Saga Metals Corp. (“Saga” or the “Company”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that it has filed and obtained a receipt for its final long form prospectus dated July 11, 2024 (the “Prospectus”) in respect of its initial public offering (the “Offering”) from the securities regulatory authorities in British Columbia, Alberta and Ontario.
“This milestone marks a significant step forward for SAGA as we continue to expand our presence in the critical minerals sector,” stated Mike Stier, CEO & Director of Saga Metals Corp. He continued, “The TSXV listing is expected to enhance the Company’s visibility and accessibility to a broader base of investors, providing increased liquidity and support for our growth initiatives.”
Key Highlights for Investors:
SAGA Metals Corp. is committed to maintaining high standards of corporate governance and transparency as it transitions to becoming a publicly listed company. This development will support the company’s ongoing efforts to discover and develop critical mineral resources in North America.
Please refer to the Prospectus, and the Company’s press release of July 15, 2024 (each available under the Company’s profile at www.sedarplus.ca) for more information about the Offering.
SAGA Metals Investment Highlights:
Focused on North America's Critical Mineral Strategy – SAGA Metals is strategically concentrating on North America's “Critical Mineral Strategy” with operations in two highly favorable jurisdictions: Labrador and Quebec, Canada.
Map of SAGA Metals Projects
Diversified Critical Mineral Portfolio – SAGA’s portfolio spans five critical minerals across five projects of merit:
Key Project Highlights:
Double Mer Uranium Project
Regional map of the Double Mer Uranium Project in Labrador, Canada
Legacy Lithium Project
A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
Amirault Lithium Project
Radar Titanium & Vanadium Project
North Wind Iron Ore Project
Management and Future Prospects
SAGA boasts an experienced management team with expertise in capital markets and geology. The team focuses on maintaining a strong capital structure and acquiring quality projects based on robust geological assessments.
Upcoming Catalysts for Shareholders
Numerous catalysts are expected over the next 12 months as SAGA’s geological team has mobilized its summer exploration programs with news anticipated across all of SAGA’s projects in the coming weeks.
The Offering is being made on a best-efforts basis led by Research Capital Corporation, as sole agent and bookrunner (the “Agent”). Interested parties who wish to participate in the Offering should ask their investment advisor to contact the Agent for more information about the Offering and selling group participation at:
Jovan Stupar
email: jstupar@researchcapital.com; phone: 604-662-1808
Savio Chiu
email: schiu@researchcapital.com; phone: 778-373-4088
In connection with the Offering, SAGA has received conditional approval from the TSX Venture Exchange (the “TSXV”) for listing of the Company’s common shares subject, to the fulfillment of the TSXV’s final listing requirements. Once final approval is received, the Common Shares will commence trading under the symbol “SAGA”.
The Company anticipates closing of the Offering to occur on or about July 29, 2024, subject to satisfaction of certain closing conditions, including, but not limited to satisfaction of the approval conditions of the TSXV for the listing of the common shares, among other things.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
To learn more about the Company’s projects visit the projects page here and corporate video here.
To access the company’s corporate presentation, select here.
A Media Snippet accompanying this announcement is available by clicking on this link.
About SAGA Metals Corp.
SAGA Metals Corp. is a North American mining company specializing in the exploration and discovery of critical minerals to advance the global green energy transition. The company's flagship asset is the Double Mer Uranium project, covering 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear trend averaging approximately 500 meters in width, with a confirmed 14 km section containing samples up to 4,281 ppm U3O8 and readings of 21,000 cps on a spectrometer.
SAGA Metals' primary additional asset is the Legacy Lithium Property located in Quebec's Eeyou Istchee James Bay region. This property is part of a partnership with Rio Tinto and includes the acquisition of the Amirault Lithium property. Together, these projects cover 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province.
The company also holds two secondary assets focused on titanium, vanadium, and iron ore discovery in Newfoundland and Labrador, Canada.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Persons
Michael Cullen, P. Geo., and Rochelle Collins, P. Geo., of Mercator Geological Services Limited are each a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and have reviewed and approved the scientific and technical content of this news release regarding the Double Mer Uranium Property.
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI 43-101 and has reviewed and approved the scientific and technical content of this news release regarding the Legacy Lithium Property
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.
