Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) provides a brief update and announces that its directors received their quarterly director fees in the form of stock options in lieu of cash for the period ended September 30th (see press release dated April 12, 2023).
On September 29, 2023, each director was granted 26,800 stock options at an exercise price of $0.235 in lieu of their director fees for Q3 2023. An aggregate of 107,200 stock options were granted. The stock options will be exercisable for three years and will vest on September 29, 2023. The Company will grant stock options equivalent in fair value to the director fees forfeited each quarter during 2023, at an exercise price of one cent above the closing price of Aurania’s shares the day prior to the grant and exercisable at any time for a period of three years following the date of issuance.
Update on Ecuador and France
The next President of Ecuador will be determined in a run-off election on October 15. The two candidates, Luisa Gonzalez (UNES – Correa’s party) and Daniel Noboa (ADN – centrist, business-aligned) are expected to be supportive of responsible mining. Gonzalez was in first place with 34% of the votes on August 20th, and Daniel Noboa held 24% of the votes at that time. The winning candidate will be in power until the next president is elected in Ecuador’s regularly scheduled election in the first half of 2025. After the first-round results, Noboa emerges as the candidate with the most promising prospects for the presidency in the upcoming second round. This is because González’s room for growth on her 34 percent showing remains limited to those supportive of Correa’s former Socialist government (2007-2017). Noboa, by contrast, is positioned to secure substantial backing from voters who had initially supported a variety of “anti-Correísmo” candidates. At time of writing, Noboa is ahead in the polls, from 5-8%. He has already met with the Ecuador Chamber of Mines, of which Aurania is a member, and recognizes the importance of mining to the Ecuador economy. Whomever wins the election will take office in December.
In the meantime, Aurania’s CSR team continues to work with local communities in Ecuador to advance various social programs and initiatives within the areas of the Company’s key targets, strengthening the bonds with the communities and improving the social license the Company has. The management team’s focus is to work on those initiatives with the higher potential to create value for our shareholders in Ecuador and France, where the applications for mineral exploration permits, announced in July 2023, are being processed. The Company will report on those activities as new developments occur.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Click here to view the full press release dated October 2, 2023 on Aurania’s website including contact details and forward-looking statements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Near-term weakness presents an opportunity. Lithium stocks have been weighed down by a decline in lithium spot prices this year driven mainly by factors in China. The recent price of battery grade lithium carbonate was ~US$23,300 per tonne. We think it presents an opportunity for longer-term investors based on favorable intermediate and long-term lithium fundamentals supported by growth in the North American electric vehicle market. While commodity spot prices tend to be volatile, long-term supply contracts will likely account for market volume growth as electric vehicle industry participants seek to secure their own lithium sources.
North American lithium projects have gained traction. With critical minerals supplies subject to geopolitical risk, lithium projects in North America benefit from a variety of funding options as battery manufacturers and car makers seek to secure supplies to de-risk their own long-term objectives. General Motors’ investment and offtake agreement with Lithium Americas to advance the Thacker Pass lithium project in Nevada validates the commercial potential of similar projects. Another example is the U.S. Dept. of Energy’s commitment to lend up to US$700 million to develop Ioneer’s Rhyolite Ridge project in Nevada coupled with US$490 million of conditional financing from Sibanye-Stillwater and binding offtake agreements with Ford, Toyota/Panasonic, and EcoPro.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating estimates. We have lowered our fiscal year 2023 EBITDA and EPS estimates to $81.2 million and $3.25 per share from $82.0 million and $3.30 per share. Our estimates reflect lower gross margins during the September quarter due to the negative impact of raw material fluctuations, primarily for nickel and cobalt. We have reduced our 2024 EBITDA and EPS estimates to $104.3 million and $4.50 per share from $106.8 million and $4.65. Our revised 2024 estimates reflect seasonality and more conservative sales volume growth assumptions albeit at modestly higher margins. The first quarter of each fiscal year is typically Haynes’ lowest revenue and earnings quarter due in part to holidays and planned maintenance.
