Electric Royalties Provides Four Updates on Its Lithium, Copper, Cobalt, and Tin Royalties
Electric Royalties Provides Four
Updates on Its Lithium, Copper,
Cobalt, and Tin Royalties
VANCOUVER, BC / ACCESSWIRE / July 3, 2024 / Electric Royalties Ltd.
(TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased
to provide the following update on its royalty portfolio.
Brendan Yurik, CEO of Electric Royalties, commented: "We are looking
forward to the successful business combination by the operator of our
Penouta royalty so that production under its section B permit can commence
while the reinstatement of the section C permit is pursued. Commencement
of production would bring new revenue to the Company, as we hold a 1.5%
gross revenue royalty interest, and tin prices are up approximately 30%1 since
production halted in October 2023. We are also excited to see continued
updates at Seymour Lake, one of the most advanced lithium projects in
Ontario, progressing towards completion of a feasibility study and permitting.
And all developments across our portfolio of 40 royalties continue to come at
no additional cost to Electric Royalties."
Highlights since the Company's previous update on May 28, 2024:
• Penouta Tin-Tantalum Mine (1.5% Gross Revenue Royalty) - On June
13, 2024, Strategic Minerals Europe Corp. (NEO:SNTA) (OTCQB:SNTAF)
("Strategic") announced that the Superior Court of Xustiza of Galicia
(the "TSXG") upheld its decision to suspend the section C permit for
Strategic Minerals' Penouta Mine in Spain. The suspension relates to a
complaint filed by environmentalist group Ecoloxistas en Acción
against the local mining authority, Xunta de Galicia, requesting the
revocation of the section C permit granted to Strategic in May 2022.
Strategic disagrees with the TSXG's decision and is exploring legal
avenues to reverse it and to expedite the reinstatement of the section C
permit, including a potential appeal to the Supreme Court of Spain.
Strategic stated that the TSXG decision does not impact the section B
permit at Penouta, which allows for the mining of tailings and waste
deposits. Upon completion of Strategic's previously announced business
combination with IberAmerican Lithium Corp. ("Iber"), mining activities
pursuant to the section B permit are expected to resume in an effort to
generate near-term cash flow.
On June 17, 2024, Strategic and Iber announced an amended and
restated business combination agreement, which they originally
entered into on March 19, 2024, to extend the termination date until July
31, 2024, among other terms.
• Seymour Lake Lithium Project (1.5% Net Smelter Royalty) - On June
4, 2024, Green Technology Metals Limited (ASX: GT1) ("Green
Technology Metals") provided an update on the Seymour Lake Project
in Ontario, Canada. Green Technology Metals reported that the
Feasibility Study for Seymour Lake is progressing on schedule and is
expected to be completed by H2 2024. The permitting process is also
progressing with the aim of obtaining all required permits and
approvals by the end of the year, commence timber harvesting in the
winter months, and begin early works for construction. Green
Technology Metals has put in place a finance and partnering strategy
staged over an 18-month development timeframe to meet initial capital
needs for the planned Seymour Lake Mine.
On June 18, 2024, Green Technology Metals announced that a 3,000-
meter, five-hole extensional diamond drill program has commenced at
Seymour Lake to test the potential for underground resource expansion
down dip at the North Aubry with the goal to extend the mine life and
enhance the economics of the Seymour Lake Mine.
Electric Royalties is relying on the information provided by Green
Technology Metals.
• Millennium Copper-Cobalt Project (0.5% Gross Revenue Royalty) -
On June 4, 2024, Metal Bank Limited (ASX: MBK) ("Metal Bank")
announced that a drilling program is now underway at the Millennium
Project in Queensland, Australia. Initial scout drilling toward the
Fountain Range-Quamby Fault Zone completed in 2022 identified
anomalous copper mineralization in the footwall and to the north-west
of the existing Millennium resource; however, the region further west
towards the fault and the fault itself was not tested due to access
issues. According to Metal Bank, exposure in the Fault Zone area is
limited due to post-mineralization cover by Quamby Conglomerate
alluvials.
