciplined capital management strategy to unlock value across its portfolio.
CoTec is guided by a highly experienced management team and board of directors with deep expertise in mining, technology and corporate finance.
Company Highlights
- CoTec deploys cutting-edge, low-carbon technologies to marginal assets, reclamation opportunities and recycling initiatives, transforming waste materials into strategic, high-value commodities.
- The company holds stakes in four groundbreaking technologies — HyProMag, Binding Solutions, MagIron and Ceibo. These technologies are designed to unlock significant value across strategically chosen assets. The Lac Jeannine iron project in Quebec, with an after tax NPV of US$59.9 million, stands on its own merits but could see further economic and environmental enhancements through the application of CoTec’s technologies. Similarly, HyProMag USA is pioneering the rollout of HyProMag’s rare earth recycling technology in the United States, delivering low-cost, magnet-to-magnet low-carbon resource recovery.
- CoTec accelerates the transition from discovery to production through proprietary technologies and strategic joint ventures, enabling significantly faster revenue generation compared to traditional mining operations.
- Backed by a management team with extensive expertise in mining, finance and technology, CoTec is uniquely positioned to drive innovation and growth in the critical minerals sector.
- Approximately 74 percent of the company is owned by management and insiders, demonstrating the leadership’s strong commitment to the company’s success.
This CoTec Holdings profile is part of a paid investor education campaign.*
Click here to connect with CoTec Holdings (TSXV:CTH,OTCQB:CTHCF) to receive an Investor Presentation
Troy Minerals Reports Analytical Results from Table Mountain Silica Project, Identifying Broad High-Purity Zones
Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that it has received results from a sampling and mapping program on its 100% owned Table Mountain Silica Project, located near Golden, British Columbia, Canada.
Key Highlights
- Three distinct zones of high-purity silica mineralization identified within the Mount Wilson Quartzite Formation.
- 98.86% SiO₂ over a total of 62.11 metres of channel sampling in five channels at the main Table Mountain Zone.
- Outcrop sampling returned 98.18% to 99.74% SiO2 from 45 samples at Table Mountain Zone, 97.83% to 99.49% SiO₂ from 13 samples at South Zone, and 95.82% to 99.82% SiO₂ from 29 samples at Southeast Zone. *
- Very low deleterious elements identified in all samples.
President of Troy Minerals Inc., Yannis Tsitos commented: "These comprehensive maiden assay results validate the potential of Table Mountain as a key high-purity silica asset. Sampling confirmed the exceptional quality and consistency of silica mineralization across the Project. With grades reaching 98 to 99% SiO₂ across multiple zones of extensive outcrop exposure, and sampling ranging from 98.18% to 99.74% SiO₂ at the main Table Mountain Zone, we are rapidly advancing our understanding of this strategic asset. The Project's infrastructure advantages and proximity to existing silica operations further enhance its potential as we work to establish Troy as a significant player in the North American high-purity silica market, positioning the Company for long-term growth."
The sampling program consisted of both systematic grab samples and channel samples, with a total of 110 grab samples (107 outcrop and 3 float) taken within the property area and 70 channel samples collected from 62.11 metres within 74.16 metres of channels.
Figure 1. Index Map
Outcrop Sampling Results
Three main areas returned significant high-purity silica results: the Table Mountain Zone, located at the north end of the Property, the South Zone, and the Southeast Zone.
