Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has provided a sweeping update on its current royalty portfolio of 22 royalties which showed sustained progress.
In a statement, Electric Royalties CEO Brendan Yurik noted that the Vancouver-based royalty company had announced 38 development updates across 14 different assets so far this year.
“It's encouraging to see such broad and sustained progress throughout Electric Royalties' royalty portfolio of clean energy metals. There has been continual progress at the Authier lithium project by operator Sayona Mining since we acquired our royalty interest over three years ago,” said Yurik.
“The North American Lithium (NAL) operation is ramping up production to become the largest lithium mine in Canada and one of a very few producers in North America. We look forward to the integration of Authier into the NAL operation.”
Similarly, Yurik said Electric is keen to see the results of the preliminary economic assessment on the Seymour Lake lithium project and finalization of the recently announced $20 million investment by LG Energy Solution to further advance the project.
“Further, we look forward to seeing the results from the Råna nickel project where Kingrose Mining, a participant in BHP's Xplor exploration accelerator program, is undertaking the first modern exploration program ever done on the past producing Råna mine," he added.
Authier Lithium project (0.5% Gross Metal Royalty) – In May this year, Sayona Mining said it has secured funding to accelerate the development of its Québec lithium resources, with the launch of a fully underwritten A$200 million placement at A$0.18 per share to investors. As a result, A$65 million will be allocated to capital expenditure on project infrastructure, assessment of downstream lithium chemical production options at Sayona's North American Lithium (NAL) operation, and the development of the Authier Lithium project, on which Electric holds a royalty. The placement is expected to be done at the end of July, subject to shareholder approval.
Penouta Tin-Tantalum Mine (0.75% Gross Revenue Royalty) - On May 15, 2023, Strategic Minerals Europe reported its 1Q 2023 financial results. Highlights for the quarter included primary concentrate production of 121 tons at the Penouta Mine in Spain, a 157% increase over the 1Q of 2022. The increase reflects the operation of the primary crushing plant and the transition to open-pit mining. Sales reached 134 tons of concentrates and 86 tons of contained minerals, an increase of 185% and 179%, compared to the same period in 2022.
Battery Hill Manganese project (2.0% Gross Metal Royalty) – Manganese X Energy reported results of the remaining 26 holes of its 36-hole infill drilling program aimed at upgrading existing inferred resources to the measured and indicated categories in support of a pre-feasibility study of the Battery Hill project in New Brunswick. Drill highlights included 1 meter (m) of 14.4% manganese oxide (MnO) starting at 90.5 m in one hole and 3m of 11.5% MnO including 32.2 m of 16.9% MnO starting at 7.8 m in another hole. It has expanded mineralization with the discovery of the Sharpe Farm West Peripheral and Moody Hill Northwest zone, west of the main Battery Hill deposit. It is working on an updated mineral resource estimate with results from the drill program.
Graphite Bull Graphite project (2.5% Net Smelter Royalty) - Buxton Resources revealed the completion of test work on the second bulk sample from Graphite Bull in western Australia. An overall total graphitic carbon (TGC) recovery of 92.09% was achieved in a concentrate grading 96.72% TGC, which is higher than the first time. According to Buxton, the second bulk sample has de-risked the impacts of some variability within the deposit and is providing more concentrate for additional downstream test work by Dorfner Anzaplan that will start in August. It is gearing up for a 5,000-meter drill program to be completed by the end of July to focus on extending the known resource.
Råna Nickel-Copper-Cobalt Project (1.0% Net Smelter Royalty) - Kingsrose Mining Limited is expected to kick off a 5,000-meter drill program in early July and will target zones of potential massive sulphide nickel-copper-cobalt mineralization interpreted from ongoing mapping and geophysical surveys.
Meanwhile, Electric also provided a positive update on the Chubb Lithium project and the Seymour Lake Lithium project.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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