Battery Metals

NextSource Materials Inc. is pleased to announce a Special Meeting of Shareholders will be held virtually on May 17, 2021 to seek approval of the second and remaining tranche of the previously announced financing with Vision Blue Resources Limited a newly created battery commodityresource-focused private investment company founded by Sir Mick Davis, in order to complete the full investment of US$29.5 million ...

NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce a Special Meeting of Shareholders will be held virtually on May 17, 2021 to seek approval of the second and remaining tranche of the previously announced financing with Vision Blue Resources Limited ("Vision Blue"), a newly created battery commodityresource-focused private investment company founded by Sir Mick Davis, in order to complete the full investment of US$29.5 million committed by Vision Blue for investment into NextSource

The Board of Directors unanimously recommends that shareholders vote "FOR" the ordinary resolution (the "Transaction Resolution") approving the second tranche of the previously announced financing, that will enable NextSource to be fully funded and commission the Molo mine in April 2022.

About Vision Blue and the Significant benefits they bring as a strategic shareholder

Vision Blue is a newly created battery commodity/resource-focused investment company led by Sir Mick Davis that will target companies in established mining jurisdictions with advanced and best-in-class battery material assets that are scalable and can be rapidly brought into production. Vision Blue intends to work with existing management teams by providing critical growth capital, technical support, experience in securing future financing, expertise in building a credible ESG framework, and assistance with eventual exit strategies. Where possible, Vision Blue will utilize a phased development approach to self-finance expansions and acquisitions in order to achieve large scale revenues and cash flows across the entire battery materials vertical supply chain.

Vision Blue is fully supportive of the Company's graphite development strategy and will fast-track NextSource's production plans.

Shareholder approval is required to complete Vision Blue's second and remaining tranche of the total investment package of US$29.5 million, which will enable the Company to:

  1. complete construction of Phase 1 of the Molo Graphite Mine expected by April 2022, which, upon completion, is expected to enable the Company to process 240,000 tpa of ore and produce 17,000 tpa of flake graphite concentrate;
  2. accelerate the Company's strategic development plans to build a value-added battery anode plant in partnership with established, industry-leading partners within the Tesla supply chain (see April 12, 2021 press release);
  3. fast-track our aggressive graphite mine expansion plans targeted for Q2 2024 to meet the growing demand for graphite;
  4. finalize additional offtake agreements with significant companies that are awaiting new sources of high-quality flake graphite to come online outside of China;
  5. have a well-funded and strategic financial partner with a proven capability to assist the Company in future funding as it advances its battery anode and graphite mine expansion plans;
  6. gives NextSource the enviable "first-mover" and "barrier-to-entry" advantage versus the competition in the battery race to have a fully commercial and vertically integrated graphite operation.

Sir Mick Davis, Chairman of NextSource commented,

"My colleagues and I built Xstrata by identifying transformative changes in resource demand. I believe the demand for resources of battery materials will be substantial and graphite in particular is going to play a major role in the decarbonization of the planet.

I view Molo as one of the highest-quality graphite assets globally and well-positioned for significant upside in growth and value. My intent is to help NextSource become a major battery materials producer and our investment is just the first stage in unlocking its potential for shareholders."

Craig Scherba, President and CEO of NextSource commented,

"Battery materials are now at the top of government agendas. Vision Blue's initial investment allowed us to begin the construction phase of our Phase 1 Molo Graphite mine, giving us a first-mover advantage in the establishment of significant market share in the rapidly evolving battery materials space. Their remaining investment will not only allow us to enter targeted production next April, it positions us to be a leading provider of anode material to the EV industry with strategic industry partnerships unique to NextSource."

The X-factor of Vision Blue's investment is the appointment of Sir Mick Davis as a director and Chairman of NextSource. Sir Mick has a storied record of maximizing the potential of mining projects, and his leadership enviably positions NextSource to become a significant market disruptor in the burgeoning battery materials market."