Disclaimer Regarding Forward-Looking Statements
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 proposed Offering, TSXV listing and the Company’s plans with respect to its mineral exploration properties. 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, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company’s 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.
A diversified critical minerals exploration company backed by a significant partnership with Rio Tinto (NYSE:RIO) paving the way for strategic exploration of both uranium and lithium, Saga Metals offers a compelling investment opportunity in the global green energy transition.
Saga Metals is a mineral exploration company focused on the acquisition and exploration of mineral assets in Canada. It explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. The company completed its initial public offering on September 23, 2024 with a subsequent listing on the TSX Venture Exchange.
Saga Metals has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
Uranium ore from the Double Mer uranium project
The Legacy lithium project in James Bay, Quebec, is the subject of a CAD $44M joint venture option agreement with Rio Tinto Exploration Canada, signed in June 2024. Under the agreement, Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy over a period of four years.
This JV allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador.
The Double Mer uranium project is a 1,024 claim spanning 25,600 hectares in eastern central Labrador, 90 km north east of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea. The project has seen millions of dollars worth of exploration from 1970 to 2008, and features a 10-person winterized camp. A detailed geophysical and radiometric survey, which was supported by field work, demonstrates the Double Mer property extends beyond 14 km of strike, with elevated uranium samples and CPS readings. Longer term plans include developing the project for the potential takeover by a major, similar to the recent acquisition of Fission Uranium by Paladin Energy for $1.2 billion.
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The property is subject to the Rio Tinto partnership and the Amirault lithium property acquisition. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province. James Bay is within Quebec’s Plan Du Nord, which earmarks millions of dollars for development of Quebec’s northern infrastructure.
Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option period. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Saga Metals CEO Mike Stier cited the agreement as a “significant milestone in the company’s development,” providing the necessary capital for the exploration of the Legacy lithium project.
Saga Metals owns 100 percent of this 17,250 hectare land package with road access, only 10 km away from the coastal city of Cartwright, Labrador. The Radar project is prospective for titanium and vanadium, both critical minerals. Saga Metals is planning a $172,500 work program this field season to increase confidence in the identified mineralized zone as well as explore new prospective areas of the property.
Located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough, the North Wind iron project consists of 255 claim blocks under a single license. The mineral license comprises 6,375 hectares and contains eight historical drill holes which formed part of New Millennium Iron’s resource estimate 43-101 in 2013. The average grade of the drill holes, which now sit within the North Wind Iron property, was 21 percent iron over the complete eight drill holes that totaled 590 meters. Saga Metals is conducting a small boots-on-the-ground program, which it plans to progress into a drill program after confirmation of structural measurements of a prospective deposit.
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of Rektron Group Inc, LaFleur Minerals Inc, GoldHaven Resources Corp.
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Saga Metals Corp. (" TSXV: SAGA ") (" FSE: 20H" ) (" SAGA " or the " Company "), a North American exploration company focused on discovering critical minerals, is pleased to announce its plans for a maiden drill program at the Double Mer Uranium project.
Key Highlights for the maiden drill program at the Double Mer Uranium Project:
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90 km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, SAGA entered its 2024 field program with a solid foundation, enabling a focused approach to expand known uranium mineralization along an 18 km trend.
Throughout the 2024 field season, SAGA's team compiled and validated key data, which has strengthened confidence in the project's potential. This work has refined the understanding of the target zones, specifically supporting the decision to initiate drilling within the promising Luivik zone .
Regional map of the Double Mer Uranium Project in Labrador, Canada
SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador's Central Mineral Belt (CMB) , including Paladin Energy's Michelin and Atha Energy's CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage potential.
To advance from discovery toward resource definition, SAGA is launching a focused 1,500 to 2,500-meter drill program in the Luivik zone , aiming to confirm uranium concentrations and take initial steps in delineating the zone's uranium resources. This strategic drilling marks a critical step in positioning Double Mer as a significant project in the Labrador uranium landscape.
