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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals


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To: LoneClone who wrote (20162)9/28/2022 4:51:45 PM
From: LoneClone
   of 20619
 
Piedmont Lithium still open to more spodumene opportunities

miningweekly.com

28th September 2022

By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Lithium developer Piedmont is looking at opportunities to increase its resource and ore reserves as it works towards bringing its US assets into production.

The dual-listed company earlier this year earmarked a site in Tennessee for the development of a new 30 000 t/y lithium hydroxide operation, which is expected to start in 2025, and will convert spodumene concentrate sourced from Piedmont’s global project into lithium hydroxide to supply the US electric vehicle (EV) manufacturing industry.

The Tennessee lithium hydroxide plant will complement the company’s planned Carolina lithium operation, which will be a fully integrated project producing 242 000 t/y of spodumene concentrate and by- products, as well as 30 000 t/y of lithium hydroxide, with operations slated to start in 2026.

In terms of spodumene production, Piedmont holds a 25% interest in Sayona Quebec, which has three lithium projects in the region, including the North American Lithium (NAL) operation, where production is set to start in the first quarter of 2023.

An earlier prefeasibility study (PFS) estimated that the 1.5-million-tonne-a-year NAL operation could deliver 4.4-million tonnes of spodumene concentrate over a mine life of 27 years.

Concentrate from the NAL operations will feed into the planned Tennessee plant.

Additionally, Piedmont is also earning a 50% interest in the Ewoyaa lithium project, in Ghana, from ASX- and Aim-listed Atlantic Lithium.

A recently completed PFS estimated that Ewoyaa ill require a capital investment of $125-million to deliver the 255 000 t/y lithium spodumene operation, with a mine life of 12.5 years.

The study calculated a post-tax net present value of $1.33-billion and free cash flows of $2-billion from life-of-mine (LoM) revenues of $4.84-billion.

Piedmont executive VP and COO Patrick Brindle told Mining Weekly Online on Wednesday that the Ewoyaa project was strategically located to allow Piedmont to ship spodumene concentrate either through the US East Coast or the Gulf of Mexico, and to use the spodumene as feedstock for the Tennessee project.

“The conclusion of the PFS in terms of concentrate production, capital and operating costs was in line with our expectations as joint venture partner. We are very exited to be working on the next steps, which includes application for mining licence and scoping level environmental impact assessment submissions, followed by a definitive feasibility study next year, so we can put ourselves in a position to potentially make a final investment decision by the end of next year,” said Brindle.

Piedmont’s earn-in into the Ewoyaa project includes an offtake agreement for 50% of the yearly production at market prices, on a LoM basis.

First production from Ewoyaa is planned for the third quarter of 2024.

Brindle told Mining Weekly Online that the US government’s push to secure critical mineral supply, and the legislation used to enact this ambition, had slotted in perfectly with the company’s own operational strategy for the next three to five years, of establishing lithium conversion capacity.

“We see opportunities from the Inflation Reduction Act to enhance the economics of our projects, and we have seen strong interest from the federal government in both loan and grant programmes.

"Having been at this for about five years, I would say that the last number of months have seen quite a material shift in the position and attitude of the US governments for these critical minerals.”

Brindle noted that while Piedmont’s ambition was to be a North American manufacturer of lithium hydroxide in the medium to long term, the company continued to be open to opportunities to invest in resources to support its long-term manufacturing plans.

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To: LoneClone who wrote (20163)9/28/2022 4:53:25 PM
From: LoneClone
   of 20619
 
Rio warns miners not moving fast enough on lithium extraction

miningweekly.com

28th September 2022

By: Bloomberg

Planned lithium production will fail to meet growth in demand for lithium ion batteries that are needed to meet global climate goals, according to Rio Tinto ’s minerals chief.

Lithium consumption needed “to surge way above anything that’s planned to be mined,” Sinead Kaufman told a conference in Perth on Wednesday. The metal is a vital ingredient in the batteries that power zero-carbon electric vehicles.

Rio was investing more capital in developing lithium and other battery metals, and was turning to waste from defunct mines to recover the minerals, Kaufman said. The world’s second-biggest miner also wanted to grow its copper business beyond planned projects in Mongolia and the US, she added.

Customers were demanding environmentally sound mining practices, forcing miners to decarbonize their operations, Kaufman said.

“We’ve got to decarbonize our own business, because producing material for the green transition can’t be done the way it was done previously,” she said.

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To: LoneClone who wrote (20164)9/28/2022 5:21:34 PM
From: LoneClone
   of 20619
 
Petrolympic Completes Basserode and Fournière Lithium Property Acquisition

ca.finance.yahoo.com

Petrolympic Ltd.
September 21, 2022·3 min read

TORONTO, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company” or “Purchaser”) is pleased to announce that the TSX Venture Exchange (“TSX-V”) has accepted for filling the documentation pertaining to a purchase agreement previously announced July 26th , 2002. Pursuant to the TSX-V approval the Company and the vendors have amended the terms of the purchase agreement (“Amended Agreement”) to acquire the Basserode Lithium and Fournière Lithium properties in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec.

Both Properties are covered by a network of trails and logging roads allowing for good access and effective exploration with reduced exploration costs.