Strong order backlog. Orders during the June quarter resulted in a record backlog of $468.1 million and represented a 4.8% increase compared to the prior quarter and a 38.4% increase on a year-over-year basis. Backlog pounds increased 3.2% during the third quarter to approximately 14.6 million pounds and increased 20.7% compared to the prior year period driven by strong demand in the aerospace and industrial gas turbine markets. In our view, the strong order book is indicative of the company’s strong competitive position and favorable outlook.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Americas-focused silver-gold exploration company. In May,Newrange executed a binding Scheme Implementation Deed (SID) to acquire 100% of Mithril Resources Limited (ASX: MTH) in a reverse takeover (RTO). Pending approval by the TSX Venture Exchange, the resulting company will be named Pinnacle Silver & Gold Corp. and will be listed on the TSX Venture exchange under the symbol “PINN.” The transaction is subject to various conditions, including approval by Newrange and Mithril shareholders and by various governmental and regulatory bodies. The transaction is expected to close following the Newrange and Mithril shareholder meetings on October 5th and October 13th, respectively. Mithril would then be delisted from the ASX exchange.
Flagship project. The Copalquin gold-silver project is in Durango State, Mexico and covers an entire mining district containing several dozen historic gold and silver mines and workings. The district is within the Sierra Madre Gold-Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits. Based on a recent NI 43-101 compliant technical report, the El Refugio target area is estimated to contain indicated resources of 121,000 ounces of gold and 2,538,000 ounces of silver and inferred resources of 252,000 ounces of gold and 8,414,000 ounces of silver.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale of battery recycling facility. Comstock’s LINICO subsidiary sold its battery recycling facility in the Tahoe Reno Industrial Center and associated assets to American Battery Technology Company (OTCQX: ABML) for $27 million comprised of cash and ABML shares. LINICO had leased the facility with an option to purchase for $15.25 million, of which $3.25 million was paid. Comstock made the remaining $12.0 million payment to Aqua Metals, Inc. (Nasdaq: AQMS) to purchase the facility prior to closing its transaction with ABML. American Battery Technology Company initiated a 1-for-15 reverse split of its common stock effective at 9:00 am ET on September 11, 2023.
Sale of American Battery Technology Company shares. Comstock recently sold its 9,076,923 ABML common shares for approximately $5.5 million. Related to the sale of the battery recycling business, Comstock has now generated total and net cash proceeds of $26.5 million and $14.5 million, respectively, representing a net gain on the sale of ~$7 million that will be reflected in the company’s third quarter financial statements. American Battery Technology Company will make a final payment of $0.5 million in cash during the fourth quarter of 2023.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
DevvStream Holdings, a leading developer of carbon offset projects and associated credit streams, has signed a definitive agreement to go public through a merger with special purpose acquisition company (SPAC) Focus Impact Acquisition Corp.
The combined company will be named DevvStream Corp. and is expected to list on the Nasdaq under ticker “DEVS”. The deal values DevvStream at an implied $212.8 million enterprise value.
Founded in 2021, Vancouver-based DevvStream partners with corporations and governments on sustainability initiatives. It brings projects generating carbon credits to market by co-investing or providing technical services in exchange for a share of long-term credit streams.
This capital-light model requires little upfront investment for participation in the fast-growing carbon markets. DevvStream estimates its current portfolio will generate $13 million in net revenue in 2024 and $55 million in 2025 as projects are expanded.
DevvStream participates in both regulated compliance markets and the rapidly expanding voluntary carbon credit market. The voluntary market hit $2 billion in 2022 but could reach up to $250 billion by 2030 according to estimates.
The merger will provide further expansion capital to DevvStream as it scales its portfolio of emissions-reducing projects. Focus Impact raised $172.5 million in its May 2021 IPO into a trust that will go to the combined company after redemptions.
According to DevvStream CEO Sunny Trinh, “Entering into a definitive agreement to merge with Focus Impact is a significant step towards accelerating the growth of our differentiated technology-based approach to carbon markets.”
He added that enhancing transparency and reliability in voluntary markets in particular can help drive participation and meaningful emissions reductions.
Focus Impact CEO Carl Stanton said the proposed merger “presents a significant opportunity to create substantial value for our shareholders.” He cited DevvStream’s systematic approach to carbon project development and blockchain-enabled tracking.
The transaction is expected to close in the first half of 2023, subject to shareholder approvals and other customary closing conditions. Upon completion, DevvStream will be listed on the Nasdaq under ticker “DEVS”.