Significant benefits of aligning the Company with Sir Mick Davis

Sir Mick Davis, the Chief Executive Officer and founder of Vision Blue, has extensive capital markets and corporate transaction experience, with 40+ years of experience in the mining, industrial and natural resources sectors and engagement at governmental and operational levels. Most notably, Sir Mick Davis was the former CEO and founder of Xstrata Plc (an Anglo-Swiss multinational mining company until its merger with Glencore Plc in 2013), the former CFO of Billiton Plc and Chairman of Billiton Coal, and the founder and a former partner at X2 Resources, a $5.6 billion mining investment fund. During his career, Sir Mick Davis has been involved in raising almost US$40 billion from global capital markets and completing corporate transactions with a total market value of over US$120 billion.

In connection with the Vision Blue Financing Package, Sir Mick Davis was named a director and Chairman of the Company on March 15, 2021 upon closing of the initial private placement. Approval of the Transaction Resolution will enable the Company to continue to significantly benefit from Sir Mick Davis' extensive business and governance experience.

Vision Blue's involvement as the Company's strategic Shareholder positions the Company to become a market disruptor in the burgeoning energy materials market

Reducing the world's carbon footprint will require a radical shift from hydrocarbons to crystalline carbon (i.e. graphite) for use in electric vehicles and in grid-level energy production and storage. This shift is expected to significantly increase global demand for graphite and for other energy minerals that are used in batteries and for energy storage and renewable energy production. This represents a unique market opportunity for investment in battery materials such as graphite, vanadium, cobalt, indium, lithium, nickel, silver, neodymium, molybdenum, aluminum, zinc and copper.

Approval of the Resolution will enable the Company to advance its Molo Graphite Mine and Green Giant Vanadium Project, consider other opportunities in the energy materials space, and evaluate value-added processing of graphite and the production of battery materials with the support of Vision Blue.

Shareholder questions

Shareholders of NextSource who have questions regarding the Transaction Resolution or may still have questions on how to vote may contact the Company's Executive Vice President, Brent Nykoliation directly by email at brent@nextsourcematerials.com. Additional information on the matters discussed above can also be found in the Company's management information circular dated April 6, 2021 and filed on the Company's profile at www.sedar.com.

About NextSource Materials Inc.

NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is intent on becoming a fully integrated, global supplier of critical battery and technology materials needed to power the sustainable energy revolution.

Targeting mine commissioning by April 2022, the Company's Molo graphite project in Madagascar is regarded as one of the largest and highest-quality graphite resources in the world and the only project with SuperFlake® graphite.

With low-cost operations and both its mining and environmental licenses in place, NextSource Materials has forged strategic and exclusive partnerships with key supply chain participants to provide graphite-based anode material to international OEMs for lithium-ion and fuel cell applications, and graphite for high-end, value-added applications where graphite is an essential material.

The Company will enter production in phases and utilizing an all-modular build approach to construct the Molo graphite mine. Initial production will be approximately 17,000 tonnes per annum ("tpa") over the first two years of production, followed by a significant expansion in production planned in year three to match market demand.

NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF"

Please see "Molo Feasibility Study, National Instrument 43-101 Technical Report on the Molo Graphite Project located near the village of Fotadrevo in the Province of Toliara, Madagascar Prepared by Erudite Strategies (Pty) Ltd" dated May 31, 2019 for certain other details and assumptions relating to the parameters of the project, mineral resource and reserve estimates and data verification procedures. Mr. Craig Scherba, P.Geo., President and CEO of NextSource, is the qualified person who reviewed and approved the technical information provided in this press release.

For further information about NextSource visit our website at www.nextsourcematerials.com or contact us a +1.416.364.4911 or email Brent Nykoliation, Executive Vice President, Corporate Development at brent@nextsourcematerials.com or Craig Scherba, President and CEO at craig@nextsourcematerials.com.