The Basserode and Fournière Properties lie within the rapidly emerging Cadillac-Pontiac lithium belt, where large properties have recently been assembled by companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc.

The Properties are nested in a highly favourable geological context for lithium exploration in the geological Pontiac Sub-province, which is located south of the Abitibi Greenstone Belt and is bounded by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south.

As part of the original agreement the Vendor was to receive 500,000 common share purchase warrants (“Warrants”) conditional on the completion of a future flow-through financing and subject to the terms of such financing. The Amended Agreement states that the 500,000 Warrants to be issued shall be exercisable to purchase one common share of the Purchaser at a price not less than $0.07 per common share.

For further information please contact:

Mendel Ekstein - President

82 Richmond St East
Toronto, ON M5C 1P1
Tel. 845-656-0184 Fax 845-231-6665

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward looking statements.

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To: LoneClone who wrote (20165)9/28/2022 5:32:43 PM
From: LoneClone
   of 20619
 
[Graphite/REE] Leading Edge Materials Reports Quarterly Results to July 31, 2022

ca.finance.yahoo.com

Leading Edge Materials Corp.
Wed, September 28, 2022 at 1:15 p.m.·8 min read

Vancouver, September 28, 2022 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) third quarter results for the period ending July 31, 2022. All references to dollar amounts in this release are in Canadian dollars.

Highlights During and After the Quarter

During the three months ended July 31, 2022:

  • On May 17, 2022, the Company signed Bihor Sud Exploration License between the Company’s subsidiary LEM Romania SRL and National Agency for Mineral Resources, Romania (“NAMR”).

  • On June 21, 2022, the Company took a decision to initiate a Natura 2000 permit application process for the Norra Karr project and retract the appeal against the mining lease rejection for Norra Karr.

  • On July 15, 2022, the Company received confirmation that NAMR approved the first-year exploration program for the Bihor Sud exploration license.

  • Subsequent to July 31, 2022:

  • On August 30, 2022, the Company announced a change in senior Management with the resignation of Mr. Filip Kozlowski, CEO of the Company, effective as of October 14, 2022. Mr. Eric Krafft, Director of the Company will be named interim CEO.

  • Results of Operations

    Three Months Ended July 31, 2022, Compared to Three Months Ended April 30, 2022

    During the three months ended July 31, 2022 (“Q3 2022”) the Company reported a net loss of $609,709 compared to a reported net loss of $790,120 for the three months ended April 30, 2022 (“Q2 2022”), a decrease in loss of $180,411, the decrease in loss mainly due to a reduced loss on revaluation of marketable securities of $126,036 booked in Q3 2022 compared to $357,800 in Q2 2022.

    Three Months Ended July 31, 2022, Compared to Three Months Ended July 31, 2021

    During the three months ended July 31, 2022 (“2022 period”), the Company reported a net loss of $609,709 compared to a net loss of $1,077,588 for the three months ended July 31, 2021 (“2021 period”), a decrease in loss of $467,879, the decrease in loss mainly due to a reduced loss on revaluation of marketable securities of $126,036 booked in the 2022 period compared to $430,315 booked in the 2021 period.

    Selected Financial Data

    The following selected financial information is derived from the unaudited condensed consolidated interim financial statements of the Company prepared in accordance with IFRS.



    Fiscal 2022

    Fiscal 2021

    Fiscal 2020

    Three Months Ended

    July 31,
    2022
    $

    April 30,
    2022
    $

    January 31,
    2022
    $

    October 31,
    2021
    $

    July 31,
    2021
    $

    April 30,
    2021
    $

    January 31,
    2021
    $

    October 31,
    2020
    $

    Operations

















    Expenses

    (419,050)

    (433,894)

    (1,874,407)

    (460,907)

    (600,531)

    (483,495)

    (664,674)

    (882,556)

    Other items

    (190,659)

    (356,226)

    (219,942)

    (94,018)

    (477,057)

    1,573,567

    (3,603)

    327,987

    Comprehensive profit/(loss)

    (609,709)

    (790,120)

    (2,094,349)

    (554,925)

    (1,077,588)

    1,090,072

    (668,277)

    (554,569)

    Basic Profit/(loss) per share

    (0.00)

    (0.00)

    (0.01)

    (0.01)

    (0.01)

    0.01

    (0.00)

    (0.01)

    Diluted profit/(loss) per share

    (0.00)

    (0.00)

    (0.01)

    (0.01)

    (0.01)

    0.01

    (0.00)

    (0.01)

    Financial Position

















    Working capital

    1,686,095

    2,396,484

    3,236,870

    2,350,166

    2,803,903

    3,935,156

    2,598,191

    3,277,010

    Total assets

    24,827,062

    25,000,847

    30,597,341

    28,756,406

    28,455,148

    29,133,933

    28,759,753

    27,218,052

    Total non-current liabilities

    (6,159,922)

    (6,045,964)

    (10,812,012)

    (9,946,686)

    (9,054,376)

    (8,620,700)

    (9,154,787)

    (7,053,874)


