Battery Mineral Resources Announces Appointment of Chief Executive Officer and Debt Settlement
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BATTERY MINERAL RESOURCES ANNOUNCES APPOINTMENT OF CHIEF EXECUTIVE OFFICER
AND DEBT SETTLEMENT
Vancouver, British Columb ia – (April 11th, 2025) – Battery Mineral Resources Corp. ( TSXV:
BMR) (OTCQB: BTRMF) ("Battery" or “BMR” or the "Company") announced today that Lazaros
(Laz) Nikeas, current Executive Chairman, has been appointed as Non-Executive Chairman
and Chief Executive Officer of the Company and Martin Kostuik has departed the positions of
Chief Executive Officer and director of the Company. BMR would like to thank Mr. Kostuik for
this dedication and years of service with the Company.
Martin Kostuik, stated, “Reflecting on the last four years, the Punitaqui project has progressed
from a concept with great infrastructure and a dozen employees, to a full operating entity with
much improved infrastructure, an extensive mineral resource base, increasing copper
production, new permits in hand, and over 400 dedicated and skilled employees. The
operation has formed strong relationships in Chile with regulators, the local communities,
vendors, suppliers, consultants, and many others. This baseline will continue to add to the
success of Punitaqui – many thanks to all stakeholders.”
Laz Nikeas, stated, “We wish to thank Martin Kostuik for his years of dedicated service to the
Company, including the acquisition, advancement, and re -start of operations at Punitaqui.
The Company continues to increase production at Punitaqui and is progressing several key
capital investment initiatives which will ensure the continued success of operations for many
years to come. We wish Martin all the best in his future endeavours.”
The Company also announces that Weston Energy II LLC (“Weston II”) and Weston Energy III
LLC (“Weston III ”), funds affiliated with Yorktown Partners LLC , have agreed to settle an
aggregate of $2,583,667 USD ($ 3,683,008 CAD equivalent) in outstanding indebtedness
(including accrued and unpaid interest) owed by the Company and its wholly -owned
subsidiary, Minera BMR SPA (“Minera”), in exchange for a 0.9352% gross revenue royalty
(“GRR”) on mining claims, mini ng leases and mineral tenures comprising the Company’s
Punitaqui copper mine and any third -party ore or other materials processed through the
Punitaqui mill to December 31, 2027 (the “Debt Settlement”). The GRR is on substantially
similar terms as the gross revenue royalty granted to Electric Royalties Ltd. and disclosed in
the Company’s press release dated November 25, 2024.
Copies of the transaction documents related to the Debt Settlement and the GRR will be filed
on the Company’s SEDAR+ profile at www.sedarplus.ca.
In addition, Weston III has agreed to extend the maturity on an aggregate of $1,601,111 USD
($2,282,378 CAD equivalent) in outstanding indebtedness (including accrued and unpaid
interest) owed by Minera to June 30, 2025 (the “Maturity Extension”).
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The Debt Settlement and Maturity Extension are both subject to TSX Venture Exchange
acceptance.
The Debt Settlement and the granting of the GRR constitute a “related party transaction”
within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders
in Special Transactions (“MI 61-101“) because Weston II and Weston III are “related parties”
of the Company within the meaning of MI 61 -101. The Company has relied on exemptions
from the formal valuation and minority shareholder approval requirements contained in
sections 5.5(a) and 5.7(1)(a) of MI 61 –101 in respect of the Debt Settlement as the fair
market value (as deter mined under MI 61 -101) is below 25% of the Company's market
capitalization (as determined in accordance with MI 61-101).
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release were
calculated at USD/CAD exchange rate of 0.70151.
About Battery Mineral Resources Corp.
Battery Mineral Resources’ mission is to build a mid -tier copper producer and has recently
initiated mine and mill operations at the Punitaqui Mining Complex, a historic copper -gold-
silver producer, in the Coquimbo region of Chile. The Company’s portfolio also consists of two
cobalt assets and one lithium asset located in North America and two graphite assets in South
Korea. The Company is focused on providing shareholders accretive exposure to copper and
the global mega -trend of electrification while being focused on growth through cash -flow,
exploration, and acquisitions in favorable mining jurisdictions.
For more information about Battery Minerals, please visit our website at, https://bmrcorp.com
or email us at [email protected].
For more information, please contact:
Lazaros Nikeas, CEO
Phone: +1 (604) 628-1110
Twitter: @BMRcorp_
Facebook: Battery Mineral Resources Corp. | Facebook
LinkedIn: Battery Mineral Resources Corp.: My Company | LinkedIn
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
This news release includes certain “forward -looking statements” under applicable securities
laws, including without limitation statements regarding anticipated production timing and
capacity and statements regarding the Debt Settlement. 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. Forward-looking statements reflect the
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beliefs, opinions and projections of the Company on the date the statements are made and
are based upon a number of assumptions and estimates that, while considered reasonable
by the Company, are inherently subject to significant business, economic, compet itive,
political and social uncertainties and contingencies. Many factors, both known and unknown,
could cause actual results, performance, or achievements to be materially different from the
results, performance or achievements that are or may be expresse d or implied by such
forward-looking statements and the parties have made assumptions and estimates based on
or related to many of these factors. Such factors include, without limitation, the ability of the
Company to obtain sufficient financing to complete exploration and development activities,
risks related to share price and market conditions, the inherent risks involved in the mining,
exploration and development of mineral properties, the ability of the Company to meet its
anticipated develop ment and p roduction schedule, government regulation and fluctuating
metal prices. Accordingly, readers should not place undue reliance on forward -looking
statements. BMR undertakes no obligation to update publicly or otherwise revise any forward-
looking statements contained herein, whether as a result of new information or future events
or otherwise, except as may be required by law. For further information regarding the risks
please refer to the risk factors discussed in BMR’s most recent Management Discussion and
Analysis filed on SEDAR+ at www.sedarplus.ca.