This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" ("forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements in this release include statements regarding statements regarding the Total Financing Package being sufficient to fully fund the Molo Graphite Project, collaboration agreements to build a value-added SPG (anode) facility, successful and on-budget construction of the Molo Graphite Mine and SPG plant, estimated future production from the Molo Graphite Project, completion of the technical studies and expansion of the Molo Graphite Project, shareholder approval, the Company's future plans in respect of future investments and the intentions of Vision Blue. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release, including but not limited to the risks that the Molo Graphite Mine is not built on the expected time and cost estimates, that the mineral reserve and resource estimates for the Molo Graphite Mine are incorrect, that expected recoveries and costs to produce SPG are incorrect, and that permits and licences to operate the Molo Graphite Mine may not be renewed or may be revoked, and other risks discussed in the Company's public disclosure documents. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE: NextSource Materials Inc.



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NextSource Materials

NextSource Materials

Overview

NextSource Materials: Construction of Molo Graphite Mine is Fully Funded; Production in Q2 2022

Vision Blue Resources Ltd, a newly created battery commodity/resource-focused investment company founded by Sir Mick Davis (former CEO of Xstrata Plc), has made a significant strategic investment in NextSource Materials to fully fund the construction of its Molo graphite mine in Madagascar. Production is scheduled in Q2 2022.

According to UK’s Roskill Research, battery demand for raw material graphite is expected to grow by approximately 23 per year-over-year for the next decade. This dramatic spike in demand is due to graphite’s critical role as the anode material in lithium-ion batteries. Electric vehicle batteries contain between 40 to 60 kilograms of graphite. By volume, graphite is the largest raw material in a lithium-ion battery. As the electric vehicle market continues to grow, investing in the companies that produce these valuable battery materials and have first-mover advantage can provide significant value-creation and exposure to this expanding market.

NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is preparing to begin construction of its 100%-owned Molo Graphite Project in southern Madagascar. The Molo Graphite Project is a fully permitted and funded project that hold a large high quality flake graphite deposit and is the only project with SuperFlake® graphite.

The Company will utilise an all-modular build approach to constructing the Molo mine. Initial production is expected to be 17,000 tonnes per annum (“tpa”) over the first two years of production followed by mine expansion in Year three. Offtakes are in place for more than 100% of initial production.

Graphite in Madagascar is renowned for its quality and flake size. For almost a century, Madagascar has been exporting flake graphite to the world but only in small quantities. Molo, as well as its Green Giant vanadium project within close proximity, leverage mining-friendly conditions and resource-rich mineralization to prime the company for economic growth and production success.

For further information about NextSource visit our website at www.nextsourcematerials.com or contact us a +1.416.364.4911 or email Brent Nykoliation, Executive Vice President, Corporate Development at brent@nextsourcematerials.com or email Craig Scherba, President and CEO at craig@nextsourcematerials.com.

NextSource’s 100 percent owned and fully permitted Molo graphite project drew investor attention for its large-high-quality flake graphite deposit and unique SuperFlake graphite concentrate. The company recently announced that former Xstrata CEO Sir Mick Davis committed a strategic investment of US$29.5 million in NextSource mining operations. This investment offers valuable full funding for the entire build of the Molo graphite mine.

Vision Blue Resources, the firm that Davis founded in December 2020 to invest in battery and technology minerals, selected the Molo graphite project as its flagship investment, noting that the graphite market has been underinvested considering the increasing demand in recent years. “This investment in NextSource underlines our belief that the massive secular change in demand for critical battery material resources is not being met by an appropriate supply-side response, largely as a result of capital constraints,” Davis stated.

The company intends on utilizing an all-modular build approach to constructing the Molo mine. With full funding, initial production could reach approximately 17,000 tonnes per annum over the first two years of production and mine expansion in later years.

Proceeds could also fund the fast-tracked completion of two technical studies to confirm the viability of mine expansion and construct a value-added graphite processing plant to produce spheronized, purified graphite (SPG).

