Electric Royalties Provides Progress Updates on Its Copper, Cobalt, Graphite, Lithium, Manganese and Tin Royalties
Electric Royalties Provides Progress Updates on Its
Copper, Cobalt, Graphite, Lithium, Manganese and Tin
Royalties
VANCOUVER, BC / ACCESSWIRE / October 10, 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 happy to report on developments in
connection with seven royalties in our portfolio, all coming on the heels of the significant resource
upgrade at the Zonia copper project in Arizona (see Electric Royalties' news release dated
September 16, 2024). We're encouraged by the portfolio's progress, particularly with regard to
Kingsrose Mining's continued investment in the Rana nickel-copper-cobalt project in Norway,
having completed its 51% interest earn-in with the intention of spending another A$4 million to
increase its interest to 65%.
"The search continues for a partner to bring the Graphmada mining complex in Madagascar back
into production. Graphmada is a past producing mine that operated continuously for 20 months
and had its product qualified by offtakers1 prior to being put on care and maintenance due to Covid
restrictions.
"There's continued progress on the metallurgy for the Battery Hill manganese project in Canada in
preparation, we understand, for a prefeasibility study which would be a major milestone in moving
the project forward to production.
"We are also pleased to note exploration progress at our Ruddy lithium asset in Eastern Canada as
well as the Graphite Bull graphite asset in Australia. We invite investors to follow us
at www.electricroyalties.com or on social media for more news to come during the year. "
Highlights since the Company's previous update on July 3, 2024:
• Råna Nickel-Copper-Cobalt Project (1.0% Net Smelter Royalty) - On August 12, 2024,
Global Energy Metals Corporation (TSXV:GEMC) ("Global Energy Metals") and its strategic
partner, Kingsrose Mining Limited (ASX: KRM) ("Kingsrose"), announced that drilling has
commenced at the Råna Project in Norway, designed to test exploration targets comprising
mineralized nickel-copper-cobalt massive sulphide at surface at the Rånbogen prospect.
The targets were identified through geophysical work by Kingsrose in 2023.
On September 4, 2024, Global Energy Metals announced that Kingsrose has earned a 51%
interest in the Råna Project by incurring A$3 million in expenditures on the project.
Kingsrose also intends to earn the third milestone interest, which equates to a 65% interest
in the Råna Project, by incurring A$4 million in expenditures on the project within the next
two years. By spending A$15 million in cumulative project expenditures on the project,
Kingsrose has the right to ultimately earn up to an 80% interest.
The drill program announced on August 12 has been completed and results are pending.
According to Global Energy Metals, the drill programs to date show potential for the
discovery of high-grade sulphide nickel-copper-cobalt mineralization at Råna.
Electric Royalties is relying on the information provided by Global Energy Metals.
• Millennium Copper-Cobalt Project (0.5% Gross Revenue Royalty) - On July 30, 2024,
Metal Bank Limited (ASX:MBK) ("Metal Bank") announced significant graphite intervals
adjacent to the existing cobalt-copper-gold mineral resource the Millennium Project in
Queensland, Australia. Furthermore, drill holes completed in this program intersected
varying levels of sulphide mineralization, including chalcopyrite (copper) and cobaltite
(cobalt) minerals.
Electric Royalties understands that Metal Bank plans to assess the potential for further
value to be unlocked from developing the graphite potential of the Millennium Project. This
includes additional surface mapping and sampling to establish graphite extents, a review of
existing geophysical data and potential for further geophysics to help define large graphite
targets, and low-cost reassaying of previous core laboratory samples, existing bulk samples
and drill core for total graphitic carbon content.
Electric Royalties is relying on the information provided by Metal Bank and is unable to verify
the reported drill data.
• Graphite Bull Graphite Project (0.75% Gross Revenue Royalty) - On August 23, 2024,
Buxton Resources Limited (ASX:BUX) ("Buxton") provided an exploration update for the
Graphite Bull Project in Western Australia. The ongoing drilling program, which commenced
in July 2024, aims to support a mineral resource estimate under JORC standards in Q4
2024. Reverse circulation drilling has intersected graphite mineralization. According to
Buxton, this result is interpreted to reflect generally thicker true widths of mineralization in
the east compared to the resource area.