    -

    Financial Condition / Capital Resources

    During the three months ended July 31, 2022, the Company recorded a net loss of $609,709 and, as of July 31, 2022, the Company had an accumulated deficit of $44,598,448 and working capital of $1,686,095. The Company is maintaining its Woxna Graphite Mine on a “production-ready” basis to minimize costs and is conducting ongoing research and development to produce higher value specialty products. The Company is also evaluating a potential restart of production at the Woxna Graphite Mine. The Company anticipates that it has sufficient funding to meet anticipated levels of corporate administration and overheads for the ensuing twelve months however, it will need additional capital to provide working capital and recommence operations at the Woxna Graphite Mine, establish a production facility for the Anode Project, to fund future development of the Norra Karr Property or to complete exploration activities in Romania. There is no assurance such additional capital will be available to the Company on acceptable terms or at all. In the longer term the recoverability of the carrying value of the Company’s long-lived assets is dependent upon the Company’s ability to preserve its interest in the underlying mineral property interests, the discovery of economically recoverable reserves, the achievement of profitable operations and the ability of the Company to obtain financing to support its ongoing exploration programs and mining operations. See also “COVID-19”.

    Outlook

    On August 30, Leading Edge Materials announced a management change with CEO Filip Kozlowski leaving his role on October 14, to be replaced by director Eric Krafft as acting CEO. A recruitment process is ongoing for a new CEO for the Company that will set the course for the next phase of growth.

    Pricing for both graphite1 and rare earth oxides2 have been reversing gains displayed earlier in the year. Downstream demand has been negatively impacted by a challenging power supply situation with temporary industrial shutdowns3 and substantial COVID lockdowns in China4. Longer term, the demand outlook for graphite from the battery industry is continuing to grow with for example the announcement of a massive 100 GWh battery plant by CATL in Hungary5.

    Europe is accelerating policy measures to increase its raw materials security by going forward with plans for a Critical Raw Materials Act6 and a European Sovereignty fund that will look to support projects of strategic interest7.

    Sweden held parliamentary elections in September with a right-wing coalition winning the majority of mandates, indicating a change in government once negotiations are done. Parties of the coalition have expressed their positive sentiment towards a strong and growing Swedish mining industry.

    Preparatory studies and work are ongoing for the upcoming permitting process for Norra Kärr. The Company is continuing to evaluate the potential restart of flake graphite production at the Woxna mine with a careful consideration on the weakening macroeconomic outlook for European industry. The longer term opportunity to produce a graphite anode material is still the main focus and the Company is awaiting results from planned testwork with its potential JV partner Sicona. Since the granting of the exploration license in Romania an exploration team has been established and initial exploration work such as mapping and sampling having started on the ground with interesting targets for further evaluation already identified. Geophysical studies are scheduled to start while preparatory work is being done do enable the opening of old mining galleries which would provide an excellent exploration opportunity over the winter season.

    Financial Information

    The annual audited consolidated financial statements for the year ending October 31, 2022, is expected to be published on or about January 25, 2023.

    On behalf of the Board of Directors,
    Leading Edge Materials Corp.

    Filip Kozlowski, CEO

    For further information, please contact the Company at:
    info@leadingedgematerials.com
    www.leadingedgematerials.com

    Follow us
    Twitter: globenewswire.com
    Linkedin: globenewswire.com

    About Leading Edge Materials

    Leading Edge Materials is a Canadian public company focused on developing a portfolio of critical raw material projects located in the European Union. Critical raw materials are determined as such by the European Union based on their economic importance and supply risk. They are directly linked to high growth technologies such as batteries for electromobility and energy storage and permanent magnets for electric motors and wind power that underpin the clean energy transition towards climate neutrality. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Karr HREE project (Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania).

    Additional Information

    The Company’s unaudited consolidated financial statements for the three months ended July 31, 2022 and related management’s discussion and analysis are available on the Company’s website at www.leadingedgematerials.com or under its profile on SEDAR at www.sedar.com

    The information was submitted for publication through the agency of the contact person set out above, on September 28, 2022, at 1:15 pm Vancouver time.

    Leading Edge Materials is listed on the TSXV under the symbol “LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is the Company’s Certified Adviser for its Nasdaq First North listing.

    Reader Advisory

    Certain information in this MD&A may constitute forward-looking statements or forward-looking information within the meaning of applicable Canadian securities laws (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, addressing activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company’s public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company’s ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company’s control; the possibility of write-downs and impairments; the risks associated with uninsurable risks arising during the course of exploration; development and production; the risks associated with changes in the mining regulatory regime governing the Company; the risks associated with tenure to the Norra Karr property; the risks associated with the various environmental regulations the Company is subject to; rehabilitation and restitution costs; the Woxna project has never defined a mineral reserve or a feasibility study and the associated increased risk of technical and economic failure in case of restarting production; risks relating to the preliminary and non-binding nature of the MOU with Sicona. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such Forward-Looking Statements. Such Forward-Looking Statements has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on Forward-Looking Statements. Forward-Looking Statements are made as of the date hereof, and the Company does not undertake to update such Forward-Looking Statements except in accordance with applicable securities laws.

    COVID-19
    On March 11, 2020, the World Health Organization declared COVID-19 a pandemic At this time, World Health Organization has not yet announced the end of the pandemic. The duration and full financial effect of the COVID-19 pandemic is unknown at this time with management monitoring developments across all jurisdictions and will adjust its planning as necessary.

