Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .
As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").
The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a)Â submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b)Â promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c)Â another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.
Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."
Key Terms and Conditions of the MOU
Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.
The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.
The Government has agreed in the MOU, among other things, to:
In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:
The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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SOURCE Energy Fuels Inc.
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Council of Ministers gives U.S.-based Energy Fuels the 'green light' to continue development of its world-class Toliara titanium, zirconium and rare earth elements project
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REEs "), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar has lifted the suspension (the " Suspension ") of the Company's 100%-owned Toliara critical minerals project (the " Toliara Project "). The Suspension was imposed by the Government in November 2019 . In October 2024 Energy Fuels acquired Base Resources and the Toliara Project.
Mark S. Chalmers , President and CEO of Energy Fuels stated:
"The lifting of the suspension by the Malagasy Government is a very significant step in the development of the Toliara rare earths, titanium, and zirconium project. The Company can now re-commence development and other technical activities on the ground, which are expected to include the re-establishment of the Company's social programs, additional mine planning and engineering, expanding the critical mineral resource base, as well as progressing any other legal activities necessary to progress the Toliara Project and achieve a positive financial investment decision.
"Having closely evaluated countless mining projects around the world during my 45-year career, I believe the Toliara Project is truly a 'generational' mining project, having the potential to provide the U.S. and the rest of the world with large quantities of critical minerals for many decades, including rare earth elements which we plan to process at our existing facility in the U.S.
"We also believe the Toliara Project has the strong potential to be a 'crown jewel' of Madagascar's future economy, a leader in the global clean energy transition, and a model for sustainable mining in Africa , harnessing the principles and practices established and refined by Base Resources over 11 years operating the Kwale titanium and zirconium operation in Kenya . Energy Fuels acquired Base Resources this past October, including its well-regarded management and operations team which remains in place.
"We look forward to growing our partnership with the Government of Madagascar as we formalize the fiscal and other terms applicable to the project, move forward with development activities, and rapidly progress Toliara towards operation for the benefit of our host communities, the nation of Madagascar , and our shareholders."
Lifting the Suspension
The Toliara Project currently holds a mining permit that allows production of titanium and zirconium minerals, including ilmenite, rutile and zircon. In 2019, development activities at the Project were suspended by the Government of Madagascar , pending negotiation of fiscal and other terms applicable to the Toliara Project.
Now that the Government has lifted the suspension, the Company can recommence development and investment in the Project, re-establish community and social programs, and advance the technical, environmental and social activities necessary to achieve a positive Financial Investment Decision (" FID "), which the Company expects to make in early 2026.
While the Project is progressing towards a FID, the Company will continue working with the Government of Madagascar to formalize the fiscal, stability and other terms applicable to the project, including the addition of rare-earth element production to the existing mining permit, through a memorandum of understanding, an investment agreement, amendments to existing laws and other mechanisms as appropriate.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands (" HMS "), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations primarily managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the potential to provide the U.S. and the rest of the world with large quantities of titanium, zirconium, REEs and other materials for decades or at all; any expectation that the Toliara Project has the strong potential to be a 'crown jewel' of Madagascar's future economy, a leader in the global clean energy transition or a model for sustainable mining in Africa , or that it will adopt the proven approaches from the Company's Kwale Operation in Kenya ; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the project through a memorandum of understanding, an investment agreement, amendments to existing laws and other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; and any expectation that the Toliara Project will be developed. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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SOURCE Energy Fuels Inc.
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"We invite all stakeholders to join us in our upcoming November 1, 2024, earnings call, details of which are below, to learn more about these exciting achievements."
Q3-2024 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Capitalizing on Strong Uranium Pricing:
Rare Earth Element Production Milestones:
Heavy Mineral Sands:
Vanadium Highlights:
Medical Isotope Highlights:
Mr. Chalmers continued:
"During the quarter, we achieved numerous additional milestones to bring the Energy Fuels' vision to fruition for our innovative, low-cost, U.S.-centered critical mineral supply chain. As previously announced, shortly after the close of the quarter, we successfully completed our acquisition of Base Resources. This is a major piece of our strategic puzzle, bringing to the Company the Base Resources management and operations team and the world-class Toliara Project in Madagascar, which is considered by industry experts to be one of the best HMS projects in the world. With the Toliara Project, our joint venture on the Donald Project in Australia, and our 100% ownership of the Bahia Project, we have secured a leading position in the titanium and zirconium mineral industry, in addition to a low-cost source of REE feedstock that will be processed in the United States.