With global momentum building around carbon markets and climate action, the merger comes at an opportune time. DevvStream is now poised to capitalize on surging demand as both corporations and governments seek to curb emissions.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mineral resource estimate. Defense Metals released results from its updated mineral resource estimate (MRE) for the Wicheeda Rare Earth Element (REE) Project. The 2023 mineral resource estimate is based on an updated geological model incorporating the results from 10,350 meters of drilling within 45 holes drilled by Defense Metals during 2021 and 2022.
Larger and higher-quality resource base. The 2023 resource estimate includes a 6.4 million tonne measured mineral resource averaging 2.86% total rare earth oxide (TREO), a 27.8 million tonne indicated mineral resource averaging 1.84% TREO, and an 11.1 million tonne inferred mineral resource averaging 1.02% TREO. The 2023 mineral resource estimate represents an 18.2% increase in TREO and a 31.3% in tonnage compared to the 2021 MRE. Total measured and indicated mineral resources of 34.2 million tonnes, averaging 2.02% TREO is a significant upgrade compared to the previous estimate and can be included in the mine plan for the preliminary feasibility study that is expected to be completed in the first half of 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Uranium prices have entered a new bull market in 2023, surging 20% so far this year. The nuclear fuel recently hit $60 per pound for the first time in over a decade. This milestone comes on the back of rosier demand forecasts from the World Nuclear Association (WNA) and vastly outperforms other metals markets.
The WNA recently released its biennial report at the World Nuclear Symposium in London. The report provides insights into future uranium demand, underscoring the role nuclear power will play in the global energy transition. It predicts world reactor requirements for uranium will reach almost 130,000 tonnes by 2040, up from 65,650 tonnes in 2023.
Even the WNA’s most conservative projection of 87,000 tonnes in 2040 represents robust demand growth. This is driven by an expected expansion of nuclear capacity from 391 gigawatts currently to 686 gigawatts by 2040 under its base case scenario. The bulk of new reactors will be located in China, which is aggressively decarbonizing by replacing coal plants with nuclear.
China has 23 reactors under construction, 23 more planned, and 168 proposed to add to its existing fleet of 53 reactors. The WNA report increased its overall uranium demand growth projections to 4.1% annually through 2040, up from 3.1% in its 2021 forecast.
This surging demand presents a huge opportunity for growth in the uranium mining sector. As the market transitions from oversupply to undersupply, uranium companies are poised to benefit tremendously. Their revenues, earnings, and valuations could rapidly improve as prices rise. Many junior miners could become acquisition targets for larger producers looking to add resources.
A key driver of demand is the accelerated adoption of small modular reactors (SMRs). These compact, modular designs allow nuclear plants to be constructed faster and cheaper. The WNA sees SMRs reaching 31 gigawatts of installed capacity by 2040, significantly boosting uranium demand. However, forecasts remain relatively conservative given SMRs’ potential applications in shipping, data centers, and other sectors.
According to BMO Capital Markets, SMRs could play a pivotal role in powering remote mines looking to replace diesel generators with cleaner energy solutions. With ample space and ideal climates, mines are adding solar and wind power. But in colder regions like Canada, SMRs may be the only viable zero-carbon option.
In much the same way platinum miners are testing hydrogen trucks onsite, uranium producers could pioneer SMR installations at operations. This would create new demand from uranium miners themselves. BMO estimates SMR capacity could reach 58 gigawatts by 2030, or around 10% of total nuclear generation.
While secondary supplies like reprocessed fuel and stockpiles have bridged the supply-demand gap for decades, the WNA report acknowledges these inventories are diminishing. With roughly 3.7 years of reactor requirements in current stockpiles, the WNA projects secondary supplies will fall from 11-14% of demand now to just 4-11% by 2050.
This decline underscores the need for new mine supply to meet growing reactor demand in the long run. With secondary sources drying up, uranium prices must rise to incentivize investment in expansion and new projects. The uranium bull run still appears to be in its early innings, as rosier demand forecasts confront constrained mine supply. Nuclear energy’s role in global decarbonization efforts continues to expand, brightening the outlook for uranium markets and uranium mining companies.
Apple just recently announced its first carbon neutral products – the new Apple Watch lineup. This achievement comes from innovations across Apple’s global supply chain over years to dramatically reduce emissions. It’s a major milestone toward Apple’s 2030 goal to make all products carbon neutral.
To become carbon neutral, Apple steeply cut watch emissions first via clean energy, recycled materials, and low-emission transportation. Any remaining emissions are addressed with high-quality carbon credits from nature-based projects like forests.
