Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) is off to an “exciting” start of the year across its royalty portfolio, CEO Brendan Yurik said Wednesday.
The royalty company shared several updates from its portfolio starting from early December 2023.
The company is focused on diverse commodities such as lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc, and copper to power the shift towards the electrification of various consumer products.
“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,” Yurik told shareholders.
Highlights from the portfolio include the Battery Hill manganese project, boasting a 2.0% Gross Metal Royalty, which recently achieved a major milestone with the signing of a Memorandum of Understanding (MOU) between Manganese X Energy and Charge CCCV, a US-based lithium-ion battery technology company. The MOU explores a potential offtake deal, projecting average annual gross revenue of US$177 million over an initial forecast mine life of 47 years.
Elsewhere, Electric Royalties anticipates rapid progress at the Seymour Lake Lithium Project, where a feasibility study is expected later this year. Green Technology Metals Limited disclosed plans for combined development, including a lithium conversion facility in Ontario, Canada, with production targeted before the end of 2025.
At the Kenbridge nickel project, Tartisan Nickel closed C$1,350,000 in flow-through financing on December 27, 2023, aimed at advancing Kenbridge, where Electric Royalties holds a 0.5% Gross Revenue Royalty.
At the Chubb lithium project, Burley Minerals reported promising drill results from the Chubb Central prospect. The findings suggest significant cesium pollucite mineralization, a critical mineral rarely available in economic deposits. Metallurgical testwork also hinted at potential cost reductions for future mining operations.
Finally, at the Penouta tin-tantalum mine, Electric reported that Strategic Minerals Europe has faced challenges with the provisional suspension of the section C permit. Despite the setback, Strategic intends to appeal the decision before the Supreme Court, alongside a local mining authority.