The most extensively sampled zone was the Table Mountain Zone, which returned an average grade of 98.90% SiO₂ from 45 grab samples (42 outcrop, 3 float), with values ranging from 98.18% to 99.74% SiO₂. Additionally, from these samples the following average values were returned: 0.31% Fe₂O₃, 0.01% CaO, 0.14% Al₂O₃, 0.02% MgO, 0.01% TiO₂, 0.01% P₂O₅, and 14ppm boron. See Figure 2 and Table 1. *
Figure 2. Table Mountain Zone Outcrop Sampling - %SiO2
Table 1. Table Mountain Zone Outcrop Samples
Sample # | Easting (m) | Northing (m) | SiO2 (%) | Al2O3 (%) | CaO (%) | Fe2O3 (%) | MgO (%) | P2O5 (%) | TiO2 (%) | B (ppm) |
299516 | 509114 | 5685249 | 99.41 | 0.11 | 0.02 | 0.39 | 0.01 | <0.01 | <0.01 | 6 |
299517 | 509193 | 5685166 | 98.84 | 0.14 | 0.01 | 0.23 | 0.02 | <0.01 | <0.01 | 8 |
299518 | 509314 | 5685171 | 99.20 | 0.10 | 0.01 | 0.25 | 0.02 | <0.01 | 0.01 | 10 |
299519 | 509350 | 5685151 | 98.26 | 0.12 | 0.01 | 0.35 | 0.01 | <0.01 | 0.01 | 15 |
299520 | 509369 | 5685129 | 99.20 | 0.13 | 0.01 | 0.21 | <0.01 | <0.01 | 0.03 | 16 |
299521 | 509395 | 5685107 | 99.17 | 0.15 | 0.01 | 0.27 | 0.02 | <0.01 | 0.01 | 8 |
299522 | 509418 | 5685094 | 98.78 | 0.23 | 0.02 | 0.26 | 0.01 | <0.01 | 0.01 | 12 |
299523 | 509442 | 5685075 | 98.59 | 0.14 | 0.02 | 0.26 | <0.01 | 0.01 | 0.01 | 12 |
299524 | 509450 | 5685043 | 99.74 | 0.07 | 0.01 | 0.30 | 0.01 | 0.01 | 0.01 | 6 |
299525 | 509471 | 5685019 | 98.58 | 0.04 | 0.01 | 0.36 | 0.01 | 0.01 | 0.01 | 7 |
299526 | 509482 | 5684990 | 99.25 | 0.14 | 0.02 | 0.27 | 0.04 | 0.01 | 0.01 | 7 |
299527 | 509500 | 5684961 | 99.66 | 0.16 | 0.02 | 0.31 | 0.02 | 0.01 | 0.01 | 7 |
299528 | 509515 | 5684938 | 99.21 | 0.14 | 0.01 | 0.32 | 0.02 | 0.01 | 0.01 | 7 |
299529 | 509538 | 5684911 | 99.13 | 0.11 | 0.01 | 0.27 | 0.03 | 0.01 | 0.01 | 21 |
299530 | 509561 | 5684862 | 98.18 | 0.25 | 0.01 | 0.31 | 0.03 | 0.01 | 0.01 | 7 |
299531 | 509598 | 5684823 | 98.93 | 0.27 | 0.02 | 0.36 | 0.03 | 0.01 | 0.01 | 7 |
299532 | 509583 | 5684759 | 98.99 | 0.09 | 0.01 | 0.30 | <0.01 | 0.01 | 0.01 | 7 |
299533 | 509619 | 5684743 | 98.72 | 0.16 | 0.01 | 0.35 | 0.02 | 0.01 | 0.01 | 14 |
299534 | 509641 | 5684726 | 98.18 | 0.30 | 0.01 | 0.33 | 0.04 | 0.01 | 0.02 | 15 |
