Critical Elements Announces Nomination of Mr.eric Zaunscherb as Chairman of the Board and the Results from the Annual Shareholders Meeting
PRESS RELEASE
CRITICAL ELEMENTS ANNOUNCES NOMINATION OF MR.ERIC ZAUNSCHERB AS CHAIRMAN
OF THE BOARD AND THE RESULTS FROM THE ANNUAL SHAREHOLDERS MEETING
SEPTEMBER 11,2020 –M ONTREAL ,Q UEBEC –CRITICAL ELEMENTS LITHIUM CORPORATION
(the “ Corporation ” or “ Critical Elements ”) (TSX.V: CRE) (US OTCQX: CRECF) (FSE:
F12) is pleased to announce the results of its annual shareholders meeting (the “ Meeting ”)
held on September 10, 2020.
At the Meeting, a majority of the Corporation’s shar eholders voted in favour of all the
resolutions set out in the management proxy circular for the meeting.
The details of the results from the vote are shown below:
Votes For Against Withheld Votes
Motions Number % Number % Number %
Jean-Sébastien
Lavallée 32,541,742 89.02% 0 0.00% 4,015,545 10.98%
Jean-Raymond
Lavallée 34,791,632 95.17% 0 0.00% 1,765,655 4.83%
Eric Zaunscherb 35,556,717 97.29% 0 0.00% 990,570 2.71%
Charles B. Main 34,794,632 95.18% 0 0.00% 1,762,655 4.82%
Marc Simpson 34,814,632 95.23% 0 0.00% 1,742,655 4.77%
Matthew Lauriston
Starnes 34,794,632 95.18% 0 0.00% 1,762,655 4.82%
Steffen Haber 33,899,937 92.73% 0 0.00% 2,657,350 7.2 7%
Marcus Brune 33,871,937 92.65% 0 0.00% 2,685,350 7.35 %
Appointment of
Auditors 39,051,486 99.36% 0 0.00% 252,022 0.64%
The Board of Directors of the Corporation is pleased to announce the nomination of Mr.
Eric Zaunscherb as Chairman of the Board. Mr. Zaunscherb is a Canadian geologist with
over 32 years, and 6 cycles, of experience as a mining analyst. He most recently served
as Managing Director, Research – Metals & Mining Analyst at Canaccord Genuity where
he co-ordinated the firm’s global mining equity research team. He has enjoyed working in
Toronto, Vancouver, and London, experiencing best pra ctices in Capital Markets at
several leading firms and conducting hundreds of explo ration, development and mining
project site visits globally. He embraces new technologi es and industry initiatives in
diversity and socially responsible investing, ensuring that local communities receive
lasting benefits from mineral resource development.
ABOUT CRITICAL ELEMENTS LITHIUM CORPORATION
Primero Group recently completed the first phase of i ts Early Contractor Involvement
agreement with the Corporation and provided a Guara nteed Maximum Price for the
engineering, procurement and construction of the wholl y-owned Rose Lithium-Tantalum
project on a lump sum turnkey basis that is in line wit h the Project’s feasibility study
published November 29, 2017. The project feasibility study is based on price forecasts of
US $750/tonne for chemical-grade lithium concentrate ( 5% Li2O), US $1,500/tonne for
technical-grade lithium concentrate (6% Li2O) and US $130/kg for Ta2O5 in tantalite
concentrate, and an exchange rate of US $0.75/CA $. The internal rate of return (“IRR”)
for the Rose Lithium-Tantalum project is estimated at 34.9% after tax, and net present
value (“NPV”) is estimated at CA $726 million at an 8% discount rate. The estimated
payback period is 2.8 years. The pre-tax IRR for the R ose Lithium-Tantalum Project is
estimated at 48.2% and the pre-tax NPV at CA $1,257 million at an 8% discount rate (see
press release dated September 6, 2017). The financial analysis is based on the Indicated
mineral resource. An Indicated mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics can be estimated
with a level of confidence sufficient to allow the app ropriate application of technical and
economic parameters, to support mine planning and evaluation of the economic viability
of the deposit. The life-of-mine (LOM) plan provides for the extraction of 26.8 million
tonnes of ore, 182.4 million tonnes of waste, and 11.0 million tonnes of overburden for a
total of 220.2 million tonnes of material. The average stripping ratio is 7.2 tonnes per tonne
of ore. The nominal production rate is estimated at 4,600 tonnes per day, with 350
operating days per year. The open pit mining schedule allows for a 17-year mine life. The
mine will produce a total of 26.8 million tonnes of ore grading an average of 0.85% Li2O
and 133 ppm Ta2O5, including dilution. The mill will process 1.61 million tonnes of ore per
year to produce an annual average of 236,532 tonnes o f technical and chemical grade
spodumene concentrate and 429 tonnes of tantalite concentrate.
FOR MORE INFORMATION:
Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
www.cecorp.ca
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.