    1 fastmarkets.com
    2 metal.com
    3 technode.com
    4 mining.com
    5 electrek.co
    6 linkedin.com
    7 linkedin.com



    Attachments

  • 20220928 LEM 2022Q3 press release


  • Leading Edge Materials Corp Interim 2022 Q3 results

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    To: LoneClone who wrote (20166)9/29/2022 1:59:47 PM
    From: LoneClone
       of 20619
     
    Atacama Resources Acquires Mineral Rights to 317 Acre Cobalt, Silver, Gold and Diamond Property Near Cobalt, Ontario

    newsfilecorp.com

    Plantation, Florida--(Newsfile Corp. - September 28, 2022) - Atacama Resources International, Inc. (OTC Pink: ACRL) ("Atacama") remains focused on its asset exploration and development program and is pleased to announce that the company has acquired mining rights to a 317 acre cobalt, silver, macro diamond, and gold property. Atacama has taken grab samples near the existing trenches, pits, and shallow shafts on the property and plans to do more extensive exploration in the near future. Initial assay results indicated trace amounts of gold and larger amounts of silver, diamonds and cobalt. 1.22% cobalt has been found near one of the shaft areas and the prospecting report recommends further backhoe stripping to uncover the original bedrock surface. Atacama is calling the 317 acre property of rich cobalt "Atacama Cobalt #1."

    Located in the largest cobalt region in the world, Atacama is also fortunate to be located near North America's only battery grade cobalt refinery. The proximity of this refinery in Temiskaming, Ontario to our property could help provide a significant cost savings compared to our global competitors. This refinery is set to be completed by December 2022 into 2023 indicating a growing demand for rare metals like cobalt. We have been looking at other claims in the area and look forward to further development of this property as it shows significant potential in a rapidly expanding global EV market.

    Originally, the rising demand for cobalt was due to its use in super alloys needed in nuclear reactors, jet and rocket engines, turbines, power plants and in various military and aerospace technologies. While these are still active markets for cobalt, the emergence of electric vehicles has increased the demand for cobalt significantly. As the newly mandated replacement for gas powered vehicles begins to take place in more areas globally, we feel the demand for rare metals used in manufacturing high-power rechargeable batteries will continue to grow in large demand. We feel positioning ourselves in multiple metal markets such as in Canada, the United States, and elsewhere will provide opportunities for Atacama to grow internationally.

    According to Board Chairman Glenn Grant, "The emergence of the EV industry has changed the transportation world forever and Atacama Resources is committed to providing the metals required to support this exciting and rapidly expanding industry. While acquiring the Atacama Cobalt #1 Property is an important part of our strategy, it is only a small fraction of what we plan to accomplish. In addition to this property, the company is also moving forward on the acquisition of additional strategic properties and we will announce these assets in the near future. We will also remain focused on Atacama's goals and providing transparency to shareholders where we can. Completing our audited financial statements remains top priority and we continue to make progress there as well. Thank you, shareholders for your continued patience and support as we help build Atacama into its full potential."

    Please stay tuned on social media and our website for additional information as those updates become available.

    About Atacama Resources International ( www.acrlintl.com)

    Atacama Resources International is a publicly traded OTC Pink company with significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, copper, graphite, and cobalt.

    Forward-Looking Statements

    Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Atacama Resources International. Such forward-looking statements are based on current expectations, estimates, and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports as filed with OTC Markets. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.

    For more information please contact: Glenn Grant at ggrant@acrlintl.com.

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    To: LoneClone who wrote (20167)9/29/2022 2:23:14 PM
    From: LoneClone
       of 20619
     
    [Cobalt] StrategX Elements Mobilizes Drill Rig on the Melville Peninsula

    newsfilecorp.com

    Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - StrategX Elements Corp. (CSE: STGX) ("StrategX" or the "Company"), has engaged Vital Drilling Services to provide diamond drilling services for several projects located on the Melville Peninsula, Nunavut and is pleased to announce the arrival of a drill rig to commence the first phase 2,000 metre diamond drill program on Project Nagvaak.

    The team has been very active with various exploration activities including defining drill targets, reviewing historical data from companies such as Aquitaine Minerals, Rio Tinto and BHP and integrating them with newly acquired field data (refer to the latest news release on Project Nagvaak Drill Targets here). The Company established a 25-man field camp located approximately 20km east of Project Nagvaak. The camp will serve as a strategic base of operations for advancing its three stand-alone projects on the Melville Peninsula.