"These developments have the potential to transform Energy Fuels into a world leader in titanium, zirconium, and rare earth elements production, while maintaining our position as a U.S. leader in uranium and vanadium production. All these materials are critical to the global energy transition and to our vision of creating a leading diversified critical minerals company."
Conference Call and Webcast at 10:00 AM MT (12:00 pm ET) on November 1, 2024:
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Selected Summary Financial Information:
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production or gross profits or gross margins; any expectation as to future sales or sales prices; any expectation that the Company will be profitable; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the Company will achieve its business objective of becoming a long-term, profitable U.S. critical minerals company; any expectation that Energy Fuels will be successful in expanding its U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any facilities or other initiatives and the expected production capacity associated with any such production capabilities; any expectation that the Mill's REE products will meet commercial expectations or result in commercial offtake agreements; any expectation that the Company will update the Mill PFS to increase throughput of the planned Phase 2 separation circuit; any expectation that the Company's planned Phase 2 separation facility will complete engineering design and will receive all required permits and licenses on a timely basis or at all; any expectation that the Company is well-stocked to capture market opportunities; any expectation that the Bahia Project, Donald Project and/or Toliara Project will be low-cost sources of monazite feed for the Mill and/or also potentially produce significant standalone cashflow from the sale of ilmenite, rutile, zircon and other minerals; any expectation as to the exploration program to be conducted at the Bahia Project during 2024; any expectation that the Company will complete an S-K 1300 and NI 43-101 compliant mineral resource estimate for the Bahia Project during 2024, or otherwise; any expectation that a FID will be made on the Donald Project or that the Company will earn its full 49% interest in the Donald JV; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project or Mill will be world or globally competitive; any expectation that the Base Resources team will continue to have a successful track-record of designing, constructing, and profitably operating any of the Company's HMS projects; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the additional permits for the recovery of Monazite at the Toliara Project will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; any expectation about the long-term opportunity in REEs; any expectation that the Company will be globally competitive in its markets; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; and any expectation as to future uranium, vanadium, HMS or REE prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara Project; the failure of the Company to provide or obtain the necessary financing required to develop the Toliara Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
1 The information relating to the Donald Project's estimated monazite production is based on the Donald DFS prepared on June 27, 2023. This study constituted a "Feasibility Study" for the purposes of JORC, and the Ore Reserves underpinning this study were estimated in accordance with JORC. The results from this study may not be comparable to (as the case may be) data or estimates under either NI 43-101 or S-K 1300– see disclosure under "Technical Information."
Jindalee will be attending the PDAC Convention in Toronto, Canada over 2-5 March 2025
Jindalee will present to a North American investor audience at Redcloud's 13th annual Pre-PDAC Mining Showcase in Toronto over 27-28 February 2025
Redcloud is a Canadian-based investor relations group specialising in the junior resources sector
Jindalee Lithium Limited (ASX: JLL) (OTCQX: JNDAF) (Jindalee, the Company) is pleased to announce that the Company will participate in both the Prospectors and Developers Association of Canada (PDAC) Convention and the Pre-PDAC Mining Showcase, hosted by Redcloud Financial Services Inc. (Redcloud), a globally oriented resource focused financial services platform.
Jindalee can be found at booth 2606 in the Investors Exchange Exhibition Room at the PDAC Convention which will be attended by Jindalee's Chief Executive Officer, Ian Rodger. PDAC, regarded as one of the world's premier resources conferences, will run from Sunday, 2 March 2025 until Wednesday, 5 March 2025 at the Metro Toronto Convention Centre in Ontario, Canada.
Jindalee is also participating in Redcloud's Pre-PDAC Mining Showcase at the Omni King Edward Hotel in Toronto over Thursday 27 and Friday, 28 February 2025. Ian will be presenting at the Pre-PDAC Mining Showcase at 4.00pm local time on Friday, 28 February 2025. Jindalee will also be available to engage with investors in one-on-one meetings at the Pre-PDAC Mining Showcase and encourages interested investors to register for the event.