299535 | 509712 | 5684697 | 99.41 | 0.13 | 0.01 | 0.30 | 0.02 | 0.01 | 0.01 | 7 |
299536 | 509736 | 5684685 | 99.27 | 0.11 | 0.01 | 0.33 | 0.02 | 0.01 | 0.01 | 7 |
299537 | 509764 | 5684670 | 98.58 | 0.13 | 0.02 | 0.36 | 0.03 | 0.01 | 0.02 | 8 |
299548 | 509306 | 5685510 | 99.32 | 0.14 | 0.01 | 0.29 | 0.01 | 0.01 | 0.01 | 18 |
299560 | 509476 | 5685127 | 98.99 | 0.13 | 0.01 | 0.32 | 0.03 | 0.01 | 0.02 | 27 |
299561 | 509472 | 5685107 | 99.01 | 0.05 | 0.01 | 0.32 | 0.01 | 0.01 | <0.01 | 18 |
299562 | 509457 | 5685115 | 98.74 | 0.15 | 0.01 | 0.26 | 0.01 | 0.01 | 0.02 | 28 |
299563 | 509439 | 5685112 | 98.35 | 0.20 | 0.02 | 0.34 | 0.02 | 0.01 | 0.01 | 27 |
299564 | 509459 | 5685092 | 99.20 | 0.09 | 0.01 | 0.32 | <0.01 | 0.01 | 0.01 | 21 |
299565 | 509487 | 5685107 | 99.49 | 0.09 | 0.01 | 0.28 | 0.03 | 0.01 | 0.02 | 28 |
299566 | 509490 | 5685083 | 98.48 | 0.25 | 0.02 | 0.35 | 0.01 | 0.01 | 0.01 | 26 |
299567 | 509503 | 5685071 | 99.03 | 0.11 | 0.02 | 0.34 | 0.02 | 0.01 | <0.01 | 21 |
299568 | 509477 | 5685067 | 99.16 | 0.10 | 0.01 | 0.30 | <0.01 | 0.01 | <0.01 | 18 |
299569 | 509478 | 5685044 | 98.68 | 0.10 | 0.01 | 0.32 | 0.03 | 0.01 | <0.01 | 20 |
299570 | 509506 | 5685041 | 98.46 | 0.43 | 0.02 | 0.32 | 0.06 | 0.01 | 0.01 | 29 |
299571 | 509523 | 5685054 | 98.81 | 0.13 | 0.01 | 0.31 | 0.03 | 0.01 | 0.01 | 22 |
299572 | 509382 | 5685160 | 98.42 | 0.09 | 0.01 | 0.29 | 0.01 | 0.01 | 0.01 | 23 |
299573 | 509397 | 5685160 | 98.92 | 0.11 | 0.01 | 0.36 | <0.01 | 0.01 | <0.01 | 18 |
299574 | 509406 | 5685142 | 99.12 | 0.09 | 0.01 | 0.30 | 0.02 | 0.01 | <0.01 | 17 |
299575 | 509409 | 5685120 | 98.56 | 0.14 | 0.01 | 0.37 | <0.01 | 0.01 | <0.01 | 21 |
299581 | 509357 | 5685172 | 98.84 | 0.08 | 0.02 | 0.32 | <0.01 | 0.01 | 0.01 | 18 |
299582 | 509429 | 5685142 | 98.87 | 0.15 | 0.01 | 0.29 | <0.01 | 0.01 | 0.02 | 8 |
299583 | 509446 | 5685146 | 98.25 | 0.33 | 0.02 | 0.33 | 0.03 | 0.01 | 0.03 | 17 |
299584 | 509455 | 5685145 | 99.49 | 0.11 | 0.02 | 0.27 | <0.01 | 0.01 | 0.01 | 5 |
299585 | 509473 | 5685142 | 98.66 | 0.08 | 0.01 | 0.36 | <0.01 | 0.01 | <0.01 | 6 |
299586 | 509493 | 5685133 | 98.52 | 0.05 | 0.01 | 0.29 | <0.01 | 0.01 | <0.01 | <5 |
Note: 299548, 299584, and 299585 are float samples taken near outcrop.