    The Company is excited to partner with Vital Drilling Services ("Vital") based out of Val Caron, Ontario, Canada and selected the drilling services company based on its expertise in the region and its shared values and vision of making responsible mineral discoveries for energy transition metals on the Melville Peninsula. More information on Vital Drilling can be found at newsfilecorp.com. Below are some company highlights:

  • Experience & Expertise - Vital has over 30 years of Arctic experience including 4 years on the Melville; its Founder and President, George Demers, has over 30 years of drilling experience and has served two terms as President of the Canadian Diamond Drill Association (CDDA) and Chair of CDDA Northern Safety Group. A large portion of their employees are second and third-generation drillers who understand the industry.
  • Environment, Sustainability, Governance, & Indigenous Inclusivity (ESGI) - Both companies are dedicated to promoting economic sustainability by hiring local people, using local services and implementing training opportunities for local talent in the communities in which they operate in. One-third of the current project personnel have First Nation and/or Inuit status.
  • Community Engagement & Partnerships - Vital knows and believes in the importance of establishing relationships at the beginning with First Nations and Inuit communities. Vital has MOUs with the Missinabie Cree and the "Ungava 6" communities on the shores of Ungava Bay.
  • Safety & Professionalism - the company has an impeccable safety record in the industry and is committed to providing professional and quality service to its customers at competitive rates using the best tools and guarantees a safe environment for its employees.


  • The Company plans to provide a steady flow of news throughout the remainder of the year on the back of drill results.

    Melville Peninsula Overview Map



    Figure 1

    To view an enhanced version of this graphic, please visit:
    images.newsfilecorp.com

    StrategX's projects on the Melville Peninsula have the advantage of being located close to coastal communities and have access to several barge routes. This allows the Company to be more cost-effective and efficient by transporting supplies and drill equipment via ship versus airplane or helicopter.

    Attached are some pictures of the drill rig being transported and mobilized at Project Nagvaak.




    Figure 2


    To view an enhanced version of this graphic, please visit:
    images.newsfilecorp.com

    About StrategX

    StrategX is a new Canadian-based exploration company on a mission to be a significant contributor to the natural resources sector and sustainable energy economy. The Company is currently focused on the discovery of cobalt and associated energy transition metals in northern Canada. The Company's property portfolio of 5 stand-alone projects is situated on the East Arm of the Great Slave Lake, Northwest Territories and on the Melville Peninsula, Nunavut. The Company's first-mover land position in underexplored regions provides a unique opportunity for investors to be part of multiple discoveries and the creation of new districts hosting metals required in the transition towards green energy. Click here to check out our: 30-second video clip on StrategX.

    On Behalf of the Board of Directors

    Darren G. Bahrey
    CEO, President & Director

    For further information, please contact:

    StrategX Elements Corp.
    Email: info@strategXcorp.com
    Phone: 1-855-787-2849 (toll-free)

    For further information about the Company, please visit our website at www.strategXcorp.com

    Neither the Canadian Securities Exchange nor its regulation services accept responsibility for the adequacy or accuracy of this release.

    Disclaimer for Forward-Looking Information

    All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

    To view the source version of this press release, please visit newsfilecorp.com

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    To: LoneClone who wrote (20168)9/29/2022 2:26:38 PM
    From: LoneClone
       of 20619
     
    Megawatt Grants Option to Cygnus Gold for up to 80% Interest in Quebec Lithium Properties

    newswire.ca

    MegaWatt Lithium and Battery Metals Corp. Sep 27, 2022, 15:18 ET


    VANCOUVER, BC, Sept. 27, 2022 /CNW/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company" or "Megawatt") is pleased to announce it has entered into a mineral property option agreement dated effective September 27, 2022 (the "Agreement") with Cygnus Gold Limited (ASX: CY5)("Cygnus") whereby Cygnus has been granted the option to acquire up to an 80% interest in Megawatt's Route 381 Project and Mitsumis Project located in Quebec, (the "Projects").

    Under the terms of the Agreement, Cygnus has the option to acquire an initial 51% interest in the Projects (the "First Option"). Following the exercise of the First Option, Cygnus has the option to acquire an additional 29% interest in the Projects (the "Second Option").

    In order to exercise the First Option, Cygnus must commit $2,000,000 towards exploration on the Projects, over three years:

  • payment of $175,000 within 3 days of the execution date of the Agreement (which includes $125,000 as an expense reimbursement to the Company);
  • reimbursing MegaWatt's exploration expenditures of up to $375,000 from its 2022 exploration program by December 31, 2022; and
  • funding $2,000,000 in exploration expenditures on the Projects by the third anniversary date of the Agreement as follows:
  • $500,000 to be incurred prior to the first anniversary of the effective date of the Agreement (less any reimbursements as described above);
  • $500,000 to be incurred prior to the second anniversary of the effective date of the Agreement; and
  • $1,000,000 to be incurred prior to the third anniversary of the effective date of the Agreement.


  • Cygnus will then have the option to exercise the Second Option by:

  • paying to MegaWatt $50,000 within 30 days of the satisfaction of the First Option;
  • filing a NI 43-101 or JORC Code compliant mineral resource estimate which defines a lithium oxide resource on the Projects of at least 5MT with an average grade of not less than 0.8% Li2O in any resource category as defined in NI43-101 or the JORC Code, by the date which is no later than 5 years from the exercise of the First Option; and
  • paying cash consideration to MegaWatt of $1,000,000 within 3 days of filing the above report.


  • Upon satisfaction of the Second Option, MegaWatt's interest will be freely carried until a feasibility study is successfully announced on the ASX. After the release of the feasibility study, or in the event the Second Option is not exercised by Cygnus, Megawatt and Cygnus will enter into a formal joint venture agreement in accordance with their participating interests.

