VANCOUVER, BRITISH COLUMBIA – January 24, 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: “It’s an exciting start to the year with several updates across the portfolio since early December. At the Battery Hill Manganese Project, a preliminary
economic assessment projects average annual gross revenue of US$177 million over an initial forecast mine life of 47 years1 and Electric Royalties would be entitled to 2% of those gross revenues via our royalty
interest. The operator of Battery Hill recently achieved a major milestone with the signing of a Memorandum of Understanding for a potential offtake deal.
“Furthermore, we were pleased to see significant progress at the Seymour Lake Lithium Project,
positioned to be the first lithium producer in Ontario, Canada2
, with a feasibility study expected later this
year and forecasting a faster production timeline than previously expected. We are also hopeful we will
see the successful resolution of the provisional suspension of the section C permit at the Penouta tintantalum mine in Spain, which has been the sole producer of tin in the European Union.
“This is going to be a great year for Electric Royalties as our portfolio of 22 royalties matures and more royalty assets advance toward production.”
Highlights since the Company’s previous update on December 7, 2023:
• Battery Hill Manganese Project (2.0% Gross Metal Royalty) – On January 10, 2024, Manganese X Energy Corp. (TSXV: MN) (“Manganese X”) announced the signing of a Memorandum of
Understanding (or “MOU”) with Charge CCCV LLC (or “C4V”), a US-based lithium-ion battery technology company, leading to a potential offtake deal from the Battery Hill Project in New Brunswick, Canada.
The MOU is based on the potential supply of electric vehicle-compliant high purity manganese sulfate monohydrate (or “HPMSM”), a sample of which is currently being pre-qualified by C4V for its Gigafactory joint ventures. The sample was produced as part of Manganese X’s pilot plant project, using its manganese purification technology to process manganese carbonate from Battery Hill into HPMSM as a pre-cursor to the cathode.
On January 17, 2024, Manganese X outlined plans for 2024, which include:
o Q1 completion of the pilot plant project to ensure the most cost-efficient and effective methods are utilized in the upcoming Battery Hill pre-feasibility study (or “PFS”).
o Progressing environmental, social/community, and geotechnical studies to support the Battery
Hill PFS, which is scheduled to commence in Q3.
o Testing of electric vehicle-compliant, high-purity manganese samples for North American supply chain pre-approval.
o Securing a binding offtake agreement with C4V following signing of the MOU.
o Continuing ongoing negotiations with potential customers for future HPMSM production. see & read more on
https://www.electricroyalties.com/_files/ugd/f9767f_c64b8518982b4d1ab9899853712b42e8.pdf