Metals Australia Ltd (“Metals Australia”, or “the Company”) continues to advance its flagship high- grade flake-graphite development project in the Tier 1 mining district of Quebec, Canada.
Figure 1: Lac Carheil Graphite Project location, Lac Carheil, Mining Communities, Mining operations, Position of Hydro Quebec 315 KV powerline and proposed new route of main highway (389) to Fermont.
Project Name change to Lac Carheil Graphite project.
Metals Australia has changed the name of the Graphite project to Lac Carheil Graphite Project, as the project’s existing Mineral Resource (13.3 Mt @ 11.5% Graphitic Carbon (Cg) including Indicated of 9.6Mt @ 13.1% Cg & Inferred 3.7Mt @ 7.3% Cg)1 is relatively close to Lac Carheil and a considerable distance from Lac Rainy. Communications have frequently referenced the Carheil trend as the graphite trend on which the current resource exists. The use of Lac Rainy as a project reference has created confusion with stakeholders, given its position to temporarily suspended exploration areas (Figure 2). Figure 2 shows the position of the project resource and lake locations. Also shown are exclusion areas that form part of an Aquatic reserve associated with the Moisie River and its key tributaries, which is approximately 35km south of our current resource. Areas shown in orange have been designated as mining incompatible, while purple areas are under temporary suspension.
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Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in Tier 1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada — the Lac Carheil flake graphite project and the Corvette River lithium (and gold) project. The Australian portfolio comprises four projects: Tennant Creek (copper-gold) in the Northern Territory and Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc) – all in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. The EV automakers and battery manufacturers, rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Figure 2 – Graphite is a Critical Mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite to the North American market – including for lithium-ion and EV battery production in the future. The company announced positive sampling results across a 36-km strike length of identified graphite trends at Lac Carheil, including many values over 20% Cg and an exceptionally high-grade sample containing over 63% Cg. The company has planned a drilling program to test new high-grade zones identified from the sampling program, which will form the basis for upgrading the existing Lac Carheil Mineral Resource. An application for the drilling program is progressing with the Quebec regulator. Additionally, the company has recently commenced a Flake Graphite concentrate prefeasibility study with Lycopodium in Ontario and a downstream battery anode plant design with ANZAPLAN in Germany.
Metals Australia is also advancing its lithium, gold and silver exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Further, the company carries out aggressive exploration programs at its other projects, including Manindi, Warrambie & the Murchison in Western Australia and Tennant Creek in the Northern Territory region of Australia.
Metals Australia is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million, which we note was higher than the company’s market capital at current share price. Metals Australia benefits from a team of professionals boasting extensive expertise in geology and mining. The appointment of experienced mining executive Paul Ferguson as the CEO is positive for the company. Since joining in January 2024, he has significantly advanced planning and preparation for the exploration, metallurgical test work programs, and design studies required to move its flagship Lac Carheil high-grade graphite project towards development. The Corvette Project has also completed exploration planning and is now fully permitted for drilling and trenching work during the northern hemisphere summer.
Conceptual 3D Mining layout from February 2021 Scoping Study (Lac Carheil Project formerly named Lac Rainy Project)
The Lac Carheil Graphite Project is located in eastern Quebec, Canada, a tier 1 mining jurisdiction with access to excellent infrastructure, including hydroelectric power facilities. The project hosts an existing JORC 2012 mineral resource of 13.3 million tons (Mt) @ 11.5 percent graphitic carbon, which was announced in 2020 and a scoping study was completed and reported on in early 2021. Battery test work followed, in Germany, and this demonstrated the Lac Carheil Graphite concentrate could be shaped, purified, coated and used in battery applications with excellent results. Given the above work, the company carried out further field work, recently announcing exceptionally high-grade sampling results from 80 samples on 10 identified graphitic trends across the property. This included a sample containing 63 percent graphitic carbon, and 10 samples containing over 20% Cg. The average grade of the sampling was 11% Cg, which is comparable to the current high-grade resource. The combined strike length of the identified high-grade graphitic zones is over 36 kms. This compares to just 1 km of drilling on 1.6 kms of graphite trend that was utilised to obtain the existing resource. The potential for expanding and upgrading the existing resource remains enormous.