The current drilling program includes two holes to test the Fault Zone -
one of which is directly under significant exposure of outcropping
copper oxide in a polyphase siliceous fault breccia - plus a diamond core
extension or ‘tail' to an existing RC pre-collar hole from previous drilling
in the Central Area of the existing resource.
Electric Royalties is relying on the information provided by Metal Bank
and is unable to verify the details of the studies.
• Cancet Lithium Project (1.0% Net Smelter Royalty) - On June 17, 2024,
Winsome Resources Limited (ASX: WR1) announced firm commitments
of A$25 million in funding via a flow-through share placement and an
institutional share placement. Approximately A$1.5 million of the funds
is expected to be allocated towards expedited follow-up drilling at
priority targets, prospecting, gravity, stripping and channel sampling,
and eligible staffing expenses at the Cancet Project in Québec, Canada.
Electric Royalties is relying on the information provided by Winsome
Resources Limited.
David Gaunt, P.Geo., a qualified person who is not independent of Electric
Royalties, has reviewed and approved the technical information in this
release.
1 https://tradingeconomics.com/commodities
About Electric Royalties Ltd.
Electric Royalties is a royalty company established to take advantage of the
demand for a wide range of commodities (lithium, vanadium, manganese,
tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive
toward electrification of a variety of consumer products: cars, rechargeable
batteries, large scale energy storage, renewable energy generation and other
applications.
Electric vehicle sales, battery production capacity and renewable energy
generation are slated to increase significantly over the next several years and
with it, the demand for these targeted commodities. This creates a unique
opportunity to invest in and acquire royalties over the mines and projects
that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 40 royalties in lithium, vanadium,
manganese, tin, graphite, cobalt, nickel, zinc and copper across the world and
interests in 32 lithium properties in Ontario, Canada. The Company is focused
predominantly on acquiring royalties on advanced stage and operating
projects to build a diversified portfolio located in jurisdictions with low
geopolitical risk, which offers investors exposure to the clean energy
transition via the underlying commodities required to rebuild the global
infrastructure over the next several decades toward a decarbonized global
economy.
For further information, please contact:
Brendan Yurik
CEO, Electric Royalties Ltd.
Phone: (604) 364‐3540
Email: [email protected]
https://www.electricroyalties.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange), nor any
other regulatory body or securities exchange platform, accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and
Other Company Information
This news release includes forward-looking information and forward-looking
statements (collectively, "forward-looking information") with respect to the
Company within the meaning of Canadian securities laws. This news release
includes information regarding other companies and projects owned by
such other companies in which the Company holds a royalty interest, based
on previously disclosed public information disclosed by those companies and
the Company is not responsible for the accuracy of that information, and
that all information provided herein is subject to this Cautionary Statement
Regarding Forward-Looking Information and Other Company
Information. Forward looking information is typically identified by words
such as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events. This
information represents predictions and actual events or results may differ
materially. Forward-looking information may relate to the Company's future
outlook and anticipated events and may include statements regarding the
financial results, future financial position, expected growth of cash flows,
business strategy, budgets, projected costs, projected capital expenditures,
taxes, plans, objectives, industry trends and growth opportunities of the
Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based
on information available, they may prove to be incorrect. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
the Company or these projects to be materially different from any future
results, performance or achievements expressed or implied by the forward-
looking statements. These risks, uncertainties and other factors include, but
are not limited to risks associated with general economic conditions; adverse
industry events; marketing costs; loss of markets; future legislative and
regulatory developments involving the renewable energy industry; inability
to access sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms; the mining industry
generally, recent market volatility, income tax and regulatory matters; the
ability of the Company or the owners of these projects to implement their
business strategies including expansion plans; competition; currency and
interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR+ as
well as other information filed with the OTC Markets for a more complete
discussion of all applicable risk factors and their potential effects, copies of
which may be accessed through the Company's profile page
at sedarplus.ca and at otcmarkets.com.
SOURCE: Electric Royalties Ltd.