Gold Lion Announces LOI with Elcora Advanced Materials to begin Exploration of a Manganese Mining License in Morocco
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GOLD LION RESOURCES INC.
NEWS RELEASE
Gold Lion Announces LOI with Elcora Advanced Materials to begin
Exploration of a Manganese Mining License in Morocco
Vancouver, British Columbia / August 18, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the
“Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) is pleased to announce the development and
exploration of a m anganese min e in Morocco by signing a letter of intent dated August 10, 2022 (the
“LOI”) to a cquire a 50% interest in a mining license (the “ License”) from Ermazon SARL
(“Ermazon”), a wholly owned subsidiary of Elcora Advanced Materials Corp . (“Elcora”). Ermazon has
applied for the exploitation license of the manganese concession which will fortify ongoing strategies to
supply battery and electric vehicle end-users.
The manganese site was a former French mine that was in operation for decades that Ermazon and Elcora
intend to leverage on-site infrastructure and facilities. Up to 600 tonnes of raw ore from the mine is ready
for processing ; this development and exploration project will determine whether an open pit or
underground mining operation is launched.
Manganese is an electric vehicle or “ EV” metal used to produce batteries for electric vehicles and other
renewable energy applications such as electricity grid storage for Tesla’s Powerwall batteries. Its status as
a battery metal is expected to propel its demand in the wake of what experts predict will be a widespread
transition to electric vehicle’s driven by global climate change policy goals and zero-emission targets.
Manganese represents a critical link in the lithium- ion battery supply chain. Electrolytic manganese
dioxide (EMD) is an upgr aded form of manganese that serves as a key ingredient of lithium -ion, alkaline
and zinc-manganese batteries.
Manganese sulfate prices have risen by 30% from $867 per tonne in January 2021 to $1,128 in June 2021
and are expected to continue to strengthen over the next decade. “Prices are likely to keep rising in the
second half of the year as demand for batteries is projected to grow. With the manganese sulphate market
currently projected to be in a deficit, prices are likely to rise to support new refinery projects in order to
meet demand by 2024.” (BloombergNEF).
The global manganese alloy market size was USD 25,615.7 million in 2019 and is projected to reach USD
42,004.4 million by 2027, exhibiting a CAGR of 7.4% during the forecast period. Manganese (Mn) alloys
are mixtures of metals and metalloids along with the manganese metal [Fortune Business Insights Re f ID
101569].
600 – 1090 West Georgia Street, Vancouver, British Columbia V6E 3V7
T: 902-225-8881/
W: https://goldlionresources.com/
Guy Bourgeois , CEO of the Company commente d, “Gold Lion has emerged from a junior exploration
company to a battery materials supplier servicing the existing and new giga factories around the globe. The
global manganese market is expected to grow at a considerable rate and projected prices will reinforce
Gold Lions’ mining and development strategy to supply battery metals to meet current demands.”
Terms of the Acquisition
As consideration for a 50% interest in the License, the LOI contemplates the following cash payments and
share issuance be made in tranches: (i) a cash payment of $75,000 and the issuance of common shares of
the Company (the “ Shares”) equal to $250,000 for an initial 25% interest in the License ; (ii) a cash
payment of $125,000 for a further 15% interest in the License ; and (iii) a cash payment of $50,000 for
remaining 10% interest in the License.
The deemed price of the Shares to be issued will be determined based on the signing of a definitive
agreement, and will be issued a t a price that is at or greater than $0.05 and the minimum price allowed
pursuant to the policies of the Canadian Securities Exchange (the “CSE”) . The Shares will be subject to a
minimum hold period of four months and one day from the date of issuance.
The proposed acquisition will be completed pursuant to available prospectus exemptions in accordance
with applicable securities legislation.
The proposed acquisition is subject to receipt of all necessary regulatory approvals, incl uding, as
applicable, approval of the CSE, completion of due diligence reasonable or customary in a transaction of a
similar nature, and entering into a definitive agreement, among other conditions. The proposed acquisition
would be an arms -length transaction for the Company and would not constitute a fundamental change or
result in a change of control of the Company, within the meaning of the policies of the CSE.
About Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its
precious metal focused portfolio including Black Lake, Cuteye and Fairview Properties located in British
Columbia, Saskatchewan and Idaho, USA. For more i nformation please visit:
https://goldlionresources.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Guy Bourgeois, CEO
T: 902.225.8881
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the
accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian
securities legislation. Often, but not always, forward- looking information and information can be
identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”,
“estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be
600 – 1090 West Georgia Street, Vancouver, British Columbia V6E 3V7
T: 902-225-8881/
W: https://goldlionresources.com/
taken, occur or be achieved. Forward -looking information in this news release includes statements
regarding: assumptions that are subject to significant risks and uncertainties, including assumptions that
all conditions to the closing of the p roposed acquisition will be satisfied and that the proposed
acquisition will be completed on the terms set forth in the LOI. The forward- looking information
reflects management's current expectations based on information currently available and are subject to a
number of risks and uncertainties that may cause outcomes to differ materially from those discussed in
the forward-looking information. Such risk factors may include, among others, the risk that required
approvals and the satisfaction of material conditions are not obtained in connection with the proposed
acquisition, the risk that the proposed acquisition is not approved or completed on the terms set out in
the LOI or that a definitive agreement will be entered into in con nection therewith. Although the
Company believes that the assumptions and factors used in preparing the forward-looking information
are reasonable, undue reliance should not be placed on such information and no assurance can be given
that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or
events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other
factors beyond the control of the Company. New risk factors emerge from time to time, and it is
impossible for the Company’s management to predict all risk factors, nor can the Company assess the
impact of all factors on Company’s business or the extent to which any factor, or combination of
factors, may cause actual results to differ from those contained in any forward-looking information. The
forward-looking information included in this news release are made as of the date of this news release
and the Company expressly disclaims any intentio n or obligation to update or revise any forward-
looking information whether as a result of new information, future events or otherwise, except as required
by applicable law. Additional information identifying risks and uncertainties that could affect financial
results is contained in the Company’s filings with Canadian securities regulators, which are available at
www.sedar.com.