Northern Graphite Signs Land Agreement for Baie-Comeau Battery Anode Material Plant, Advances Mine-to-Market Strategy
Northern Graphite Signs Land Agreement for
Baie-Comeau Battery Anode Material Plant,
Advances Mine-to-Market Strategy
Ottawa, Ontario--(Newsfile Corp. - June 29, 2023) - Northern Graphite Corporation
(TSXV: NGC)
(OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG)
(the "
Company
" or "
Northern")
is pleased to
announce that it has signed a letter of intent (
"LOI"
) with the city of Baie-Comeau to purchase land for a
200,000 tonne per year Battery Anode Material ("BAM") plant as it advances
plans
to supply anode
material to lithium-ion battery manufacturing plants throughout North America. The LOI, which is subject
to financing and receipt of regulatory approvals, gives Northern the right to purchase a 1.2 million m
2
property, approximately 300 acres, in the Baie-Comeau port industrial zone, with access to municipal
services and infrastructure, for US$1.2 million.
"This is a big step forward in our strategy to be an integrated, sustainable, cost-effective mine-to-market
supplier to the booming EV battery manufacturing market and a key player in North America's critical
minerals strategy," said Northern Chief Executive Officer Hugues Jacquemin. "From here everything
flows. We now know where the facility will be located, how much power it will require and where the
power needs to go and can proceed with all the design and logistical work required to begin
construction."
There is effectively no capacity in the west to convert graphite mine concentrates into anode material
and the EV manufacturers are depending on project proponents such as Northern to fill the void and
supply existing and planned lithium-ion battery manufacturing plants throughout North America. The Baie-
Comeau BAM plant will be one of the world's largest such conversion facilities and will process
concentrates from Northern's mines as well as from other producers that will be coming online. The plant
will have one of the lowest CO
2
footprints in the industry due to its access to green, hydroelectric power
with pricing that is among the most competitive in the world.
''ID Manicouagan is delighted with this agreement, which marks an essential milestone in the
development of our partnership with Northern for the implementation of a major graphite processing
project in the industrial port zone of Baie-Comeau," said Innovation et Developpement Manicouagan ("ID
Manicouagan") President Marcel Cadoret.
"The evaluation of options, and the selection and securing of the industrial site set the stage for the
technical, social and economic studies needed to implement plans for one of the largest suppliers of
battery materials in Quebec and North America,'' said Guy Simard, director of industrial development for
ID Manicouagan.
Baie-Comeau is located on the shores of the St. Lawrence River, approximately 400 km north-east of
Quebec City in the Cote-Nord economic region and has direct access to the rest of North America via
road, rail and a deep water, all-season port. The BAM plant, which the Company expects the first phase
would cost in the range of $500 million, and which the Company would target for completion in 2026, will
be subject to financing, regulatory approvals and certain other conditions, and is eligible for assistance
under programs offered by the province of Québec, the Canadian and U.S. governments, as well as
other assistance by the Manicouagan region and potential Plan Nord incentives.
Northern signs LOI to purchase a 1.2 million m
2
property in Baie-Comeau's port industrial zone with
access to North America via road, rail and a deep water, all-season port.
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About Northern Graphite
Northern is a Canadian, TSX Venture Exchange listed company that is focused on becoming a world
leader in producing natural graphite and upgrading it into high value products critical to the green
economy including anode material for lithium-ion batteries/EVs, fuel cells and graphene, as well as
advanced industrial technologies.
Northern is the only significant graphite producing company in North America and will become the third
largest producer outside of China when its Namibian operations come back online. The Company also
has two large scale development projects, Bissett Creek in Ontario, and Okanjande in Namibia, that
have the potential to generate continued production growth in the future.
All projects have "battery quality"
graphite and are located close to infrastructure in politically stable jurisdictions.
For media inquiries contact
Pav Jordan, VP of Communications
Email:
For further information contact
Guillaume Jacq, CFO
(613) 271-2124
Email:
Qualified Person
Gregory Bowes, B.Sc. MBA P.Geo, the Chairman of Northern, is a "qualified person" as defined under
National Instrument 43-101 and has reviewed and approved the content of this news release.
For additional information
Please visit the Company's website at
http://www.northerngraphite.com/investors/presentation/
, the
Company's profile on
www.sedar.com,
our
Social Channels
listed below or
contact the Company at
(613) 271-2124.
YouTube
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward- looking statements and information are frequently characterized
by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential",
"possible" and other similar words, or statements that certain events or conditions "may", "will",
"could", or "should" occur. Forward-looking statements in this release include statements regarding,
among others, the Company's intentions with respect to the planned construction of a battery anode
material processing plant and the Company's intentions with respect to advancing its developments
projects to production and developing the capacity to manufacture value added products. All such
forward-looking statements are based on assumptions and analyses made by management based on
their experience and perception of historical trends, current conditions and expected future
developments, as well as other factors they believe are appropriate in the circumstances. However,
these statements are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected including, but not limited to
unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the
failure of other parties to perform as agreed; social or labour unrest; changes in commodity prices;
unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated
studies to deliver anticipated results or results that would justify and support continued studies,
development or operations. Readers are cautioned not to place undue reliance on forward-looking
information or statements.
Although the forward-looking statements contained in this news release are based on what
management believes are reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with them. These forward-looking statements are made as of the date
of this news release and are expressly qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any obligation to update or revise the
forward-looking statements contained herein to reflect events or circumstances occurring after the
date of this news release.
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.
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