    David Thornley-Hall, CEO of Megawatt stated," This transaction represents an important step in the development of the Route 381 and Mistumis projects. We look forward to collaborating with the Cygnus team which brings a successful track record of exploration and development across a wide spectrum of mining projects."


    About MegaWatt Lithium and Battery Metals Corp.
    MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties in Canada. The Company holds a 100% undivided interest, subject to a 1.5% NSR on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.

    Additionally, the Company has acquired an 80% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the Tyr Silver Project and the Century South Silver-Zinc Project (see press release dated August 13, 2020), an indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia prospective for nickel-cobalt-scandium and rare earth elements.

    The Company holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021) and a 100% interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kms.

    Investors can learn more about the Company and team at megawattmetals.com.

    Related Links

    c212.net

    The CSE does not accept responsibility for the adequacy or accuracy of this release.

    This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward- looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release.

    SOURCE MegaWatt Lithium and Battery Metals Corp.

    For further information: David Thornley-Hall, Chief Executive Officer, david@megawattmetals.com

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    To: LoneClone who wrote (20169)9/29/2022 2:27:51 PM
    From: LoneClone
       of 20619
     
    Fuse Cobalt Announces That Preparation Has Begun for Its Diamond Drill Program at Glencore Bucke Project, in Cobalt, Ontario

    accesswire.com

    Wednesday, September 21, 2022 7:30 AM

    COQUITLAM, BC / ACCESSWIRE / September 21, 2022 / Fuse Cobalt Inc. ("the Company "or "Fuse") (TSXV:FUSE)(OTCQB:FUSEF)(FRA:43W3) is pleased to announce that preparation for its multi-hole diamond drilling exploration program has begun at its 100% owned cobalt project, the Glencore Bucke Property in Ontario Canada.

    The planned exploration program has an initial budget of $500,000 and has been designed to locate and test targets within the vicinity of known mineralization from prior drilling results. To date, the company has:

    • Completed a detailed induced polarization geophysical survey utilizing the Alpha IP Wireless Time Domain Distributed Technology System by Simcoe Geoscience. Preliminary 2D profiles and an early 3D model has been received with the final report pending.
    • Selected a diamond drilling contractor local to the Cobalt area. They are known for their quality of work and produce excellent meterage. They have experience drilling in the Cobalt Camp and have worked for companies such as First Cobalt Corp (now Electra Battery Metals) as well as Canada Silver Cobalt Works.
    • Begun planning follow-up drill holes to the 2017 and 2018 drill program.
    • Begun planning drill holes to test IP anomalies based on the preliminary geophysical data received from Simcoe Geoscience. These drill holes will be finalized once the final report is received.
    The Glencore Bucke Property consists of two patented mining claims totaling approximately 16.2 ha in area located west of and contiguous to Fuse's Teledyne Cobalt Project. In 1981, Teledyne leased mining claim 585, now the "Glencore Bucke Property") from Falconbridge Nickel Mines Ltd. The company recognized the significant exploration potential that the Property had due to the possible southern extensions of veins from the Cobalt Contact Mine property adjoining to the north that could project southward onto the Property. Their work delineated two mineralized zones, named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in length respectively on the Glencore Bucke property.

    Prior to the 2022 mineral exploration season, in 2017 Fuse completed 21 diamond drill holes totaling 1,913.50 m in a first phase of drilling designed to confirm and extend the existing known mineralized zones on the property as part of a first phase of drilling. The program tested the Main Zone for a strike length of approximately 55 m and the Northwest Zone for a strike length of approximately 45 m. Highlights from the 2017 diamond drill program include but are not limited to:

    Following up this success, Fuse completed and additional 24 diamond drill holes in 2018 at Glencore-Bucke totaling 2,559 m in phase II. The Company successfully intersected mineralized zones along strike in addition to both vertically above and below previous intersections reported on the Main and Northwest Zones. One of the holes drilled in 2018, GB18-44, intersected visible cobalt mineralization and returned grades of 0.11% Co, 9.4 ppm Ag, and 1.04% Cu over a core length of 8.40 m from 110.60 to 119.00m (NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021).

    Qualified Person

    The technical contents of this news release has been reviewed and approved by Gerhard Kiessling, P. Geo, who has been appointed Project Manager and is a qualified person in accordance with National Instrument 43-101.

    About Fuse Cobalt Inc. pr.report

    Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of batteries.

    Ontario Cobalt Properties:

    Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse's Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine.

    Glencore Bucke/Teledyne Property

    Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt ("Co"), and 980,000 oz of silver ("Ag") (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.

    Cobalt mineralization consisted of cobaltite and smaltite hosted within steeply dipping veins and extensive disseminations within Huronian sedimentary rocks. From 1951 through to 1957, the average cobalt content of the mineralized material mined at the Agaunico Mine was approximately 0.5%. In 1955, 526,000 lbs. of Co, 146,000 oz of Ag, 117,000 lbs. of nickel, and 81,000 lbs. of copper were recovered from 62,000 tons of ore (Cunningham-Dunlop, 1979).

    The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.

    Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world's largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).