The South Zone, comprising 13 high-grade quartzite outcrop grab samples averaged 98.80% SiO₂ with values ranging from 97.83% to 99.49% SiO₂. These samples averaged 0.28% Fe₂O₃, 0.13% CaO, 0.13% Al₂O₃, 0.02% MgO, <0.01% TiO₂, 0.02% P₂O₅, and 6ppm boron. See Figure 3 and Table 2. *
Figure 3. South Zone Outcrop Sampling - %SiO2
Table 2. South Zone Outcrop Samples
Sample # | Easting (m) | Northing (m) | SiO2 (%) | Al2O3 (%) | CaO (%) | Fe2O3 (%) | MgO (%) | P2O5 (%) | TiO2 (%) | B (ppm) |
248351 | 511603 | 5682006 | 98.60 | 0.28 | 0.08 | 0.25 | 0.04 | 0.01 | 0.01 | 15 |
248352 | 511563 | 5681948 | 99.45 | 0.15 | 0.02 | 0.22 | 0.02 | 0.01 | <0.01 | 6 |
248353 | 511552 | 5681948 | 99.01 | 0.19 | 0.03 | 0.29 | 0.04 | 0.01 | 0.01 | 9 |
248354 | 511551 | 5681951 | 99.09 | 0.11 | 0.02 | 0.22 | 0.03 | 0.01 | 0.01 | 6 |
248355 | 511530 | 5681940 | 98.74 | 0.09 | 0.02 | 0.23 | <0.01 | 0.01 | <0.01 | 6 |
248356 | 511522 | 5681942 | 98.82 | 0.08 | 0.01 | 0.31 | <0.01 | 0.01 | <0.01 | <5 |
248357 | 511512 | 5681951 | 98.31 | 0.09 | 0.01 | 0.24 | 0.01 | 0.01 | 0.01 | 5 |
248358 | 511485 | 5681948 | 98.14 | 0.13 | 0.28 | 0.32 | 0.03 | 0.01 | 0.01 | 8 |
248359 | 511461 | 5681935 | 99.49 | 0.11 | 0.02 | 0.30 | 0.02 | 0.01 | <0.01 | 10 |
248360 | 511436 | 5681932 | 99.06 | 0.03 | 0.05 | 0.25 | 0.01 | 0.02 | <0.01 | 5 |
248361 | 511444 | 5681918 | 99.42 | 0.07 | 0.01 | 0.29 | 0.02 | 0.01 | <0.01 | 6 |
248362 | 511440 | 5681942 | 97.83 | 0.32 | 0.73 | 0.36 | 0.03 | 0.03 | 0.01 | 8 |
248364 | 511374 | 5682002 | 98.43 | 0.09 | 0.43 | 0.36 | <0.01 | 0.16 | <0.01 | <5 |
The Southeast Zone, comprising 29 high-grade quartzite outcrop grab samples, returned an average of 98.52% SiO₂ with values ranging from 95.82% to 99.82% SiO₂. Average values for other constituents were: 0.35% Fe₂O₃, 0.07% CaO, 0.30% Al₂O₃, 0.06% MgO, 0.02% TiO₂, <0.01% P₂O₅, and 26ppm boron. See Figure 4 and Table 3.*
Figure 4. Southeast Zone Outcrop Sampling - %SiO2
Table 3. Southeast Zone Outcrop Samples - %SiO2
Sample # | Easting (m) | Northing (m) | SiO2 (%) | Al2O3 (%) | CaO (%) | Fe2O3 (%) | MgO (%) | P2O5 (%) | TiO2 (%) | B (ppm) |
248384 | 513642 | 5680350 | 98.22 | 0.37 | 0.21 | 0.41 | 0.14 | 0.02 | 0.03 | 27 |
248385 | 513671 | 5680320 | 95.82 | 0.57 | 0.69 | 0.51 | 0.52 | 0.02 | 0.03 | 30 |
248386 | 513685 | 5680313 | 97.77 | 0.48 | 0.05 | 0.37 | 0.05 | 0.01 | 0.03 | 30 |
248387 | 513708 | 5680285 | 98.90 | 0.36 | 0.02 | 0.35 | 0.04 | <0.01 | 0.03 | 30 |
248388 | 513735 | 5680261 | 98.11 | 0.32 | 0.03 | 0.31 | 0.04 | <0.01 | 0.03 | 35 |
248389 | 513748 | 5680244 | 98.05 | 0.49 | 0.03 | 0.30 | 0.03 | <0.01 | 0.01 | 28 |
248390 | 513654 | 5680223 | 98.91 | 0.13 | 0.01 | 0.27 | 0.04 | <0.01 | 0.01 | 29 |
248391 | 513627 | 5680208 | 98.74 | 0.09 | 0.02 | 0.30 | 0.02 | <0.01 | 0.02 | 27 |
248392 | 513600 | 5680217 | 99.52 | 0.06 | 0.02 | 0.32 | 0.03 | <0.01 | 0.01 | 23 |