This shift demonstrates how companies can decarbonize operations and products through renewable electricity, material innovation, and carbon removal. If adopted widely, these strategies can significantly benefit the environment.
Apple’s progress was enabled by large investments in wind and solar energy. Their actions helped create over 15 gigawatts of new clean power. Scaling renewable energy is crucial for the transition away from fossil fuels.
The company also pioneered using recycled metals and fibers in devices. This reduces the need for carbon-intensive mining and materials manufacturing. Broad adoption would lessen impacts on natural resources.
Additionally, Apple funded carbon removal through forest restoration. This supports nature-based solutions to sequester CO2. The climate impact could grow exponentially if more firms financed conservation projects.
In summary, Apple’s carbon neutral product milestone highlights the environmental promise of renewable energy, the circular economy, and carbon removal. It demonstrates the potential for these strategies to transform manufacturing, conserve natural resources, and fight climate change.
VANCOUVER, BC, Sept. 12, 2023 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce an updated Mineral Resource Estimate (the 2023 MRE) for the development of its Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada.
Highlights of the 2023 Wicheeda REE Deposit Mineral Resource Estimate
The 2023 MRE comprises a:
6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO1);
a 27.8 million tonne Indicated Mineral Resource, averaging 1.84 % TREO;
and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO,
all reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell;
Total Measured and Indicated (M+I) Mineral Resources of 34.2 million tonnes, averaging 2.02% TREO, is a significant upgrade representing a conversion of 101% of the 2021 MRE comprising some indicated and mostly inferred resources (see Defense Metals’ news release of November 24, 2021) to M+I on a contained metal basis;
Measured and Indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO;
The 2023 MRE represents a 17% increase in TREO on a contained metal basis, or 31% tonnage increase, in comparison to the prior 2021 MRE.
The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 metres of drillhole data, from 45 holes drilled by Defense Metals during 2021 and 2022.
Craig Taylor, CEO of Defense Metals, stated, “Defense Metals is excited to release our updated mineral resource estimate for the Wicheeda Deposit, one of North Americas most advanced Rare Earth development projects. With over 10,000 metres of additional drilling completed since our 2021 mineral resource we have now converted 100% of the that resource to the measured and indicated categories, in addition to growing the overall resource by 17%. Importantly, we believe the upgrading of resources now demonstrates that we have established the tonnage and grades necessary to carry forward into our ongoing preliminary feasibility study.”
The effective date of the 2023 MRE is August 28, 2023, and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release. The 2023 MRE was prepared by APEX Geoscience Ltd. (APEX).
2023 Mineral Resource
The Wicheeda REE deposit is a southeast-trending, north to northeast dipping syenite-carbonatite intrusive complex having dimensions of approximately 450 m north-south by 250 m east-west which intrudes a mixed sedimentary host rock package (limestone). Relatively high REE grade dolomite-carbonatite rocks, which outcrop at surface, and form the main body of REE mineralization are surrounded by an envelope of intermediate REE grade hybrid xenolithic-carbonatite rocks that intrude lower REE grade syenite.
The 2023 MRE comprises a 6.4 million tonne Measured Mineral Resource, averaging 2.86% TREO CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3); 27.8 million tonne Indicated Mineral Indicated Resource, averaging 1.84% TREO; and 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO, reported at a cut-off grade of 0.5% TREO within a conceptual Pseudoflow algorithm open pit shell; see Table 1 and Figure 1.
The 2023 MRE is based on an updated geological model incorporating an additional 10,350 metres of drilling within 45 holes drilled by Defense Metals during 2021 and 2022.
Notes for Resource Table:
The 2023 MRE is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29th, 2019 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014.
The 2023 MRE was prepared by Warren Black,M.Sc., P.Geo. and Tyler Acorn, M.Sc., of APEX Geoscience Ltd under the supervision of the QP, Michael Dufresne, M.Sc., P.Geo. in accordance with CIM Definition Standards.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There has been insufficient exploration to allow for the classification of the indicated and inferred resources tabulated as a measured mineral resource; however, it is reasonably expected that the majority of the indicated and inferred mineral resources could be upgraded to measured or indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.