"We are incredibly excited to be starting the preparations for our maiden drill program, a key milestone for the company. The Luivik zone target is incredibly compelling and is born from our efforts over this past field season," stated Michael Garagan, CGO & Director of Saga Metals Corp. "We submitted our drilling permits early autumn in anticipation and now, with the recent closing of the second tranche from our IPO prospectus, SAGA can start to put plans in motion. The Luivik zone looks to contain a late-stage fluid enrichment to the already emplaced uraniferous pegmatites and conveniently is located proximal to our camp making for a logistically practical initial drill program in the winter months. This pragmatic approach gives our team high confidence in the Luivik zone, while our strategy will continue to develop additional tier one targets throughout the Nanuk and Katjuk zones heading into the spring. Our goal at Double Mer has always been to confirm the continuation of large tonnage reserves already proven to exist in Labrador."
The Double Mer Uranium property and its three zones as defined by the 2024 field season.
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U3O8%) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. This characteristic will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone's significant uranium potential, making it a top target for exploration.
The zone's favorable mineralogy is complemented by logistical advantages. Located just one kilometer from Double Mer's main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.
The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.
The Luivik zone boasts a width of 300 meters between samples with a cut-off of 150 ppm U3O8 and anomalous grades over 1,100 ppm U308 to a high of 3,692 ppm U3O8 in a single sample. The Uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of one km or greater.
Discovered later in the 2024 field season due to well-covered outcrops, the Luivik zone required extensive manual work to expose the bedrock beneath overburden. Unlike the Nanuk and Katjuk zones, which run along ridge lines with exposed outcrop, Luivik's more concealed setting initially limited visibility. However, scintillometer readings pinpointed highly anomalous areas throughout the zone, confirming its strong exploration potential. This discovery underscores Luivik as a promising target for SAGA's upcoming maiden drill program.
Luivik zone with detailed drone imagery inset of channel sample cross section perpendicular over zone expressing both rock and channel sample locations with CPS readings from R-125 Scintillometer
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
Qualified Persons
Peter Webster, P. Geo., of Mercator Geological Services Limited is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101 ") and has reviewed and approved the scientific and technical content of this news release regarding the Double Mer Property.
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.
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 plans with respect to drilling at its mineral exploration properties. 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, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company's 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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/64070cd4-dce2-419a-9ace-6b07f02dd90f
https://www.globenewswire.com/NewsRoom/AttachmentNg/56ed0904-8931-4ea8-9d49-4785dc1978a3
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5fbb1d2-5ac9-4ead-a896-2ff8d6c68348
https://www.globenewswire.com/NewsRoom/AttachmentNg/51c4e638-216b-480e-9e31-0bebf6d28705
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Mike Stier, Chief Executive Officer and Director, Saga Metals Corp. and Michael Garagan, Chief Geological Officer and Director, Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA), joined Rob Peterman, Chief Commercial Officer, Toronto Stock Exchange, to open the market to celebrate the company's new listing on TSX Venture Exchange.
SAGA is a diversified critical mineral exploration company focused on exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, features uranium radiometrics highlighting an 18 km trend, with a confirmed 14 km section producing samples as high as 4,281ppm U3O8 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. The Legacy 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. SAGA is strategically positioned to play an essential role in the clean energy future.
MEDIA CONTACT:
Mike Stier
Chief Executive Officer and Director
mike@sagametals.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228925
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Saga Metals Corp. ( TSXV: " SAGA ") ( FSE: " 20H ") (" SAGA " or the " Company "), a North American exploration company focused on critical mineral discovery in Canada, announces that it has completed the second and final tranche of its initial public offering (the " Offering "), raising aggregate gross proceeds of $1,116,460.68.
The Offering, which included exercise in full of the over-allotment option granted to Research Capital Corporation (the " Agent "), consisted of an aggregate of 554,250 hard dollar units (each, a " HD Unit ") at a price of $0.40 per HD Unit, 1,030,751 standard flow-through units (each, a " Standard FT Unit ") at a price of $0.48 per Standard FT Unit and 666,667 charity flow-through units (each, a " Charity FT Unit ") at a price of $0.60 per Charity FT Unit, all pursuant to the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024 (collectively, the " Prospectus ").