    "Robert Setter"
    Robert Setter, President & CEO

    Contact Information:
    Email: info@fusecobalt.com
    Phone: 236-521-0207

    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 release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially.

    SOURCE: Fuse Cobalt Inc.

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    To: LoneClone who wrote (20170)9/29/2022 2:29:19 PM
    From: LoneClone
       of 20619
     
    Electra and LG Energy Solution Sign Three-year Cobalt Supply Agreement

    newswire.ca

    Electra Battery Materials Corporation Sep 22, 2022, 11:00 ET

    Marks Electra's first commercial agreement in EV supply chain

    TORONTO, Sept. 22, 2022 /CNW/ - Electra Battery Materials Corporation (NASDAQ: ELBM) ( TSXV: ELBM) ("Electra") today announced the signing of a three-year agreement to supply battery grade cobalt to LG Energy Solution (LGES; KRX: 373220), a leading global manufacturer of lithium-ion batteries for electric vehicles. Electra has agreed to supply LGES with 7,000 tonnes of battery grade cobalt from 2023 to 2025. The material will be supplied from the only cobalt sulfate refinery in North America, located north of Toronto, Ontario.








    Ariel view of Electra Cobalt Refinery in Temiskaming Shores, ON (CNW Group/Electra Battery Materials Corporation)

    Interior view of Electra Cobalt Refinery in Temiskaming Shores, ON (CNW Group/Electra Battery Materials Corporation)

    Image of EV charging (Shutterstock) (CNW Group/Electra Battery Materials Corporation)





    Electra will supply 1,000 tonnes of cobalt contained in a cobalt sulfate product in 2023 and a further 3,000 tonnes in each of 2024 and 2025 under an agreed pricing mechanism. In addition to the supply agreement, Electra and LG Energy Solution have agreed to cooperate and explore ways to advance opportunities across North America's EV supply chain, including, but not limited to, securing of sustainable sources of raw materials. Financial terms of the supply agreement were not disclosed.



    "LG Energy Solution is a global leader in the electric vehicle supply chain, and we are delighted to sign our first strategic supply agreement with such an important player in the lithium-ion battery market," said Trent Mell, CEO of Electra. "This is only the beginning of a larger strategic relationship with LG Energy Solution involving our other assets and growth initiatives in the North American battery supply chain."

    "As we have recently announced our mid- to long-term strategy to focus on North America, the fastest growing EV market, these partnerships serve as a crucial step towards securing a stable key raw material supply chain in the region," said Youngsoo Kwon, CEO of LG Energy Solution. "By establishing a strategic partnership with Electra, a key critical material supplier and only cobalt refinery in North America, LGES will continue to ensure the steady delivery of our top-quality products, thereby further advancing the global transition to EVs and ultimately to a sustainable future."

    "Today's announcement is great news for Canada," said the Hon. Francois-Philippe Champagne, Minister of Innovation, Science, and Industry. "This agreement between Electra and LG Energy Solution will see Canadian critical mineral resources and Canadian workers helping to build the car of the future. Through partnerships like this one, Canada is cementing its position as the world's green supplier of choice in the auto industry and beyond."

    "A key part of our government's plan to build Ontario is supporting partnerships like this one between Electra and LG Energy Solution," said Vic Fedeli, Ontario's Minister of Economic Development, Job Creation and Trade. "With our critical minerals strategy, cutting-edge technology and world-class workforce, Ontario has what it takes to build the cars of the future, and we're proud to see more and more companies come to Ontario for exciting partnerships."

    According to research by CRU, a leading provider of business intelligence on the global metals, mining, and fertilizer industries, China is currently responsible for 71% of refined cobalt, 76% of refined nickel and 93% of refined manganese used in EV batteries. Favourable public policy and growing EV adoption rates are accelerating the development of a North American refining and battery recycling ecosystem by Electra. The U.S. Inflation Reduction Act underscores the importance of creating a domestic EV battery supply chain by extending a $7,500 tax credit for vehicles that do not contain critical minerals sourced from China and Russia.

    Electra's low-carbon hydrometallurgical refinery complex is located in Temiskaming Shores, near the Sudbury Nickel Basin. The refinery is in the late stages of commissioning and is expected to commence operations in the spring of 2023. Cobalt sulfate provided under the term of the contract with LGES will be sufficient to supply up to 1.5 million full electric vehicles.

    At full capacity, Electra's facility will produce enough cobalt to supply up to 1.5 million electric vehicles per year.

    To meet growing customer demand, the Company announced on June 22, 2022 that it is evaluating a second refinery in the province of Quebec by 2025-26, which could source cobalt from Electra's Idaho cobalt and copper project. There are no other cobalt sulfate producers in North America today.

    The Company is also developing black mass battery recycling capabilities to recover lithium, nickel, cobalt, graphite, and copper. A demonstration plant will be commissioned in the fall of 2022 to validate the Company's proprietary flow sheet, with commercialization anticipated in 2023-24. Electra's other growth projects include the construction of a battery grade nickel refinery and a manganese refinery, to establish a fully integrated battery materials park with a third-party cathode precursor (pCAM) manufacturer. Electra announced the highlights of an engineering scoping study related to development of an integrated facility on September 8, 2022 that outlined a path to growing nickel sulfate refining capacity in North America.

