Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has provided an update on activities since June 28, 2023, that pertain to its royalty portfolio.
On July 5, 2023, Cerrado Gold announced its acceptance of an Expression of Interest from the UK Export Credit Agency to provide up to US$420 million of support for the Mont Sorcier Project in Quebec, an amount representing 70% of total capital expenditure, interest payable during construction, political risk insurance premium and other approved expenditures. Electric Royalties owns a 1.0% Gross Metal Royalty (GMR) on the project.
Then, on July 6, 2023, Global Energy Metals Corporation and its strategic partner Kingsrose Mining Limited reported the start of a 5,000-meter drill program at the Råna nickel-copper-cobalt project in Norway, in which Electric Royalties owns a 1.0% Net Smelter Royalty (NSR).
According to Global Energy Metals, Kingsrose has identified four conductive bodies from the airborne magnetotelluric (MT) survey at the Rånbogen area, three of which are coincident with mineralized massive to disseminated sulphide rock chip samples at surface that Kingsrose considers to be highly-prospective targets.
As well, on July 3, 2023, Burley Minerals Ltd (ASX:BUR) announced assay results from four holes of its inaugural 14-hole drill program targeting spodumene-pegmatites at the Chubb lithium project in Québec, which it says confirms both visual observations of spodumene and historical drill results within the pegmatites of the Main Dyke and suggests mineralization could extend both to the southeast of the current drilling and at greater depths. Electric Royalties owns a 2.0% GMR on the Chubb project.
In addition, on August 7, 2023, Buxton Resources Limited reported that early downstream test results of the first bulk concentrate sample from the Graphite Bull graphite project in Western Australia yielded 99.97% total graphitic carbon (TGC) purity and very low critical contaminant values, bettering industry benchmarks. Electric Royalties owns a 2.5% NSR on the project.
Green Technology Metals Limited also revealed recently its plan to recommence a 6,000-meter diamond drilling program in the fourth quarter of 2023 at the Seymour Lake lithium project in Ontario, which will focus primarily on infill drilling to upgrade the resource at the North and South Aubry deposits and continue infrastructure drilling in support of the preliminary economic assessment. Electric Royalties owns a 1.5% NSR on the Seymour Lake project.
And, on June 29, 2023, Northern Graphite Corporation said it has signed a letter of intent (LOI) with the city of Baie-Comeau, Québec, 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. Electric Royalties holds a 1.0% Gross Revenue Royalty (GRR) on Northern Graphite's Bissett Creek graphite project in Ontario.
On July 5, 2023, Global Energy Metals also reported that it has entered into an agreement with Mulga Minerals Pty Ltd and Mt Dockerell Mining Pty Ltd, 100%-owned subsidiaries of Hammer Metals Limited, to divest an 80% interest in the Mount Dorothy and Cobalt Ridge projects located in Mount Isa, Queensland, Australia. Electric Royalties owns a 0.5% GRR and 0.5% GRR on Mount Dorothy and Cobalt Ridge Cobalt, respectively.
Finally, on August 4, 2023, Burley announced that it has terminated the acquisition of a 100% interest in the Bouvier lithium project in Québec, in which Electric Royalties hold a 2.0% GMR, due to conditions precedent not being satisfied.
"Significant ongoing progress is being made across our portfolio, culminating in this sixth consecutive update containing at least seven new developments in our 22-royalty portfolio," Electric Royalties CEO Brendan Yurik said in a statement.
“Electric Royalties is well positioned to leverage the clean energy revolution, which is well underway, with positive developments across our royalty portfolio, including the upcoming preliminary economic assessment for the Seymour Lake lithium project and solid metallurgy results at the Graphite Bull graphite project," he added.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Contact Sean at sean@proactiveinvestors.com