Each HD Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (each whole such warrant, an " HD Warrant "). Each HD Warrant will entitle its holder to purchase one common share in the capital of the Company (each, a " Warrant Share ") at a price of $0.60 per Warrant Share at any time until September 23, 2026. Each Standard FT Unit consists of a "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act "), and one-half of one transferable common share purchase warrant (each whole such warrant, a " Standard FT Warrant "), which Standard FT Warrant will qualify as a "flow-through share" as defined in subsection 66(15) of the Tax Act. The Standard FT Warrants will have the same terms as the HD Warrants and are exercisable into Warrant Shares. The Warrant Share underlying the Standard FT Warrant will not qualify as "flow-through shares" under the Tax Act. Each Charity FT Unit consists of a "flow-through share" as defined in subsection 66(15) of the Tax Act and one-half of one transferable common share purchase warrant (each whole such warrant, a " Charity FT Warrant "), which Charity FT Warrant will qualify as a "flow-through share" as defined in subsection 66(15) of the Tax Act. The Charity FT Warrants will have the same terms as the HD Warrants and Standard FT Warrants and are exercisable into Warrant Shares. The Warrant Share underlying the Charity FT Warrant will not qualify as "flow-through shares" under the Tax Act.
The Agent acted as sole agent and bookrunner for the Offering, pursuant to the amended and restated agency agreement dated August 30, 2024. In connection with the Offering, the Company paid to the Agent a cash commission in the amount of $69,666.85, a corporate finance fee of $5,000 plus GST, and granted to the Agent non-transferrable warrants entitling the Agent or its subagents, as applicable, to purchase up to a total of 146,308 common shares of the Company at a price of $0.40 per share until September 23, 2026.
The net proceeds of the Offering will be used by the Company to complete exploration programs on the Double Mer Uranium Project, to complete claims maintenance expenditures on the Company's secondary properties and for general and administrative purposes, as more particularly set out in the Prospectus.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold, within the United States, unless exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws are available.
No securities regulatory authority has reviewed or approved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of SAGA in any jurisdiction in which such offer, solicitation or sale would be unlawful.
"Securing funding for our maiden drill program at the Double Mer Uranium project is a major step forward for SAGA," stated Michael Garagan, CGO & Director of Saga Metals Corp.
"I'm very proud of the hard work and dedication from our team, ensuring we have the necessary funds to advance our projects in a timely manner," stated Mike Stier, CEO & Director of Saga Metals Corp. "We have now finalized the remainder of our IPO prospectus, hitting the maximum threshold including the overallotment option for a total raised of ~$2,875,000. In this market, that is no small feat and with our well-balanced capitalization structure we are positioned to continue efforts towards driving growth and shareholder value."
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 aims to strategically position itself to play an essential role in the clean energy future.
For further information, please 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.
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 expected use of proceeds from the Offering and the Company's plans and objectives in respect of its properties. 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 Prospectus filed under its 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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Saga Metals Corp. (" TSXV: SAGA ") (" FSE: 20H" ) (" SAGA " or the " Company "), a North American exploration company focused on discovering critical minerals, is pleased to announce it will ring the opening bell at the Toronto Stock Exchange (" TSX ") on Tuesday, November 5, 2024, at 9:30 a.m. ET to commemorate its IPO listing and commencement of trading on TSX Venture Exchange under the symbol " SAGA " on September 24, 2024.
The event will be hosted in-person at the TMX Market Centre, located in the heart of downtown Toronto's Financial District, where Mike Stier, CEO & Director, and Michael Garagan, CGO & Director will be joined by other members of the team responsible for executing SAGA's listing.
Market Open and Market Close Ceremonies at Toronto Stock Exchange (TSX) provide an opportunity to generate exposure for listed companies on TSX and TSX Venture Exchange. The events are hosted in-person and broadcast live on BNN Bloomberg. The events are also live streamed to YouTube, featured on TSX.com and TMX.com, and shared through Twitter, Instagram, and LinkedIn.
Audiences are invited to watch the ceremony live by joining the live stream on November 5, 2024, at 9:30 a.m. ET. Following the ceremony, a recording of the event will be publicly available via TMX Group's YouTube channel .
"We are honored to ring the opening bell at the TSX on behalf of our team and valued shareholders," stated Mike Stier, CEO & Director of Saga Metals Corp. "This next chapter for our Company has been off to a great start and we are excited about the enhanced visibility and opportunities our IPO on the TSXV brings, allowing us to better engage with our investors and stakeholders."