Median rock densities are supported by 8,075 measurements applied: 2.95 g/cm3 (mineralized dolomite-carbonatite), 2.90 g/cm3 (unmineralized dolomite-carbonatite), 2.85 g/cm3 (mineralized xenolithic-carbonatite), 2.76 g/cm3 (unmineralized xenolithic-carbonatite), 2.73 g/cm3 (syenite), and 2.76 g/cm3 (limestone).
The reasonable prospect for eventual economic extraction is met by reporting the Mineral Resources at a cut-off grade of 0.50% TREO (total rare earth oxide, sum of 10 oxides: CeO2, La2O3, Nd2O3, Pr6O11,Sm2O3,Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3), contained within an optimized open pit shell.
The cut-off grade is calculated, and the open pit shell is optimized based on the assumption that the hydrometallurgical processing can produce mixed REE carbonate precipitates. The parameters utilized, as in the 2021 MRE, include the following considerations:
TREO price: $18.66/kg
Exchange rate of 1.30 C$:US$
Precipitate production grades of 81.09% of TREO
Processing costs include $21.47/t of mill feed for flotation plus a variable cost for hydrometallurgical plant that varies based on the feed grade. The average cost of hydrometallurgical plant is assumed to be $1,204/t of concentrate.
Mining cost of C$2.00/t for mill feed and waste
G&A Costs of C$3.33/t for mill feed.
The overall process recoveries: For TREO>=2.3%, recovery is 69.6%; between 2.3% and 1.5% TREO, recovery is 65.3%; and less than 1.5% TREO, recovery is 52.2%. These assume variable flotation recoveries and a constant 87% hydrometallurgical recovery.
Overall pit slope angles vary by zone between 40 and 48 degrees.
Figure 1: Cross Section of the Wicheeda RE Deposits 2023 MRE (CNW Group/Defense Metals Corp.)
The 2023 MRE for the Wicheeda REE Deposit includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mineral Resource Estimate Methodology
The drillhole database comprised of drilling that intersected the estimation domains consists of 14 exploration diamond drillholes (totalling 2,107 meters) completed in 2008 and 2009 by Spectrum Mining and 58 exploration core drillholes during 2019, 2021 and 2022 by Defense Metals (totalling 12,073 metres), providing a total of 4,903 drill core samples analyzed for REE by multi-element fusion ICP-MS.
The 3D geological modeling integrates assay and geological data collected from diamond core drilling; surface geologic mapping; soil geochemical; and airborne magnetic and radiometric geophysical surveys.
Ordinary kriging is employed to estimate metal concentrations using a three-step pass search strategy guided by domain-specific variography. The estimates utilize capped composites with a 3-meter length.
Measured Resources are categorized within a search ellipse of 35 m by 30 m by 15 m with a minimum of 3 drillholes. Indicated Resources are categorized within a search ellipse of 90 m by 60 m by 30 m with a minimum of 3 drillholes. Inferred Resources are categorized within a search ellipse of 120 m by 120 m by 30 m with a minimum of 2 drillholes.
Table 2 above illustrates the sensitivity of the 2023 MRE to different cut-off grades for a potential open-pit operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in these tables should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to cut-off grade.
Table 3: Wicheeda Mineral Resource by Lithology (cut-off grade of 0.5% TREO)
Table 3 above illustrates the 2023 MRE by lithology which illustrates the relatively high REE grade nature of the dominant dolomite carbonatite unit, intermediate grade xenolithic dolomite carbonate rocks and lower grade syenite and limestone lithologies peripheral to the main body of the Wicheeda REE Deposit.
Qualified Persons
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
About the Wicheeda REE Property
Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda Project is located approximately 80 km northeast of the city of Prince George, British Columbia, Canada; population 77,000. The Wicheeda Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydropower transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the deep-water port facilities at Prince Rupert, the closest major North American port to Asia.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB, and in Germany on the Frankfurt Exchange under “35D”.
Defense Metals is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/
National Instrument 43-101 Technical Report
A technical report for the Wicheeda Project will be prepared in accordance with National Instrument 43-101 and will be filed on SEDAR at www.sedarplus.ca and on the Defense Metals’ website within 45 days of this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.
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 news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to completion of the PFS and the expected timelines, the completion of the environmental tests on flotation and hydrometallurgical and the expected timelines, advancing the Wicheeda REE Project, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
Auxico Resources, a Canadian mining company, recently signed a Memorandum of Understanding (MOU) to acquire an 85% equity interest in the past-producing El Benton niobium and tantalum mine located in Bolivia. This strategic acquisition provides Auxico with a rich source of critical minerals essential for emerging technologies.
