Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF), following the announcement of financing for its flagship lithium and manganese royalties, has provided an update on other key assets in its portfolio.
"Key developments include metallurgy advancing at the Mont Sorcier Project ahead of the feasibility study, promising exploration results at the producing Punitaqui copper-gold mine, near-term resource update and bulk sampling results expected at the Graphite Bull Project, drilling results and new exploration targets identified at the Råna Nickel Project, and equity raised to help advance the Kenbridge Nickel Project,” Electric Royalties CEO Brendan Yurik said in a statement.
Electric Royalties holds a 1% gross metal vanadium royalty on the Mont Sorcier iron and vanadium project in Quebec, a 0.75% gross revenue royalty on the Punitaqui Copper Mine in Chile, a 0.75% gross revenue royalty on the Graphite Bull Project in Western Australia, a 1% net smelter return royalty on the Råna project in Norway, and a 0.5% gross revenue royalty on the Kenbridge Nickel Project in Ontario.
Yurik highlighted that during 2024 the company more than tripled its asset count, entering the new year with 41 royalties plus 29 optioned properties that could be converted into royalties.
It recently announced important financing milestones at the Battery Hill and Seymour Lake projects involving notable mining investor Eric Sprott and the Canadian government.
"We are delighted with the successful closing of our C$2.5 million equity financing last week and wish to thank our existing and new shareholders for their support,” Yurik added.
“A small portion of these funds will be used to complete our closing obligations on our new cash-flowing copper-gold royalty on the Punitaqui mine in Chile with the balance available for general corporate purposes and further execution of our strategic plan.”