In April 2021, the company finalized an exclusive partnership with two well-established and leading companies that process and supply SPG to leading Japanese anode and battery makers, who in turn supply the Tesla supply chain and other major automotive companies (“OEMs”). The company also recently executed an offtake commercial agreement with thyssenkrupp Materials Trading GmbH, an international trading and services company headquartered in Essen, Germany, for the sale of 35,000 tonnes per annum (tpa) of the SuperFlake® graphite products.

NextSource’s other highly prospective project, the Green Giant vanadium project in Madagascar, stands out for its sediment-hosted deposit profile, which is only seen in approximately 5 percent of total vanadium occurrences.

The company believes strongly in vanadium’s potential market growth with the popularization of VRBs as a leading technology for green energy applications. Since project acquisition in 2007, NextSource has spent over US$14 million on the exploration and development of Green Giant.

NextSource’s management team brings years of professional and field experience in the resource, mining and financial sectors. Together, the deeply connected team primes the company for significant economic success and the drive to meet the world’s increasingly high demand for graphite.

Company Highlights

  • The Molo graphite project is a fully funded asset with rich resources and high-quality graphite. The deposit ranks as one of the largest-known and highest quality flake graphite deposits in the world.
  • Vision Blue Resources committed a strategic investment into the Molo graphite project. Vision CEO Mick Davis invested approximately US$29.5 million over two private placement equities and a non-dilutive royalty agreement.
  • The company’s Green Giant vanadium project is an advanced stage exploration project that is one of the world’s largest known vanadium deposits. The sediment-hosted geophysical profile presents NextSource with unique development and exploration potential.
  • Mick Davis joined NextSource as chairman upon closing the first initial private placement. The mining heavyweight brings years of valuable experience in project development and financing expertise.
  • NextSource secured US$29.5 million to fully fund Phase1 of the Molo Graphite Mine and fast track key technical studies.
  • The Company has initiated the construction of Phase One of the mine. Construction will take approximately 12 months and mine commissioning is expected to begin in April 2022
  • NextSource also secured a partnership with companies within the Tesla supply chain to build a battery anode facility and entered into a commercial partnership and offtake agreement with thyssenkrupp Materials Trading for the sale of 35,000 tonnes per annum of SuperFlake® graphite concentrate.
  • On July 22, 2021, Nextsource has been accepted as a member of both the European Battery Alliance (EBA) and the European Raw Materials Alliance (ERMA).

Key Projects

Molo Graphite Project

The Molo graphite project is a wholly owned feasibility-stage asset that ranks as one of the largest-known and highest quality flake graphite deposits in the world. The property is over 62.5 hectares, sits in the Tulear region of South-western Madagascar and is located 11.5 kilometers east of the town of Fotadrevo.

Total combined graphite resources are measured at 141.28 million tonnes at 6.13 percent total graphitic carbon, with a contained ore reserve of 22.44 million tonnes at 7.02 percent graphitic carbon. After resource delineation, drilling and trenching campaigns conducted in 2012, the company discovered Molo hosted surface-level mineralization, ideal for low-cost, open-pit mining. This could significantly advance production timelines and fast-track predicted milestones and potential discovery.

This asset is also unique for its almost 50 percent premium-priced large and jumbo flake graphite profile. Widespread jumbo flake occurrences have primed the project for significant high-quality yield with SuperFlake® concentrates inferred between 97 percent to 98 percent carbon purity with simple flotation alone.

The project’s exploration and development include completed Feasibility Studies from 2015, 2017 and 2019, Mining and Environmental permitting and full funding. In Q2 2021, the company will commence construction of the modular plant.