Jindalee looks forward to updating the North American mining and investment communities on progress at its 100% owned McDermitt Lithium Project which hosts one of the largest lithium resources in the U.S. The Pre-Feasibility Study at McDermitt, released in November 2024, outlines a highly robust multi-generational battery chemicals project1.
To register for the PDAC Convention visit here: https://pdac.ca/convention-2025/attending-2025/registration-2025
For more information and to register for the Pre-PDAC Conference please visit: https://redcloudfs.com/prepdac2025/
Authorised for release by the Jindalee Board of Directors. For further information please contact:
| LINDSAY DUDFIELD | IAN RODGER |
| Executive Director | Chief Executive Officer |
| T: + 61 8 9321 7550 | T: + 61 8 9321 7550 |
| E: enquiry@jindaleelithium.com | E: enquiry@jindaleelithium.com |
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About Jindalee
Jindalee Lithium is an Australian company focused on developing the McDermitt Lithium Project, one of the largest lithium resources in the U.S. With 100% ownership and unencumbered offtake rights, Jindalee is strategically positioned to support America's energy security and domestic supply of critical minerals. The Company recently completed a Pre-Feasibility Study (PFS) confirming McDermitt's scale, long-life, and low-cost production potential, with strong engagement from U.S. government agencies, including the Department of Energy and Department of Defense. As a deeply undervalued lithium developer, Jindalee presents a compelling investment opportunity ahead of the next lithium market upcycle.
Competent Persons Statement
The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Jindalee Lithium Limited referenced in this report and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Forward-Looking Statements
This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee Lithium Limited's (Jindalee's) current expectations, estimates and projections about the industry in which Jindalee operates, and beliefs and assumptions regarding Jindalee's future performance. When used in this document, the words such as "anticipate", "could", "plan", "estimate", "expects", "seeks", "intends", "may", "potential", "should", and similar expressions are forward-looking statements. Although Jindalee believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forward-looking statements.
________________________
1Jindalee Lithium ASX announcement 19/11/2024: "McDermitt Lithium Project Pre-Feasibility Study"
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241723
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(TheNewswire)
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VANCOUVER, BC TheNewswire - FEBRUARY 20 th 2025 American Salars Lithium INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces its attendance at the upcoming Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025. The Company encourages attendees to meet the American Salars team at Booth #3210 in the Investor's Exchange.
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 .
American Salars CEO & Director R. Nick Horsley states, "We are looking forward to showcasing our portfolio of Lithium assets and connecting with the investment community."
Stock Options
The Company announces that it has granted a total of 1,670,000 stock options ("Options") to purchase common shares of the Company to certain consultants pursuant to the Company's Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0.14 per common share for a period of twelve months from the date of grant.
Shares For Debt
The Company announces it has settled with certain creditors of the Company (the " Creditors ") to settle a debt of $410,622.58 owing to the Creditors through the issuance to the Creditors of an aggregate of 2,933,018 common shares (each, a " Share ") at a price of $0.14 per Share (the " Shares for Debt Transaction "). Â One Creditor included in the debt transaction to settle an aggregate of $23,625 of debt owing to a corporation owned by Daryn Gordon, the Company's Chief Financial Officer is considered a "related party transaction" . The shares for debt transaction represents a complete settlement of the debt owing in respect to the CFO services provided to the Company by Mr. Gordon.
MI 61-101 Disclosure – Shares for Debt
The proposed issuance of shares referenced herein will be considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The issuance of shares will be completed in reliance on exemptions available under MI 61-101 from the formal valuation and minority approval requirements of MI 61-101. Specifically, the Shares for Debt Transaction will be exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the Company, is not listed on a specified market within the meaning of MI 61-101. Additionally, the issuance is exempt from the minority approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(a) of MI 61-101 insofar as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the shares exceeds 25% of the Company's market capitalization.