    LGES and Electra will hold a formal ceremony today, September 22, in Toronto, celebrating the signing of a term sheet, which commits the parties to key commercial terms. Final legal documentation and signing of the definitive agreement is expected to be concluded in the coming months.

    CIBC Capital Markets acted as exclusive financial advisor to Electra.

    About Electra Battery Materials
    Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.

    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 release.

    Cautionary Note Regarding Forward-Looking Statements

    This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    SOURCE Electra Battery Materials Corporation

    For further information: Joe Racanelli, Vice President, Investor Relations, info@ElectraBMC.com, 1.416.900.3891



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    To: LoneClone who wrote (20171)9/29/2022 2:31:03 PM
    From: LoneClone
       of 20619
     
    Electra Makes Continued Progress on Cobalt Refinery Project and Prepares for Black Mass Recycling Demonstration

    newswire.ca

    Electra Battery Materials Corporation Sep 28, 2022, 07:00 ET

    TORONTO, Sept. 28, 2022 /CNW/ - Electra Battery Materials Corporation (NASDAQ: ELBM) ( TSXV: ELBM) ("Electra") today provided an update on the commissioning of its cobalt refinery located north of Toronto, confirming that it remains on track to meet project timelines, including the launch of a black mass recycling demonstration, and capital cost guidance announced with its Q2 2022 reporting.



    Electra’s solvent extraction plant located at its refinery project in Temiskaming Shores is near completion. (CNW Group/Electra Battery Materials Corporation)


    Electra’s refinery will produce enough cobalt sulfate to supply up to 1.5 million electric vehicles per year. (CNW Group/Electra Battery Materials Corporation)


    Electra will analyze and assay metals contained in feedstock at its lab in Temiskaming Shores. (CNW Group/Electra Battery Materials Corporation)


    "Electra continues to build momentum," said Trent Mell, CEO of Electra Battery Materials. "On the heels of our commercial agreement with LG Energy Solution announced last week, we are excited by the continued progress at our refinery and the prospects of our upcoming black mass recycling demonstration plant. Building upon successful metallurgical testing and engineering work, and the receipt and installation of key pieces of equipment, we anticipate launching our battery recycling demonstration plant at the Ontario refinery site this fall."




    Mr. Mell added, "The plant demonstration, which will be conducted in concert with ongoing commissioning efforts at the refinery, is expected to produce five marketable products. Revenue generated from black mass recycling activities will be accretive to results expected from the sale of cobalt sulfate that is anticipated beginning in spring 2023 when the refinery is commissioned."


    Refinery Commissioning Highlights
    Through September 28, 2022, Electra's progress on the refinery commissioning project can be measured by a number of key developments, including:

  • Completed 85 percent of testing of existing brownfield equipment for recommissioning.
  • Completed 85 percent of all procurement.
  • Completed 90 percent of detailed engineering.
  • Completed 75 percent of the erection of the solvent extraction building, and major solvent extraction equipment will start to be placed by the end of October.
  • Foundations and structural steel work continue for the crystallizer plant, and key processing equipment, including falling film evaporator and crystallizer vessels, are scheduled to be installed in early November.
  • Other equipment already at site to support the buildout of the crystallizer plant process include two steam package boilers, a crystallizer plant condenser, condensate and cobalt sulphate feed tanks, and a crystallizer centrifuge.
  • The owners' team is now at 25 personnel, consisting of trades people, engineers, operators, lab technicians, and office support staff.

  • Black Mass Recycling Demonstration
    Electra has completed process development and engineering on recycling black mass material, a byproduct generated by the end-of-life EV battery recycling and other recycled lithium-based battery sources.

    Electra sourced black mass samples from suppliers in Europe and North America, studied the feed characteristics, and developed a hydrometallurgical process route to recover contained lithium, nickel, cobalt, copper and graphite. The test work was conducted using the facilities of SGS Labs in Lakefield, Ontario and engineering was completed using the combined resources of Electra technical personnel, supported by process design engineers of Hatch Associates and mechanical and electrical engineering support by Bestech.

    Electra is retrofitting its existing refinery to accommodate its black mass process and plans to conduct large scale bulk runs to establish the process parameters, generate data for further optimization and validate the recoveries and quality of various marketable products.

    Under the parameters of the black mass demonstration, Electra plans to process up to 75 tonnes of material in a batch mode using the facilities of the refinery. The process samples that will be collected during the bulk run will be analyzed by Electra's laboratory, which is fully equipped with required instrumentation, including X-ray Fluorescence (XRF), Atomic Absorption (AA) and Inductively Coupled Plasma (ICP) analytical equipment.

    Electra will use a hydrometallurgical process to the treat black mass. This process has a low carbon footprint and produces stable non-acid generating tailings, thereby reducing environmental impacts while meeting or exceeding water discharge effluent criteria as stipulated by both federal and provincial regulations.

    About Electra Battery Materials
    Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.

    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 release.

    Cautionary Note Regarding Forward-Looking Statements
    This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    SOURCE Electra Battery Materials Corporation

    For further information: Joe Racanelli, Vice President, Investor Relations, info@ElectraBMC.com, 1.416.900.3891

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