For all details and assumptions relating to the parameters of the Molo project, mineral resource and reserve estimates and data verification procedures, please see “Molo Feasibility Study, National Instrument 43-101 Technical Report on the Molo Graphite Project located near the village of Fotadrevo in the Province of Toliara, Madagascar Prepared by Erudite Strategies (Pty) Ltd” dated May 31, 2019.
Green Giant Vanadium Project

The 100 percent owned Green Giant vanadium project is an advanced stage exploration project located in South-central Madagascar and is one of the world’s largest known vanadium deposits. The project leverages good mining conditions and convenient close proximity to NextSource’s flagship Molo graphite project.

The Green Giant Project is a rare type of vanadium deposit because it is sediment-hosted. No magnetic metals are associated with Green Giant’s vanadium, making the project ideal for producing high-purity vanadium pentoxide, a key material in vanadium redox batteries.

The property’s National Instrument 43-101 compliant resource measures an estimated 60 million tonnes of vanadium pentoxide at an average grade of almost 0.7 percent at a 0.5 percent cut-off.

Since 2008, Green Giant has seen extensive diamond drilling campaigns, soil sampling, airborne and ground geophysics and EM surveying. NextSource intends to continue developing the property’s three main zones, which are referred to as the Jaky, Manga and Mainty deposits.

Management Team

Craig Scherba, P.Geo. — President and CEO

Craig Scherba was appointed president and CEO in September 2012 and has been a director since January 2010. Previously, Scherba served as vice president, Exploration of the company, since January 2010. Prior, Scherba was a managing partner for six years with Taiga Consultants Ltd., a mining exploration consulting company. He has been a professional geologist since 2000, and his expertise includes supervising large Canadian and international exploration programs. Scherba was an integral member of the exploration team that developed Nevsun Resources’ high-grade gold, copper and zinc Bisha project in Eritrea. He served as the company’s country and exploration manager in Madagascar during its initial exploration stage, discovering both the Molo Graphite and the Green Giant Vanadium deposits.

Robin Borley, Pr. Tech Eng — Senior Vice President, Mine Development

Robin Borley is a Graduate mining engineering professional and a certified mine manager with more than 25 years of international mining experience building and operating mining ventures. He has held senior management positions both Internationally and within the South African mining industry. He has most recently served as mining director for DRA Mineral Projects and was instrumental as the COO of Red Island Minerals in developing a Madagascar coal venture.

His diverse career has spanned resource project management, evaluation, exploration and mine development. Robin has completed several mine evaluations, including operational and financial assessment of new and existing operations across various resource sectors. He has experience in managing underground and surface mining operations from both the contractor and owner-miner environments.

Brent Nykoliation, BCom (Hons) — Executive Vice President, Corporate Development

Brent Nykoliation joined the senior management team at NextSource Materials as vice president, Corporate Development. In 2007, he oversaw all communication with analysts, institutional investors and strategic offtake partners for the company. He brings over 20 years of management experience, having held senior marketing and strategic development positions with several Fortune 500 corporations in Canada, notably Nestlé, Home Depot and Whirlpool. Nykoliation holds a Bachelor of Commerce with Honours degree from Queen’s University.

Marc Johnson, CFA, CPA — CFO

Marc Johnson is a bilingual senior executive with over 20 years of business experience, including ten years at public corporations as CFO, VP Corporate Development and other financial management positions, and ten years in capital markets in investment banking and equity research. Johnson is a Chartered Financial Analyst and a Chartered Professional Accountant and joined as CFO in October 2015. He also holds a Bachelor of Commerce (Finance) from the John Molson School of Business at Concordia University in Montreal.

Board of Directors

Sir Mick Davis — Chairman

Sir Mick Davis is the CEO of Vision Blue Resources and a highly successful mining executive accredited with building Xstrata plc into one of the largest mining companies in the world prior to its acquisition by Glencore plc. Before listing Xstrata on the LSE as CEO he was CFO of Billiton plc and Chairman of Billiton Coal which he joined from the position of Eskom CFO. During his career in mining he has raised over US$40bn from global capital markets and successfully completed over US$120bn of corporate transactions, including the creation of the Ingwe Coal Corporation in South Africa; the listing of Billiton on the LSE; the merger of BHP and Billiton; as well as numerous transactions at Xstrata culminating in the sale to Glencore plc. Sir Mick Davis is a Chartered Accountant by profession, and holds an honours degree in Commerce from Rhodes University, South Africa and an Honorary Doctorate from Bar Ilan University, Israel.