The debt settlement will not create a new control person in the settlement. The Company wishes to complete the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. The debt settlement transaction is subject to the approval of the Canadian Securities Exchange (the " CSE ") and pursuant to the policies of the CSE, the Shares are subject to a hold period of four months from the date of issuance.
Additionally, the Company has terminated its Isla property option.
ABOUT AMERICAN SALARS
American Salars Lithium is an exploration company focused on acquiring and developing high-value battery metals projects to meet the growing global demand for a green energy transition. The Company has a diversified portfolio of Lithium Brine and Hardrock Lithium Projects throughout North and South America.
All Stakeholders are encouraged to follow the Company on its social media profiles on , , TikTok , and Instagram .
On Behalf of the Board of Directors,
" R. Nick Horsley "
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
Phone: 604.740.7492
E-Mail: info@americansalars.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the official commencement of the maiden drill program at the Company's Radar Titanium-Vanadium (Ti-V) Project.
Drilling Commenced at Radar Titanium-Vanadium (Ti-V) Project in Labrador, Canada:
The Radar drill program is advancing at a strong pace as the team is currently drilling the 5 th of 7 planned drill holes in the Hawkeye zone. To date, the team has drilled over 1,000 meters of rock through the magnetic anomaly as identified the geophysical survey completed in Q4 2024 (see Figure 5 below).
Gladiator Drilling has been moving efficiently and effectively, not only through the rock with several 100+m of core drilled in a single shift, but also with well executed and clean drill moves.
"The rock has been great to drill through. The shear amount of magnetite in the rock has made for soft yet highly competent rock, with very high core recovery," stated Josh Blundell, Owner & Operator of Gladiator Drilling.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: " The magnetic inversions have been amazingly accurate. Our first hole was plotted to start right in the center of the magnetic anomaly, and I've been able to predict our intercepts with 10-20m accuracy based upon the inversion and surface structural measurements. The only surprise the team has had is with just how much magnetite is present in the system, both as groundmass and layering. I was expecting more silica rich/magnetite depleted zones between each geophysical high but what we have found is that the whole thing is full of magnetite. Its pretty remarkable. Additionally, our biggest intercept of magnetite layering was 150m long, with the most impressive being a 25m section containing at least 62 individual magnetite bands varying from 3 to 10 inches in width. It's easy to get excited when you see something like that, especially when you have both the geochemical and petrographic evidence that both the titanium and vanadium are hosted in the magnetite."
Figure 1: Magnet pen standing straight up on core from SAGA's Radar Titanium-Vanadium project demonstrating its highly magnetic composition
Figure 2: Newfoundland Helicopters slings in the floor of Gladiator's diamond drill
Figure 3: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Figure 4: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Key Maiden Drill Program Highlights:
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 5: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to announce its plans for the 2025 summer exploration program in Greenland as well as a mineral license expansion of the Paamiut project.
Mr. Killian Charles, President and CEO of BRW, commented: "Following strong metallurgical results and the start of drilling at the Mirage Project in Quebec, we are delighted to announce assay results from the Ivisaartoq discovery near Nuuk, the capital of Greenland. The assays confirm the presence of spodumene throughout the discovery dyke and demonstrates that it is part of an evolved trend which will require significant additional work to fully realize its potential. This highly prospective trend remains underexplored with dozens of pegmatites yet to be visited.
We are also very pleased and thankful for the Greenlandic Government's efforts in locating the original document that identifies the location of an unconfirmed historical spodumene showing, first identified in 1972 and wholly located within our Paamiut Project. In light of this new showing, we have significantly increased our licenses in the Paamiut region.
Brunswick Exploration is now one of the largest mineral license holders in Greenland and is the only company exploring for lithium, leveraging its first mover advantage in the country. With a strong mining regime alongside prospective geology and excellent outcrop exposure, we believe 2025 will be a key year for lithium in Greenland as we launch one of the largest regional exploration initiatives in the country."