Earlier in the same drill program, Buxton announced on July 25, 2024, that diamond hole
GB006DD intersected 50.35 meters of graphitic mineralization, and multiple smaller
intervals corresponding to mineralization mapped at surface. This intersection is 240 m
directly down dip from the base of the resource estimated in 2014 under JORC, suggesting
that the Main Zone at Graphite Bull is large, structurally simple and highly predictable - all
positive characteristics for project economics, according to Buxton.
Buxton has also sent graphite flake concentrate to BTR New Material Group to commence
qualification testwork to determine suitability for use in anodes for lithium-ion batteries.
Electric Royalties is relying on the information provided by Buxton and is unable to verify the
reported drill data2.
• Ruddy Lithium Project (1.5% Net Smelter Royalty)3 - On July 30, 2024, Sultan Resources
Limited (ASX:SLZ) ("Sultan") provided an update in its quarterly report on the Ruddy Project
in Ontario, Canada. Following the receipt of assay results, a priority exploration target has
been identified at the interpreted lithium, caesium and tantalum (LCT) Goldilocks Zone
surrounding the Allison Lake Batholith which covers approximately 3.5 kilometres of east-
west strike in the centre to south of Ruddy. Due to the Canadian field season in northwest
Ontario, no active field work was undertaken during the current quarter.
Electric Royalties is relying on the information provided by Sultan.
• Battery Hill Manganese Project (2.0% Gross Metal Royalty) - On August 27, 2024,
Manganese X Energy Corp. (TSXV:MN) ("Manganese X") provided an update on the Battery
Hill Project in New Brunswick, Canada. Manganese X and Kemetco Research Inc. are
continuing work to demonstrate the technical feasibility of Manganese X's technology. This
includes upgrading Battery Hill's metallurgical flow sheet project in preparation for an
upcoming prefeasibility study.
Manganese X engaged an independent US lab to perform an analysis of its high purity
manganese sulphate monohydrate sample to detect the degree of contaminant impurities
and ultimately determine if the test results will meet rigid EV battery standards. This sample
was produced by Kemetco Research Inc. with the manganese carbonate originating from
Battery Hill. The sample passed the rigid requirements, according to Manganese X.
Electric Royalties is relying on the information provided by Manganese X and is unable to
verify the test results.
• Graphmada Graphite Mine (2.5% Net Smelter Royalty) - On August 26, 2024,Greenwing
Resources Ltd. (ASX:GW1) ("Greenwing") stated that the Graphmada Mining Complex in
Madagascar and its infrastructure are in excellent condition while care and maintenance
activities continued on site. According to Greenwing, the process to attract strategic
investment to restart the Graphmada Mine is in progress.
Electric Royalties is relying on the information provided by Greenwing.
• Penouta Tin-Tantalum Mine (1.5% Gross Revenue Royalty) - On August 14, 2024, Strategic
Minerals Europe Corp. (NEO:SNTA)(OTCQB:SNTAF) ("Strategic") reported its second quarter
2024 financial results. No production, sales and revenue were reported due to the
suspension of operations at the Penouta Mine in Spain.
Strategic is focused on exploring all available legal avenues to expedite the reinstatement of
the section C permit, while continuing to maintain the plant. It is also analyzing the
opportunity to mine tailings and waste deposits that are not subject to the section C permit
suspension, to generate cashflow.
The amended and restated business combination agreement that Strategic entered into
with IberAmerican Lithium Corp. and IberAmerican Resources Inc. was terminated in
August.
On September 25, 2024, Strategic announced that following the termination of the
aforementioned business combination agreement, it has failed to secure new sources of
financing. As a result, its wholly owned Spanish subsidiary, Strategic Minerals Spain, S.L.U.
("SMS"), has commenced a voluntary structured insolvency process that includes the
appointment of an insolvency administrator over SMS and its property by the Spanish court.
Strategic also announced its intention to voluntarily delist its common shares from Cboe
Canada Inc.
Electric Royalties is relying on the information provided by Strategic.
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 Greenwing Resources Limited website https://greenwingresources.com/our-projects/graphmada/.
2 See Buxton Resources Limited's news release dated August 26, 2024 and July 25, 2024 for full
results, QA/QC practices and Competent Persons.
3 The Ruddy project is part of Electric Royalties' Ontario Lithium Portfolio acquisition (see Electric
Royalties' news release dated May 1, 2024).
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. 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/
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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.