Brett Whalen — Director (Non-executive)

Brett Whalen has over 20 years of investment banking and M&A expertise, spending over 16 of those years at Dundee Corporation. During his tenure at Dundee Corp., Whalen was directly involved in completing approximately $2 billion in M&A deals and helped raise over $10 billion in the capital for resource sector companies. While a vice president and portfolio manager of Goodman & Co., he oversaw the investment of $6 million into NextSource, enabling the company to achieve key technical milestones, notably the completion of its July 2017 Phase One Feasibility Study and the concept and design of the whole modular build approach NextSource will be utilized for construction of both Phase One and Phase Two of the Molo mine. Whalen has extensive knowledge of both graphite and vanadium and the general battery materials industry.

Whalen has held Board seats of several TSX-listed and privately held companies and holds a BA (Honours) degree in Economics and Finance from Wilfrid Laurier University.

Ian Pearce – Director

Mr. Ian Pearce is the former CEO of Xstrata Nickel, and prior to that was the former COO of Falconbridge Limited, which was acquired by Xstrata Plc in 2006. Xstrata Plc’s acquisition of Falconbridge was one of the largest mining takeovers globally and one of the largest takeover bids in Canadian history. Mr. Pearce was also a founding partner of X2 Resources who, along with Sir Mick Davis, made up the team of six ex-Xstrata executives who formed the mid-tier diversified mining and metals company. He currently serves as a director for several global companies in the mining and metals, energy, and sustainability industries:

Mr. Pearce previously served as Chair of the Mining Association of Canada and Chair of the Nickel Institute. He holds a BSc from the University of the Witwatersrand, South Africa and an HNDT in Mineral Processing from the University of Johannesburg, South Africa.

Christopher Kruba — QC

Mr. Kruba is Vice-President and Legal Counsel to Nostrum Capital Corporation and a number of related corporations that are part of the Toldo Group. The Toldo Group is headquartered in Windsor, Ontario and is composed of several privately held corporations in Canada and the United States, some of which have large manufacturing operations in diversified sectors and others which are involved in active and passive investments across capital markets throughout North America, Europe and Africa. In addition to his responsibilities as counsel to the Toldo Group, Mr. Kruba serves as corporate secretary to all the companies, is a member of group’s investment committee and he serves on the board of directors of many of the companies.

Mr. Kruba has extensive manufacturing and capital markets experience and has lead merges and acquisitions and participated in the management and strategic planning for numerous companies, including venture capital corporations in which the group has invested.

Nostrum Capital Corporation and Mr. Kruba personally have been investors in NextSource Materials Inc. since 2011.

Dr. David McNeely — Consultant

Dr. McNeely has over 25 years of practise in Anesthesia and Critical Care, and has vast expertise in humanitarian and social responsibility best practices. He has worked extensively in causes which have underscored the critical relationships between health and responsible environmental stewardship, with a particular focus and a passion on implementing clean energy initiatives and mining practices.

He has participated in medical mission to Inuvik, NWT and Mongolia, where environmental conditions have had devastating health consequences. He was a Founding Member of Galliano Greenhouses, which supplied trees for urban reforestation projects in the GVRD and is a member of Canadian Association of Physicians for the Environment (CAPE). He has been a UBC Associate Clinical Instructor since 2008 and involved in medical student and resident teaching and has experience in working effectively and collaboratively with health authorities and the government.

Dr. McNeely has been a major shareholder of NextSource Materials since 2014.

