Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has updated investors on recent promising developments at projects in its 22-royalty portfolio.
At the Cancet lithium project in Quebec on which Electric Royalties holds a 1% net smelter royalty, Winsome Resources has raised approximately C$30 million via a flow-through share placement.
The financing will be used to ramp up exploration activities at Winsome’s projects, including expedited follow-up drilling at priority targets at the Cancet project.
At the Battery Hill Manganese Project, Manganese X Energy reported that it has produced its first high-purity 99.95% manganese sulphate monohydrate samples from a bulk sample which are ready to be distributed to various electric vehicle (EV) original equipment manufacturers and EV cell manufacturers.
Electric Royalties holds a 2% gross metal royalty on the Battery Hill project, which is located in New Brunswick, Canada.
A 7,736-meter diamond drill program has kicked off at the Seymour Lake lithium project, located in Ontario, Canada, and operated by Green Technology Metals.
Drilling has also kicked off at the Chubb North prospect on the Chubb lithium project in Quebec, operated by Burley Minerals.
Electric Royalties holds a 1.5% net smelter royalty and a 2% gross metal royalty, respectively, on these projects.
Meanwhile, Northern Graphite, which operates the Bissett Creek graphite project on which Electric Royalties holds a 1.5% gross revenue royalty, continues to progress towards its aim of becoming a domestic supplier of graphite for EV batteries. It forecasts it will begin supplying battery makers starting in 2026.
Additionally, Cerrado Gold is progressing an up to $420 million financing for the Mont Sorcier iron and vanadium project near Chibougamau, Quebec, on which Electric Royalties holds a 1% gross metal royalty.
"We're pleased to note new developments across our portfolio, including the financed and upcoming drill programs at the Cancet, Chubb and Seymour Lake lithium projects; Northern Graphite's continued push to become one of the only major graphite producers outside of China with the Bissett Creek graphite project playing a key role; metallurgical work nearing completion for the Battery Hill manganese project ahead of the planned pre-feasibility study; and advancements at the Mont Sorcier iron and vanadium project towards a US$420 million financing package with UK Export Finance,” Electric Royalties CEO Brendan Yurik said in a statement.
He added that management was excited about acquisition opportunities that are becoming available to them due to the challenging markets.
“We intend to capitalize on these opportunities to acquire royalties on robust clean energy metal assets which are accretive to our portfolio,” the CEO said.
The complete royalty portfolio update can be found here.
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.
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