2025 Greenland Summer Program
BRW will launch an aggressive regional-scale prospecting and mapping initiative on its extensive Greenland portfolio beginning in mid-June, using 4 crews and 2 helicopters for six weeks. In June, one team will focus on detailed mapping and sampling around the Ivisaartoq discovery and surrounding areas while the other will focus on the expanded Nuuk and Paamiut licenses. Starting in July, one team will focus on follow-up prosecting at the Nuuk and Paamiut projects based on results from June while the other team will focus on the recently acquired Disko Bay and Uummannaq projects (see news release of November 7, 2024). Results from the first six weeks will be used to plan advanced exploration programs in August and September 2025, across the entire portfolio.
Ivisaartoq Discovery Results
The company has received grab sample assays from its discovery dyke producing up to 2.40 % Li 2 O (Figure 1). The lithium-bearing dyke is within an evolved trend measuring roughly 3 kilometers by 1.5 kilometers and remains open in all directions with low Mg/Li and K/Rb ratios. To reiterate, the 2024 first pass prospecting focused on rapidly producing portable XRF K/Rb analysis on potassium feldspar crystals while the 2025 second pass will focus on detailed mapping and further sampling in the anomalous area. As these pegmatites are kilometric in scale, they will require systematic sampling and detailed mapping.
For whole rock analysis, the Mg/Li ratio is much more indicative of a favorable Li bearing outcrop or trend than field-generated feldspar K/Rb ratios. Mg/Li ratios in whole rock samples of
Figure 1: Ivissartoq Discovery Area - Lab Results
Historical Paamiut Lithium Reference Uncovered
As referenced in the press release dated October 30 th , 2024, a 10-kilometer greenstone belt hosted an unconfirmed and geographically uncertain historical database spodumene showing with a reported assay of 1.23% Li 2 O from the early 1970s. After numerous discussions with the Geological Survey of Denmark and Greenland (GEUS), an accurate location for the showing was ascertained to be roughly 4 kilometers from the previous incorrect location in the database. The area contains several dozen pegmatites which have been never been prospected. During the 2024 first pass, the Company sampled an evolved pegmatite (based on K/Rb) roughly 1 kilometer from the revised location of the historical lithium assay (Figure 2). The company is eager to visit this area in 2025 and has expanded its Paamiut land holdings accordingly.
Figure 2: Paamiut pXRF Data and Historical Lithium Showing
Paamiut Staking
The new licenses are located roughly 90 to 130 km from the coastal town of Paamiut, which is approximately 260 km south of the capital Nuuk (Figure 3). Paamiut is home to roughly 1,300 people. The new license area lies within the North Atlantic Craton specifically within the Bjornesund tectonic block. This block is composed of tonalitic and granodioritic orthogneiss as well as favourable Mesoarchean metavolcanic amphibolite belts. The North Atlantic Craton extends westwards into northern Labrador, Canada and eastwards into eastern Greenland.
Multiple metavolcanic amphibolite belts were acquired that are up to roughly 1.5 kilometers in width and 15 kilometers in strike length. The new claims have numerous mapped and interpreted pegmatite targets including nine that are between 500 and 900 meters in strike length for a total new license area of 20,785 hectares. Licences applications have been submitted and are awaiting government final approval.
Figure 3: 2025 Paamiut License Area
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager, Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Newfoundland and Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland including the Mirage Project.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@BRWexplo.com )
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d03331a-41f6-4519-b51f-e296544fddc8 Â
 https://www.globenewswire.com/NewsRoom/AttachmentNg/9e0dadac-f236-423c-bfc4-30200301dfa8 Â
 https://www.globenewswire.com/NewsRoom/AttachmentNg/306a6938-c621-45c7-8bc8-2e32a3cbf378
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to announce its plans for the 2025 summer exploration program in Greenland as well as a mineral license expansion of the Paamiut project.
Mr. Killian Charles, President and CEO of BRW, commented: "Following strong metallurgical results and the start of drilling at the Mirage Project in Quebec, we are delighted to announce assay results from the Ivisaartoq discovery near Nuuk, the capital of Greenland. The assays confirm the presence of spodumene throughout the discovery dyke and demonstrates that it is part of an evolved trend which will require significant additional work to fully realize its potential. This highly prospective trend remains underexplored with dozens of pegmatites yet to be visited.
We are also very pleased and thankful for the Greenlandic Government's efforts in locating the original document that identifies the location of an unconfirmed historical spodumene showing, first identified in 1972 and wholly located within our Paamiut Project. In light of this new showing, we have significantly increased our licenses in the Paamiut region.