Dr. McNeely received his BSc.Hons. from St. Francis Xavier University(84), a medical degree from McGill (89) and Anesthesia Fellowship from UBC(94). Along with his clinical practice at Surrey Memorial Hospital, he has had numerous executive positions in department leadership, patient safety and advocacy, program implementation and review, quality improvement, professional practice oversight, healthcare and professional promotion, and physician/government contract negotiations.

ELECTRIC ROYALTIES CLOSES $3.45 MILLION MARKETED PUBLIC OFFERING

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Former Prime Minister of Canada Stephen Harper and Former President of Mexico Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on May 17th and 18th, 2022.

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Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) ("Electric Royalties" or the "Company") is pleased to provide an asset update on its current royalty portfolio.

Electric Royalties Ltd. Logo (CNW Group/Electric Royalties Ltd.)

Brendan Yurik , CEO of Electric Royalties , commented: "We are excited that our Graphmada graphite and Seymour Lake lithium royalty assets are nearing the completion of mineral resource upgrades. We've already had 17 development updates across 10 royalties in our portfolio thus far in 2022, funded at no cost to Electric Royalties. As we expand our royalty portfolio even further, the value added to our royalties is a key benefit that we offer our shareholders."

Highlights since the Company's previous development update on April 13, 2022 :

  • Graphmada Graphite Royalty – Greenwing Resources Ltd. (ASX: GW1) announced on April 13, 2022 that it has completed its 3,268-metre drill program in Madagascar comprising 69 diamond holes, with results recording significant intercepts of graphite mineralization. The drill program has significantly expanded the mineralization footprint of the Graphmada Mineral Resource. Greenwing expects to complete the update of Graphmada's Mineral Resources estimate in Q2 2022, while continuing analysis of the remaining drill samples. Greenwing also plans to assess the undertaking of further drilling to update resource confidence and test the mineralization laterally, in width and depth. Feasibility studies are ongoing to assess the restart and expansion of mining and processing at the Graphmada Mining Complex.

  • Seymour Lake Lithium Royalty – Green Technology Metals Limited (ASX: GT1) announced on April 12, 2022 the assay results for an additional six holes from its Phase 1 step-out drilling at the Seymour Lake Project's North Aubry deposit in Ontario, Canada . The Phase 1 drilling program was designed to evaluate potential along-strike and down-dip extensions of the North Aubry deposit that were open and untested. This inaugural program has been completed with 16 holes drilled over 5,826 metres. Green Technology Metals reported thick, high-grade extensional intercepts in April.

The Phase 1 assays returned to date (nine holes) indicate substantial potential upside to the existing Seymour Lake Mineral Resource estimate. Green Technology Metals expects the updated Mineral Resource estimate for Seymour Lake to incorporate all Phase 1 results including residual pending assays for seven holes, during Q2 2022. Phase 2 (Central Aubry zone) and Phase 3 (Pye prospect) drilling at Seymour Lake is underway with a total of eight holes over 1,201 metres drilled to date across both areas.

  • Cancet Lithium Royalty – Winsome Resources Limited (ASX: WR1) announced on April 21, 2022 that it has completed its drill program of 2,142 metres comprising 23 diamond holes at the Cancet Project in Quebec, Canada , designed to provide infill drilling on known high-grade lithium mineralization identified in previous exploration, as well as to test geological anomalies indicated through various geophysical methods including magnetic surveys. Winsome expects results from the drill program will provide evidence of the extension of the strike length of the lithium mineralization, and ultimately underpin its inaugural resource estimate and delivery of a scoping study, in turn supporting ongoing strategic partnership end-user discussions. Visible spodumene crystals were detected in the pegmatites and these samples have already been sent to the laboratory for assay to identify if lithium mineralization is present 1 . Initial results from the first batch of core samples are expected during May 2022 . In addition, Cancet plans to conduct ground stripping at the current site of known mineralization to expose more pegmatite, and channel sampling to inform detailed geological mapping of the known lithium mineralization. Findings from these activities will be used to generate further drill targets.