SAGA's Initial Public Offering (IPO)
On September 23, 2024, the Company announced the successful closing of its initial public offering (the " Offering ") consisting of 2,320,750 hard dollar units of the Company (the " HD Units ") at a price of $0.40 per HD Unit, 167,166 standard flow-through units of the Company (the " Standard FT Units ") at a price of $0.48 per Standard FT Unit and 1,250,000 charity flow-through units of the Company (the " Charity FT Units ") at a price of $0.60 per Charity FT Unit for aggregate gross proceeds of $1,758,500, pursuant to the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024 (collectively, the " Prospectus "). See full news release here .
Subsequently, the Company announced the launch of a second tranche of the prospectus offering with the intent of filling the remainder of the available securities under the offering including the Agent's overallotment option. See full news release here .
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.
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 a second tranche of the prospectus offering. 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, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company's 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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Saga Metals Corp. (" TSXV: SAGA ") (" FSE: 20H" ) (" SAGA " or the " Company "), a North American exploration company focused on discovering critical minerals, is pleased to announce the commencement of a targeted geophysics program over the Radar Titanium-Vanadium Project's high-potential "Hawkeye Zone."
This geophysics program, coupled with the petrographic analysis announced on October 1, 2024 (see release here ) will provide the necessary data to declare the Hawkeye zone ready for its maiden drill program.
The Radar Project, covering 17,250 hectares, is located approximately 10 km south of Cartwright in Labrador, Canada. The project is road accessible with early indications pointing to the potential for a classic layered mafic intrusive ore body.
Strategic Magnetic and Electromagnetic (EM) Survey to Define Maiden Drill Targets at the Radar Project
SAGA has commenced a targeted and highly detailed magnetic and EM survey over the northwest section of the Hawkeye zone. The focused geophysics survey is designed for precision with plans to expand into other identified areas across the property. The objective is to start a phase 1 geophysics program with a detailed grid over the most advanced targets and expand to the southeast and remaining identified zones in the future.
The survey uses a tight spacing of 25-meters between linear stations over lines separated by 50-meter width to achieve high-resolution magnetic and conductivity mapping, essential for pinpointing mineralization correlated with magnetite. Tight spacing will give a very high-resolution image of the magnetic and conductivity of the known target to further support and enhance confidence in SAGA's future drilling efforts.
Map highlighting phase 1 of the geophysics program over the cluster of highly anomalous assay results in the Hawkeye Zone
Following the completion of this work the team is confident that the Hawkeye zone will be ready to be tested with a diamond drill. The rock samples taken this summer combined with soil samples have confirmed extensive mineralization. The petrographic and mineralogical work being executed by Dr. Al Miller will build the foundations of understanding into the phases and genesis of the deposit, reinforcing its critical mineral potential. Finally, the geophysics will (with enhanced clarity) define a shallow expression to the size of the magnetic and mineralized components of the intrusion.
"The level of infrastructure at the Radar project has allowed for a cost effective and expedited timeline to push this project to drill-ready status," stated Michael Garagan, CGO & Director of Saga Metals Corp. "Drill permits have been submitted and following the prioritization of drilling at the Double Mer Uranium Project, the team is eager to start testing the Radar project."
The on-ground geophysics has been tasked to Cartwright local and experienced surveyor, Cameron Martin. Well experienced in Labrador's mining industry from his time at Voisey's Bay and for the past 13 years, Mr. Martin has been a Senior Surveyor at Rio Tinto's Iron Ore mine in Labrador City. He was originally from Cartwright, Labrador and was one of the first individuals to realize the potential of the Radar Ti-V Project. Mr. Martin's original prospecting contributed to SAGA's recognition of this intrusion and area as being one of the most prospective areas in the province.
In addition, SAGA has engaged the services of Geotronics Consulting Inc. ("Geotronics") to do the analysis and interpretation of the on-ground data collected. Founded in 1968, Geotronics is headed by David Mark, an expert in geophysics who began his work in the mining industry back in 1959. Geotronics specializes in mineral exploration and geophysical, geochemical, and geological survey services. Their expertise includes magnetic surveying (including drone-based), 3D inversion, and advanced data modeling, aimed at using the latest tools to uncover valuable underground resources. With over 50 years of experience, Geotronics provides comprehensive, technically precise, and accessible reports tailored for various environments and client needs.
