Usha Resources

Overview

Fossil fuels have taken us far, but the future is electric. Surging electric vehicle (EV) demand and global government initiatives prioritizing battery metals make the importance of clean energy crystal clear. As a result, battery metals are expected to remain in robust demand. Lithium, famous for its role in EV batteries, will see supply and demand increase according to the research firm, Fastmarket, that anticipates the United States will play ‘catch up’ with Europe and China in 2022.

Additionally, financial markets analysts at Refinitiv are forecasting another strong year for global mine production as year-on-year growth reaches four percent, up from three percent in 2021. This research shows that the mining industry is recovering from the global disruption caused by the COVID-19 pandemic. Moreover, as the world races towards green technologies that require high-capacity batteries, some mining companies are preparing to meet future demands.

Jackpot Lake was recently acquired to strengthen the company’s battery metals portfolio and is located in Nevada, the world’s third-ranked mining jurisdiction. Usha Resources’ new asset is drill-ready, and an exploration program will commence immediately, with drilling planned to take place in Q2 2022. The 2,800-acre project contains 140 mining claims and is a brine project, which means it can provide higher yields at a lower cost with margins nearly double those of hard rock lithium production. In addition, the project is only 35 kilometers away from Las Vegas and has excellent access roads to support future production.

The company has a team of skilled geologists leading its exploration efforts. Andrew Tims, technical advisor and professional geologist, earned a reputation through his work with major mining companies, such as Teck Resources (NYSE:TECK) and Hemlo Gold Mines (TSXV:HMLO). Tims played a vital role in taking the Rainy River gold mine from 550,000 ounces to over six million ounces.

Dean Besserer, technical advisor and professional geologist, brings over two decades of experience spanning over 50 countries. Besserer has led massive exploration projects with budgets exceeding US$20 million. Additionally, he’s worked with BHP Billiton (NYSE:BHP), DeBeers, and Aston Minerals (ASX:ASO).

The company has a strong management team with decades of experience. Deepak Varshney, CEO and director, has led multiple TSX-listed companies and been responsible for raising millions of dollars in equity financing. Collectively, the team holds over 130 years of management experience in the public markets across over 15 companies that are both Tier 1 and Tier 2 issuers on the TSX.

Highlights

• Usha Resources is a Canadian exploration company targeting multiple assets containing base and battery metals, including lithium, copper, and nickel.
• The company recently acquired Jackpot Lake in Nevada, a drill-ready lithium asset that will commence drilling exploration during Q2 2022.
• Other projects are located in mining-friendly jurisdictions, including Arizona, Montana, and Ontario.
• The company is presently completing a spinout of its Ontario project, providing shareholders with a 20 percent share dividend at no cost, if they own shares prior to the record date.
• Skilled professional geologists, with experience cultivating mining projects, lead the company’s exploration programs.
• Usha Resources has a management team with directly-relevant experience in the mining industry.