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South Star Battery Metals Corp. (" South Star " or the " Company ") (TSXV: STS,OTC:STSBF) (OTCQB: STSBF), is announcing the resignation of Richard Pearce as President, Director and Chief Executive Officer effective immediately. Mr. Pearce will continue to support South Star during a 14-day transition period to ensure an orderly handover of responsibilities to his successor.
The Board of Directors has appointed one of the board members, Mr. Tiago Cunha, as interim President and CEO and will immediately initiate a search for a permanent President and CEO. The Board thanks Mr. Pearce for his vision, dedication, and tireless efforts over the past six years and looks forward to building on the strong foundation established under his leadership.
Marc Leduc, Chairman of the Board of South Star stated, "The Board wishes Richard all the best in his future endeavors, and we thank him as founder and CEO for the past 15 years for all of his service to the company and the stakeholders."
ABOUT South Star Battery Metals CORP.
South Star is a Canadian battery-metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial- and battery-metals projects that will be put into production. Brazil is the second-largest graphite- producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (> 30 tonnes) has been completed. The results of the testing show that approximately 65% of graphite concentrate is +80 mesh with good recoveries and 95%-99% graphitic carbon (Cg). With excellent infrastructure and logistics, South Star Phase 1 is ramping up commercial production with first sales shipped in May 2025. Santa Cruz is the first new graphite production in the Americas since 1996.
South Star's second project in the development pipeline is strategically located in Alabama, U.S.A. in the center of a developing electric-vehicle, aerospace, and defense hub in the southeastern United States. The BamaStar Project includes a historic mine active during the First and Second World Wars. The vertically integrated production facilities include a mine and industrial concentrator in Coosa County, AL and a downstream value-add plant in Mobile, AL, which will be upgrading natural flake graphite concentrates from both Santa Cruz and BamaStar mines. A NI 43-101 Preliminary Economic Assessment demonstrates strong economic results with a pre-tax Net Present Value ("NPV8%") of US$2.4B and an Internal Rate of Return ("IRR") of 35%, as well as an after-tax NPV8% US$1.6B with an IRR of 27%. South Star has also received US$3.2 million grant commitment from the US Department of Defense Title III program to advance a feasibility study on the BamaStar project. South Star trades on the TSX Venture Exchange under the symbol STS, and on the OTCQB under the symbol STSBF.
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles, based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com .
This news release has been reviewed and approved for South Star by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp
On behalf of the South Star Board of Directors,
MR. MARC LEDUC,
CHAIRMAN OF THE BOARD OF DIRECTORS
For additional information, please contact: South Star Investor Relations
| South Star Investor Relations | |
| Email: | invest@southstarbatterymetals.com |
| Phone: | +1 (604) 706-0212 |
| Website: | www.southstarbatterymetals.com |
| Twitter: | https://twitter.com/southstarbm |
| Facebook: | https://www.facebook.com/southstarbatterymetals |
| LinkedIn: | https://www.linkedin.com/company/southstarbatterymetals/ |
| YouTube: | South Star Battery Metals – YouTube |
CAUTIONARY STATEMENT
Neither the 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 press release.
FORWARD-LOOKING INFORMATION
This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward- looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward -looking statements".
Forward-looking statements in this press release include, but are not limited to, statements regarding the issuance and terms of the promissory notes, including the proposed use of proceeds, anticipated repayment or prepayment, the potential for acceleration in connection with future financings, and the receipt of regulatory approvals; the Private Placement, including its expected closing, use of proceeds, and the potential acceleration of Warrants and Finder's Warrants; the commencement of production at the Santa Cruz Project; the scaling of operations; the advancement of the Alabama project; and the Company's overall strategy, plans, and future expectations.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