Hawkeye Zone Yields Strong Titanium and Vanadium Anomalies in Soil and Rock Samples:
Soil sampling in the Hawkeye Zone revealed significant anomalies for titanium (Ti) and vanadium (V) , with values ranging from 1.0 - 2.4% Ti and 200 - 445 ppm V . These soil anomalies closely correlate with rock sample assays, further validating the mineralization potential of the zone.
Rock samples collected from the Hawkeye Zone consistently returned values between 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 , confirming the presence of high-grade titanium and vanadium despite limited surface exposure. Several outcrops were successfully stripped throughout the zone, enabling better access for sampling and future exploration work.
These results underscore the potential of the Hawkeye Zone as a key target for further exploration.
Ti% in soil samples combined with TiO2% taken in rock samples over the main exposure of the Hawkeye Zone.
V ppm in soil samples combined with V2O5% taken in rock samples over the main exposure of the Hawkeye zone
On October 22, 2024, SAGA announced the completion of a 20-day work program on the Radar Ti-V project in July 2024. A team of two geologists and six field technicians conducted detailed mapping, prospecting, and soil sampling across several highly prospective zones. (See full news release here )
Key Assay Highlights:
These promising results underscore Radar's potential as a critical mineral asset and support the company's strategic focus on developing critical mineral assets in North America. See list below of the top assay sample results to date with a 2% Ti cutoff grade .
Summary of 2023 & 2024 assay results with 2% Ti cut-off grade in green and increasing to highest values in red
Comparable Projects in the Grenville Geological Province:
A Map of the Grenville Geological Province
The Grenville Geological Province is known for its significant deposits of iron, titanium, vanadium (Fe-Ti-V), and Platinum Group Metals (PGM). A key comparison point is North America's largest titanium-vanadium project, located at Lac Tio in Quebec, just southwest of SAGA's Radar Project. Notably, both projects share the same rich geological setting.
Strategic Resources is a Montreal-based development company focused on vanadium, high-purity iron ore and titanium with their BlackRock project located in Quebec west of Lac Tio right on the Grenville Front (as seen in the map above).
Like, the Radar Ti-V project, these projects all have basement rock dated over 1 billion years old, and all share components of the deep-rooted mafic rock of the Grenville Province.
Strategic Resources completed an amended feasibility study 1 on March 26, 2024, on the Southwest deposit hosted within the BlackRock project confirming a proven and probably reserve of 127.8Mt with 0.46% V2O5, 40.2% Fe2O3 and 7.8% TiO2. The Southwest deposit spans 2.5km in length and averaging 110m in mineralized thickness with a projected mine life of 39 years. The projected financial outcome of the mine estimates after-tax cashflows of C$12.055 billion with a 5.4-year payback period including an after-tax net-present-value (8%) of C$1.932 billion and an 18.2% after-tax internal rate of return.
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
Qualified Persons
Peter Webster, P. Geo., of Mercator Geological Services Limited is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101 ") and has reviewed and approved the scientific and technical content of this news release regarding the Radar Property.
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.
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 plans with respect to samples from its mineral exploration properties. 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, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company's 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.
Photos accompanying this announcement are available at
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NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited and proud to announce a major milestone in the Federal EA process for its 100%owned Rook I Project ("the Project"). The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.
This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023 , and receipt of Provincial EA approval in November 2023 . This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice.
Leigh Curyer, Chief Executive Officer, commented: "This exciting outcome is a testament to the exceptional efforts of our entire NexGen team, the collaborative support of our valued Indigenous Nation partners, and our transparent approach with the CNSC to ensure a robust and thorough review that meets the highest standards of environmental protection for the sustainable development of the Rook I Project. Since inception, our honest and innovative holistic approach to the successful development of this generational project has set new industry standards as to what is possible, whilst positively impacting all our valued stakeholders.
Together with the Clearwater River Dene Nation, Métis Nation – Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan , Buffalo River Dene Nation, and Birch Narrows Dene Nation, we are construction ready to deliver transformative and unprecedented social, economic and environmental benefits to local communities, the Province of Saskatchewan, Canada , and the world.
We're not just developing a mine - we're building strong communities while shaping a sustainable and secure global energy future. With over $800 million in cash and liquid assets, we are ready pending a positive Commission decision with all activities required to immediately commence major site works in place."