248393 | 513564 | 5680220 | 96.98 | 1.04 | 0.05 | 0.33 | 0.07 | 0.03 | 0.07 | 41 |
248394 | 513592 | 5680259 | 98.91 | 0.30 | 0.13 | 0.35 | 0.13 | <0.01 | 0.02 | 31 |
248395 | 513390 | 5680466 | 99.26 | 0.11 | 0.02 | 0.35 | 0.03 | <0.01 | 0.01 | 25 |
248396 | 513367 | 5680495 | 98.81 | 0.12 | 0.07 | 0.34 | 0.04 | <0.01 | 0.01 | 25 |
248397 | 513332 | 5680531 | 99.25 | 0.08 | 0.02 | 0.37 | 0.01 | <0.01 | 0.01 | 26 |
248398 | 513301 | 5680539 | 99.08 | 0.15 | 0.21 | 0.33 | 0.04 | <0.01 | 0.01 | 27 |
248399 | 513283 | 5680559 | 98.76 | 0.07 | 0.09 | 0.36 | 0.02 | <0.01 | 0.01 | 22 |
248400 | 513263 | 5680602 | 98.77 | 0.08 | 0.01 | 0.29 | <0.01 | <0.01 | 0.01 | 24 |
299501 | 513231 | 5680636 | 98.14 | 0.15 | 0.02 | 0.41 | 0.02 | <0.01 | 0.01 | 26 |
299502 | 513188 | 5680660 | 99.05 | 0.20 | 0.02 | 0.27 | <0.01 | <0.01 | 0.01 | 27 |
299503 | 513160 | 5680700 | 99.07 | 0.16 | 0.02 | 0.31 | 0.02 | <0.01 | 0.01 | 27 |
299504 | 513133 | 5680705 | 98.85 | 0.13 | 0.02 | 0.26 | 0.01 | <0.01 | 0.01 | 26 |
299508 | 513834 | 5679986 | 98.68 | 0.15 | 0.03 | 0.26 | 0.02 | <0.01 | 0.01 | 21 |
299509 | 513876 | 5679941 | 98.88 | 0.23 | 0.03 | 0.27 | 0.04 | <0.01 | 0.03 | 34 |
299510 | 513904 | 5679907 | 99.08 | 0.05 | 0.02 | 0.29 | <0.01 | <0.01 | 0.01 | 11 |
299511 | 513968 | 5679864 | 99.82 | 0.15 | 0.02 | 0.27 | 0.02 | <0.01 | 0.01 | 23 |
299512 | 514023 | 5679832 | 99.21 | 0.12 | 0.02 | 0.29 | 0.03 | <0.01 | 0.03 | 10 |
299513 | 514070 | 5679980 | 97.08 | 1.11 | 0.02 | 0.75 | 0.09 | 0.01 | 0.05 | 18 |
299514 | 514081 | 5680011 | 96.66 | 1.27 | 0.02 | 0.43 | 0.05 | 0.01 | 0.07 | 26 |
299515 | 514075 | 5680039 | 98.58 | 0.26 | 0.07 | 0.45 | 0.07 | 0.01 | 0.03 | 14 |
The remainder of samples were either taken near the contacts of the adjacent units or from non-quartzite outcrops of the adjacent Glenogle shale (east contact) and Beaverfoot dolomite (west contact) and were not included in the statistical summary of the quartzite samples taken.
Channel Sampling Results
Channel sampling was conducted at the Table Mountain Zone, with results consistently similar to the outcrop sampling results. Sampling procedure consisted of continuous chip sampling along a 3-centimetre cut channel. Samples were taken continuously over 1-metre intervals perpendicular to the strike orientation of the outcrop, with the sample sequence starting from the southwest end of the channel. Intervals shorter than 20 centimetres were combined with the previous interval. 66 continuous chip channel samples were collected over 62.11 metres within 74.16 metres in five channels, returning a weighted average of 98.86% SiO₂.
Four additional duplicates were taken as QA/QC checks and passed validation. Sample density is sufficient to indicate the accurate representation of the underlying mineralization.
See Figure 5 and Table 4 below.
