Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) said it has successfully exported 15 tons of tin concentrates from its TiTan plant in the Democratic Republic of Congo (DRC).
The concentrates boast a tin percentage of 68.64% with minimal deleterious elements, showcasing the TiTan plant's efficient recovery process.
CEO Eric Allard called the export “a significant milestone” as it requires a significant amount of administrative procedures.
“Our team has proceeded diligently through this process with a successful end result,” Allard said in a statement.
“With tin prices having recently surged to US$33,000/ton of Sn metal approaching two-year highs, the timing could not be better.”
Furthermore, Tantalex has furnished its client with a traceability report conducted by Better Mining, an RCS Global program. Better Mining ensures digital product traceability for 3Ts (tin, tantalum, tungsten) and offers independent, third-party assurance on ASM (Artisanal and Small-Scale Mining) sites, aligning with OECD Due Diligence Guidance and accredited by the Responsible Minerals Initiative.
In parallel, the company reported advancements in the TiTan plant optimization initiative, acquiring a new scrubber/trommel in Lubumbashi. This equipment, slated for deployment to the Manono plant site, marks a crucial step in the optimization program aimed at running the plant at 130 tons per hour for 16 hours daily, aligning with initial production targets.
Tantalex also disclosed a novation agreement with SLC Asia Pte Ltd (SLC) concerning a US$3 million loan initially provided by Trade Cloud Services PTE Ltd. The novation, effective March 31, 2024, transfers all rights and obligations under the loan agreement to SLC, facilitated by director Simon Collins, who heads SLC.
Additionally, the corporation amended the loan agreement post-novation, extending the repayment date to July 31, 2024, and modifying the interest rate to 12.5% per annum.
As well, Tantalex finalized a novation agreement with its significant shareholder AfriMet Resources AG. The agreement, effective March 25, 2024, transfers the tin offtake agreement and revolving finance facility to Tantalex's subsidiary United Cominiere SAS, recognized as a mining company and exporter in the DRC.