NexGen is poised to propel Canada back to the forefront of global clean energy fuel production. The Rook I Project embodies NexGen's commitment to elite environmental performance, unprecedented community inclusion, and responsible alignment with global net-zero goals.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest, low-cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol "NXE," and on the Australian Securities Exchange under the ticker symbol "NXG," providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security, and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon , Saskatchewan.
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to estimates for CapEx, OpEx and a payback period of 12 months, the appointment of a lead lender group, the availability of financing for the Project, the advancement of detailed engineering and contract negotiations, bolstering the globe's uranium supply chains to meet the rising demand for nuclear energy, the timing and cost of reclamation, including as part of the UGTMF and after-tax free cash flow remaining materially consistent with the FS, Free Cash Flow, Payback Period and IRR relative to various uranium prices, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that financing for the Project will be available in a timely manner and on terms acceptable to the Company, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates and updated/revised CapEx, OpEx, SusEx, and pay back period; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company's most recent Annual Information Form under "Risk Factors" and management's discussion and analysis under "Other Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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Foremost Clean Energy Ltd. ( NASDAQ: FMST ) ( CSE: FAT ) (" Foremost " or the " Company "), an emerging North American uranium and lithium exploration company, is pleased to announce today that it has entered into a strategic agreement (the " Agreement ") with Red Cloud Financial Services Inc. (" RCFS" or " Red Cloud "), an arms-length independent contractor, to provide promotional services, including advice on marketing, communications and social media activities. Under the engagement, Red Cloud will be paid a fee of $10,000 per month effective October 14, 2024, for a twelve-month term which automatically renews month-to-month thereafter unless either party provides written notice of termination to the other party thirty (30) days prior to the date of termination.
Pursuant to the Agreement, Red Cloud will review and advise on non-deal road shows, review, draft and advise on traditional marketing documents, make introductions to, meet and communicate with corporate analysts, institutional and professional investors and retail brokers, provide traditional media support and assist in the creation of content for Red Cloud's exclusive RCTV platform and dissemination of content via RCTV, and other services as required by the Company. There are no performance obligations contained in the Agreement and Red Cloud will not receive common shares, stock options or any form of equity in the Company as compensation. Red Cloud is an IIROC regulated dealer and a leading provider of financial services to the global mining sector, with headquarters in Toronto, Canada and can be reached at 1-844-621-1251, 1-647-792-7978 or info@redcloudfs.com .
Jason Barnard, President and CEO of Foremost, comments: "We will be able to introduce our Athabasca Uranium Projects to a new audience by utilizing Red Cloud, a reputable company specializing in the mining and uranium industry. Nuclear energy is crucial for long-term sustainable growth in clean energy given the need for global decarbonization. This strategic marketing program should increase awareness of Foremost and provide us opportunities to engage with key retail and institutional investors in Canada and the United States."
Equity Compensation
Foremost also announces that it has granted a total of 175,009 stock options (" Options ") and 222,491 Restricted Share Units (" RSUs "), collectively, (the " Awards "), to certain directors, officers and consultants of the Company in accordance with the Foremost's Stock Incentive Plan (the " Plan "), adopted by shareholders of the Company at its annual general and special meeting held on January 25, 2024. The Plan's goal is to create an incentive compensation program that is aligned with the Company's long-term objectives. The Options are exercisable at a price of $2.76 per share and valid for a term of 3 to 5 years. A portion of the Options and RSUs are subject to vesting provisions. All Awards are subject to a statutory hold period of four months and one day.
The engagement of Red Cloud is subject to approval by the Canadian Securities Exchange ("CSE") and Nasdaq. The Awards were granted in accordance with the Plan and the policies of the CSE and Nasdaq.
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North American uranium and lithium exploration company with an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%) spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the clean energy mix of the future. Foremost's uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The Company's mission is to make significant discoveries, alongside and in collaboration with Denison (TSX:DML, NYSE American: DNN), through systematic and disciplined exploration programs.
Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec. For further information please visit the company's website at www.foremostcleanenergy.com .
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us
Follow Us Or Contact Us On Social Media:
X: @fmstcleanenergy
Linkedin: https://www.linkedin.com/company/foremostcleanenergy/
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Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute "forward-looking statements" as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning theactivities proposed to be undertaken by Red Cloud and the ability of the Plan to achieve its objectives, . These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans," "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such 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 expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the Transaction, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company's most recent filings under its profile at on SEDAR+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof
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