Figure 4 –Lac Carheil Graphite Project - Electromagnetic imagery outlining graphite trends and the resource
Additional drilling and development studies are either planned or are already underway, including a pre-feasibility study for a high grade Flake graphite concentrate product – which has commenced and a downstream purification options assessment and a scoping study for a battery anode facility in North America, which has been contracted. The company also announced it is contract ready for its planned drilling program and will fast-track the program as soon as permits are received from the Quebec regulator.
Figure 5 – The Corvette Projects in the James Bay region of Canada. Prospective for Lithium, Gold & Silver
The Warrambie project is located in the Pilbara region of Western Australia. It is 20 kms west of the Andover Lithium discovery (Azure Minerals (ASX:AZS). Metals Australia has completed geophysical surveys across the area and is identifying targets for further field exploration and drilling.
Metals Australia acquired the tenements as part of a package purchased from Payne Gully Gold in 2022. The company’s tenements include a granted exploration license (E32725) directly along strike to the east of the Warrego copper-gold deposit, which has a production of 1.45 Million Ounces of gold at 8 grams per tonne and over 90,000 tonnes of Copper at 2%. The Warrego mine operated from the late 1950’s through until 1989. It was found under sedimentary cover. The area and this land package is under detailed review utilizing available geophysical surveys. The company aims to identify further targets hidden under shallow sediment cover.
The Murchison tenements were also acquired as part of the Payne Gully Gold transaction. Metals Australia owns exploration licenses at the Murchison gold project, which is adjacent to the >5 million ounces (Moz) Big Bell gold deposit. The company plans to conduct detailed magnetics and gravity surveys to test for extensions and repeats of high-grade gold deposits.
A Mining Engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in Executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby is a finance and governance professional with over 20 years experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to a number of publicly listed entities through exploration, project development through to the production stage. Tanya is a member of the Institute of Chartered Accountants, Member of the Governance Institute of Australia and a Graduate Member of the Institute of Company Directors.
Michael Muhling has over two decades of experience in the resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
John Dugdale is a geologist with over 35 years of experience in the discovery and development of graphite, lithium, gold, nickel and copper projects. His corporate experience includes serving as a director and CEO of several junior resource companies focused on nickel-cobalt, graphite and copper-gold projects. Additionally, he has experience in funds management with Lion Selection Group.
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs has over 20 years of experience in the mining and engineering sector. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX:CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Rachelle holds non-executive board positions at Quebec Lithium and Access Plus WA Deaf.
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for lithium, gold and copper-gold discoveries.
Visit Metals Australia Limited (ASX: MLS) at Booth #2333 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025.
About Metals Australia Limited
Metals Australia Ltd has a proven track record of Critical Minerals and metals discovery and has a quality portfolio of advanced exploration and pre-development projects in the highly endowed and well-established mining jurisdictions of Quebec, Canada; Western Australia and the Northern Territory of Australia.
The Company is focused on the exploration and development of its flagship Lac Carheil high-grade flake-graphite project in Quebec - a high-quality project which is well placed for the future delivery of premium, battery-grade graphite to the North American lithium-ion/EV battery market, and other flake-graphite products. An extensive drilling program to expand the project Mineral Resource and already commenced prefeasibility study work are both expected to be completed during 2025.
Metals Australia is also advancing its Gold, Base Metals, and lithium exploration projects in the world-class James Bay region of Quebec at the Corvette River Project. The Company has identified 3 gold mineralised corridors – as well as lithium-bearing pegmatites immediately along strike from Patriot Battery Metals' world-class lithium pegmatite discoveries. Further exploration work to advance the gold projects is also anticipated in 2025.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 26,000 attendees in person in 2024, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.