Under the MOU, Auxico will make initial payments totaling $140,000 to the current owner of El Benton. Auxico will then hold majority 85% control of the mine as part of a joint venture arrangement.
The El Benton mine and adjacent Monte Verde concessions cover over 700 hectares in a proven mineral-rich region of Bolivia. Historic samples show valuable concentrations of niobium, tantalum, lithium, and rare earth elements.
By securing rights to El Benton, Auxico aims to restart production of niobium and tantalum concentrates. The company also plans to define the lithium potential and recover other critical minerals using advanced ultrasound extraction methods.
Gaining access to El Benton’s strategic mineral deposits boosts Auxico’s role as a major supplier of scarce metals needed for electric vehicle batteries, renewable energy infrastructure, electronics, and defense applications.
Owning the majority interest allows Auxico to implement efficient, sustainable extraction techniques at El Benton. This includes removing radioactive elements from concentrates using the Company’s proprietary ultrasound technology.
In summary, the deal gives Auxico substantial equity control of a mine rich in critical and rare earth minerals. Restarting efficient production can provide crucial supply to high-tech industries while generating profits.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Licensing agreement. LithiumBank Resources executed an intellectual property license agreement with G2L Greenview Resources, a subsidiary of Go2Lithium Inc., encompassing direct lithium extraction (DLE) technologies based on ion-exchange that will be used to extract lithium salts from enriched brines present at LithiumBank’s projects in Alberta and Saskatchewan. LithiumBank expects to release an updated preliminary economic assessment for the Boardwalk project late in the fourth quarter of 2023 that will reflect test work using the technology and the impact of Canadian incentive tax credits for lithium brine processing.
Licensing and financial terms. The license is exclusive to LithiumBank in Alberta and Saskatchewan and may be sub-licensed by LithiumBank to an acquirer of any of its properties in Alberta or Saskatchewan subject to certain conditions. LithiumBank will issue up to 14 million common shares in staggered fashion to G2L upon satisfaction of certain milestones.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
September 7, 2023 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to report it has obtained a provisional patent with the U.S. Patent and Trademark Office, U.S. Department of Commerce. The provisional patent is titled System and Method for Extracting Lithium from Clay and Other Materials in a Chloride Solution Using Individualized Pretreatments. The patent pending process encompasses the Company’s flowsheet, as developed at its Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada, USA and protects the Company’s intellectual property (IP) pertaining to the handling of solutions derived from the treatment of solid materials including clays from the Company’s Clayton Valley Lithium Project (Project) in Nevada.
“Through the excellent work of Century Lithium’s team, we have developed a system for lithium extraction which is proprietary to the Company” said Bill Willoughby, President, and CEO of Century Lithium. “Our system incorporates innovations made during our team’s work at the Pilot Plant. The provisional patent provides protection of our system and its IP as we move forward with our Feasibility Study.”
The Company’s patent pending system is based on the extraction of lithium from solids using both products of a chlor-alkali process; hydrochloric acid and sodium hydroxide. Under the provisional patent, the Company’s protected IP includes the method of treating lithium-bearing solids with chloride solution and the handling of solutions, precipitates, and residues, exclusive of a lithium recovery stage (Direct Lithium Extraction) a component process proprietary to Koch Technology Solutions.
Key steps of the provisional patent include:
Conditioning solids prior to leaching; this step uses recycled process solution and sodium hydroxide, a by-product of the process, which acts as a dispersant and chemical reactant with clay-sized particles
Leaching slurried pulp in a hydrochloric acid solution; this step includes capture of carbon dioxide which is used for the precipitation of calcium and magnesium later in the process
Method of treating the post-leach slurry to remove iron and aluminum in a manner that allows pressure filtration of the solids and minimizes the use of flocculants and counter-current decantation
Treatment of post-DLE spent solution to provide feed stock of sodium chloride solution to a chlor-alkali plant and recycle solution to the conditioning step
Qualified Person
Todd Fayram, MMSA-QP is the qualified persons as defined by National Instrument 43-101 and have approved the technical information in this release.
About Century Lithium Corp.
Century Lithium Corp. (formerly Cypress Development Corp.) is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company atwww.sedar.com for further information.