Brunswick Exploration is now one of the largest mineral license holders in Greenland and is the only company exploring for lithium, leveraging its first mover advantage in the country. With a strong mining regime alongside prospective geology and excellent outcrop exposure, we believe 2025 will be a key year for lithium in Greenland as we launch one of the largest regional exploration initiatives in the country."
2025 Greenland Summer Program
BRW will launch an aggressive regional-scale prospecting and mapping initiative on its extensive Greenland portfolio beginning in mid-June, using 4 crews and 2 helicopters for six weeks. In June, one team will focus on detailed mapping and sampling around the Ivisaartoq discovery and surrounding areas while the other will focus on the expanded Nuuk and Paamiut licenses. Starting in July, one team will focus on follow-up prosecting at the Nuuk and Paamiut projects based on results from June while the other team will focus on the recently acquired Disko Bay and Uummannaq projects (see news release of November 7, 2024). Results from the first six weeks will be used to plan advanced exploration programs in August and September 2025, across the entire portfolio.
Ivisaartoq Discovery Results
The company has received grab sample assays from its discovery dyke producing up to 2.40 % Li 2 O (Figure 1). The lithium-bearing dyke is within an evolved trend measuring roughly 3 kilometers by 1.5 kilometers and remains open in all directions with low Mg/Li and K/Rb ratios. To reiterate, the 2024 first pass prospecting focused on rapidly producing portable XRF K/Rb analysis on potassium feldspar crystals while the 2025 second pass will focus on detailed mapping and further sampling in the anomalous area. As these pegmatites are kilometric in scale, they will require systematic sampling and detailed mapping.
For whole rock analysis, the Mg/Li ratio is much more indicative of a favorable Li bearing outcrop or trend than field-generated feldspar K/Rb ratios. Mg/Li ratios in whole rock samples of
Figure 1: Ivissartoq Discovery Area - Lab Results
Historical Paamiut Lithium Reference Uncovered
As referenced in the press release dated October 30 th , 2024, a 10-kilometer greenstone belt hosted an unconfirmed and geographically uncertain historical database spodumene showing with a reported assay of 1.23% Li 2 O from the early 1970s. After numerous discussions with the Geological Survey of Denmark and Greenland (GEUS), an accurate location for the showing was ascertained to be roughly 4 kilometers from the previous incorrect location in the database. The area contains several dozen pegmatites which have been never been prospected. During the 2024 first pass, the Company sampled an evolved pegmatite (based on K/Rb) roughly 1 kilometer from the revised location of the historical lithium assay (Figure 2). The company is eager to visit this area in 2025 and has expanded its Paamiut land holdings accordingly.
Figure 2: Paamiut pXRF Data and Historical Lithium Showing
Paamiut Staking
The new licenses are located roughly 90 to 130 km from the coastal town of Paamiut, which is approximately 260 km south of the capital Nuuk (Figure 3). Paamiut is home to roughly 1,300 people. The new license area lies within the North Atlantic Craton specifically within the Bjornesund tectonic block. This block is composed of tonalitic and granodioritic orthogneiss as well as favourable Mesoarchean metavolcanic amphibolite belts. The North Atlantic Craton extends westwards into northern Labrador, Canada and eastwards into eastern Greenland.
Multiple metavolcanic amphibolite belts were acquired that are up to roughly 1.5 kilometers in width and 15 kilometers in strike length. The new claims have numerous mapped and interpreted pegmatite targets including nine that are between 500 and 900 meters in strike length for a total new license area of 20,785 hectares. Licences applications have been submitted and are awaiting government final approval.
Figure 3: 2025 Paamiut License Area
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager, Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Newfoundland and Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland including the Mirage Project.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@BRWexplo.com )
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d03331a-41f6-4519-b51f-e296544fddc8 Â
 https://www.globenewswire.com/NewsRoom/AttachmentNg/9e0dadac-f236-423c-bfc4-30200301dfa8 Â
 https://www.globenewswire.com/NewsRoom/AttachmentNg/306a6938-c621-45c7-8bc8-2e32a3cbf378
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