Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has provided investors with an update on its royalty portfolio on achievements that have occurred since its prior update on November 1, 2023.
At the Seymour Lake lithium project in Ontario, on which Electric Royalties holds a 1.5% net smelter royalty, Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF) announced an updated mineral resource estimate ahead of its planned preliminary economic assessment.
At the North Aubry deposit, the updated resource estimate includes a 17% increase in the indicated resource to 6.1 million tons at an average grade of 1.25% lithium oxide and an inferred resource of 2.1 million tons at 0.8% lithium oxide.
“We're pleased to note the updated resource estimate for the Seymour Lake lithium project ahead of the highly anticipated preliminary economic assessment, positioning the project to potentially be one of the first lithium mines in Ontario,” Electric Royalties CEO Brendan Yurik said in a statement.
Greenwing Resources is seeking a strategic partner to assist in the development of a large-scale operation at the Graphmada Mining Complex in Madagascar, on which Electric Royalties holds a 2.5% net smelter royalty.
The company noted that while the complex has been under active care and maintenance since 2020, the plant and infrastructure have remained in good condition.
Meanwhile, at the Mont Sorcier iron and vanadium project, on which Electric Royalties holds a 1% gross metal royalty, Cerrado Gold Inc (TSX-V:CERT, OTCQX:CRDOF) announced it has appointed Toronto-Dominion Bank (TSX:TD) as the Mandated Lead Arranger for its financing agreement with UK Export Finance (UKEF).
The UKEF-based facility is expected to be for up to $598 million over 11 years and to cover 70% of the project’s forecast capital expenditures, the company said.
Yurik noted this support by UKEF was “a great vote of confidence in the robust nature of the project.”
“This release concludes approximately 60 updates across our 22-royalty portfolio this year,” the CEO said.“We thank our shareholders for their continued support and look forward to another year of growth."
The full 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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