  • Yalbra Graphite Royalty – Buxton Resources Limited (ASX: BUX) announced on May 5, 2022 that a program of works has been submitted to the Government of Western Australia's Department of Mines, Industry Regulation and Safety for approval to undertake an infill drilling program at the Yalbra graphite deposit, Gascoyne Region, Western Australia with a goal to delineate Indicated Resources at this high-grade deposit. The drilling program will commence subject to approval of the program of works and drill rig availability. The combination of improving market conditions, promising results from metallurgical work (ongoing) and project terrain which is highly amenable to siting a mining operation, positions the Yalbra Project for subsequent advancement through feasibility studies and permitting.

David Gaunt , P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.

On Behalf of the Board of Directors,
Brendan Yurik
CEO

1 See Winsome Resources' press releases dated March 29, 2022 and March 31, 2022.

About Electric Royalties Ltd .

Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.

Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.

Electric Royalties has a growing portfolio of 18 royalties, including one royalty that currently generates revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information and Other Company Information

This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.

While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.

The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.

SOURCE Electric Royalties Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/11/c3580.html

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Electric Royalties Provides Development Update on Royalty Portfolio

Electric Royalties Provides Development Update on Royalty Portfolio

Electric Royalties Ltd. (TSXV:ELEC) (OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to provide an asset update on its current royalty portfolio

Brendan Yurik, CEO of Electric Royalties,commented:"We are excited that our Graphmada graphite and Seymour Lake lithium royalty assets are nearing the completion of mineral resource upgrades. We've already had 17 development updates across 10 royalties in our portfolio thus far in 2022, funded at no cost to Electric Royalties. As we expand our royalty portfolio even further, the value added to our royalties is a key benefit that we offer our shareholders."

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ELECTRIC ROYALTIES ANNOUNCES $3 MILLION MARKETED PUBLIC OFFERING

ELECTRIC ROYALTIES ANNOUNCES $3 MILLION MARKETED PUBLIC OFFERING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES /

All amounts in Canadian dollars unless otherwise stated

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South Star Battery Metals Announces Small-Scale Pilot Metallurgical Testing Program for Alabama Graphite Project

South Star Battery Metals Announces Small-Scale Pilot Metallurgical Testing Program for Alabama Graphite Project

South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF), is pleased to announce that it has contracted North Carolina State University Mineral Research Laboratory ("MRL") to complete a metallurgical testing program using 3 x 1-tonne samples of ore from various targets within the Ceylon Graphite Project ("Project") in Coosa County, Alabama. The goal of the program is to create a representative 1 tonne ore sample to retest and confirm processing methods and reagents from previous process work. The small-scale pilot test will also generate approximately 15kg of concentrates (> 94% Cg) as well as intermediate products and tailings samples for future geotechnical, chemical, and physical testing programs to better characterize the ore, the tailings as well as final concentrates. The concentrates will then be used to test for a variety of value-add products as well as minerology, similar to the testing program completed on Santa Cruz Graphite concentrates (See March 1, 2021 press release). The metallurgical testing is expected to begin in July of 2022 and be completed in approximately 16 weeks.

Richard Pearce, President & CEO commented, "We are very excited to get started on our work program in Alabama and generate some concentrate samples we can test for industrial and value add applications including a variety battery precursor material.   Intermediate products as well as ROM and tailings samples will also be collected to help characterize the materials for future environmental and civil design work. MRL has an excellent facility nearby, and our team is excited to be working with their talented professionals. It's a great resource to have so close to the Project. If the results of this program confirm the previous test work, we will be looking to send 30 to 40 tonnes of ore to our soon to be constructed Santa Cruz plant and run through a full scale pilot plant test. We will work hard with our partners to make the Project the second new graphite mine in the Americas brought online and the first in the United States."

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