Figure 5. Channel Sampling Locations - Table Mountain Zone
Table 4. Table Mountain Zone - Channel Sampling
Channel | From (m) | To (m) | Interval (m) | SiO2 (%) | Al2O3 (%) | CaO (%) | Fe2O3 (%) | MgO (%) | P2O5 (%) | TiO2 (%) | B (ppm) |
TM1 | 0.00 | 4.74 | 4.74 | 98.83 | 0.15 | 0.01 | 0.30 | 0.01 | 0.01 | 0.01 | 24 |
TM2 | 0.00 | 5.80 | 5.80 | 98.88 | 0.10 | 0.01 | 0.33 | 0.01 | 0.01 | 0.01 | 10 |
5.80 | 6.30 | 0.50 | Overburden | ||||||||
6.30 | 8.83 | 2.53 | 98.90 | 0.10 | 0.01 | 0.30 | 0.01 | 0.01 | 0.02 | 7 | |
8.83 | 9.38 | 0.55 | Overburden | ||||||||
9.38 | 13.0 | 3.62 | 99.21 | 0.09 | <0.01 | 0.35 | 0.01 | 0.01 | 0.02 | 11 | |
TM3 | 0.00 | 7.60 | 7.60 | 99.03 | 0.11 | <0.01 | 0.32 | 0.01 | 0.01 | 0.02 | 7 |
7.60 | 10.20 | 2.60 | Overburden | ||||||||
10.20 | 11.00 | 0.80 | 99.08 | 0.11 | <0.01 | 0.27 | 0.01 | 0.01 | 0.02 | 6 | |
11.00 | 11.90 | 0.90 | Overburden | ||||||||
11.90 | 18.00 | 6.10 | 98.79 | 0.11 | <0.01 | 0.29 | <0.01 | 0.01 | 0.02 | 10 | |
TM4 | 0.00 | 5.22 | 5.22 | 99.09 | 0.09 | <0.01 | 0.33 | <0.01 | 0.01 | 0.02 | 12 |
TM5 | 0.00 | 3.80 | 3.80 | 98.82 | 0.15 | <0.01 | 0.29 | <0.01 | 0.01 | 0.04 | 15 |
3.80 | 4.50 | 0.70 | Overburden | ||||||||
4.50 | 7.00 | 2.50 | 98.85 | 0.12 | <0.01 | 0.31 | 0.02 | 0.01 | 0.02 | 20 | |
7.00 | 10.20 | 3.20 | Overburden | ||||||||
10.20 | 12.00 | 1.80 | 98.77 | 0.09 | <0.01 | 0.34 | 0.01 | <0.01 | 0.01 | 12 | |
12.00 | 13.00 | 1.00 | Overburden | ||||||||
13.00 | 17.50 | 4.50 | 98.30 | 0.15 | 0.09 | 0.34 | 0.02 | <0.01 | 0.01 | 13 | |
17.50 | 20.10 | 2.60 | Overburden | ||||||||
20.10 | 33.20 | 13.10 | 98.81 | 0.11 | <0.01 | 0.31 | 0.01 | <0.01 | 0.01 | 9 |
Discussion
Sampling results within the zones were consistently high purity, with the northern Table Mountain Zone returning the best and most consistent grades. The favourable grades reflect field observations of a broad zone of white quartzite measuring at least 150 metres wide and a strike length extending from the Trans-Canada Highway to the south and to the north, beyond the northern end of the Property, representing a total strike length of at least 4 kilometres. Although the western cliff face of Table Mountain clearly demarcates the western margin of the Mount Wilson Formation quartzite, the eastern margin is obscured by a deep boulder field originating from the extensive, steep quartzite exposure in this area.
Channels sampling results demonstrated a consistency in grade over a wide area within the Table Mountain Zone.
All samples were submitted to ALS Laboratories in North Vancouver, British Columbia for B-MS82L (boron) and ME-XRF26 (all other elements). Four sample duplicates were taken in the channel sampling sequence, and passed QA/QC.
* Cautionary Note
The reader is cautioned that grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
About the Table Mountain Project
The Table Mountain Silica Project comprises 2,304 hectares located 4 kilometres east of Golden, B.C., with excellent year-round access and proximity to the Canadian Pacific Railway Golden Rail Yard. The property hosts up to 10 kilometers of regionally mapped strike length of the Mount Wilson Formation, with apparent widths ranging from 300 to 1,400 metres at surface. The project is strategically positioned near both the Moberly Silica Mine and Sinova Quartz silica quarry, which exhibit economic grade silica greater than 99.6% SiO₂ purity.
Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects and a director of the Table Mountain Project vendor.
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.
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