We look forward to seeing you there.
For further information:
Metals Australia Limited
Mr Paul Ferguson
+61 8 9481 7833
investors@metalsaustralia.com.au
https://metalsaustralia.com.au/
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With a flagship project in Quebec—one of the world’s top mining jurisdictions—and a seasoned management team, E-Power Resources is well-positioned to strengthen the North American graphite supply chain and deliver strong investment potential.
E-Power Resources (CSE:EPR) is a battery materials exploration and development company strategically focused on unlocking new graphite resources to meet the accelerating demand driven by electric vehicle (EV) adoption.
Graphite is the dominant material used in the anodes of lithium-ion batteries, making it essential to the EV supply chain. As global EV production scales, demand for battery-grade graphite is expected to outpace current supply, creating a compelling market opportunity. Benchmark Mineral Intelligence is forecasting a 140 percent increase in graphite demand. E-Power is well-positioned to leverage this rapidly expanding market and become a key domestic supplier of this critical mineral.
In addition to its role in batteries, graphite is a foundational material for multiple industrial applications—from foundries to lubricants—further highlighting the importance of securing a reliable, scalable supply.
E-Power Resources offers investors direct exposure to the rapidly expanding battery materials sector, supported by strong market fundamentals, a focus on critical minerals, and a clear path to value creation.
The company’s flagship asset, the Tetepisca Project, spans 12,620 hectares within the emerging Tetepisca Graphite District, poised to become one of North America’s largest sources of graphite. Strategically located approximately 200 kilometers from Innovation et Développement Manicouagan’s (IDM) planned 200,000-ton-per-year battery anode facility in Baie-Comeau, Quebec, E-Power is ideally positioned to supply high-quality graphite to this major downstream user. The proximity to Baie-Comeau also provides direct access to maritime shipping routes, facilitating efficient transport to European and North American battery manufacturing hubs.
E-Power is led by an experienced management team with deep expertise in geology, corporate finance, and capital markets within the mining sector. The team is committed to advancing the Tetepisca Project and establishing E-Power Resources as a key North American supplier of graphite, a critical material in the global energy transition.
The Tetepisca Graphite Project comprises 230 claims totaling 12,620 hectares in the emerging mining-friendly jurisdiction of the Tetepisca Graphite District in Québec. The project is strategically located approximately 215 kilometers from Innovation et Développement Manicouagan’s planned 200,000-ton-per-year battery anode manufacturing facility in Baie-Comeau, providing potential for future supply agreements. Baie-Comeau also offers port facilities with maritime links to European and North American battery production markets.
2024 Exploration Program Highlights
James Cross is a seasoned management consultant with international capital markets experience across North America, Europe, the Middle East, and South Asia. From 2012 to 2017, he served as President and CEO of Canadian Gold Resources, which was acquired by Colibri Resources (TSXV:CBI) in a $4 million share transaction. He has also held leadership roles with Adroit Resources and advised numerous resource companies. Cross holds a B.Sc. in Management from Tulane University’s A.B. Freeman School of Business.
Jamie Lavigne is a professional economic geologist with over 30 years of experience in exploration and mine development. He has worked with major Canadian and Australian mining companies and several junior explorers and operates his own consulting firm. Lavigne holds a B.Sc. from Memorial University and an MSc. from the University of Ottawa. He is a member of L’Ordre des Géologues du Québec and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists.
Paul Haber brings over 20 years of experience in corporate finance and capital markets. He has served as CFO, board member, and audit chair for numerous public and private companies, including XTM (CSE:PAID), South American Silver (TSX:SAC), and Migao Corporation (TSX:MGO). A CPA and CA, Haber began his career at Coopers & Lybrand and holds an Honours B.A. in Management from the University of Toronto. He also holds a Chartered Director designation from the DeGroote School of Business and the Conference Board of Canada.
