Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has announced that the company is encouraged by recent drill results from its growing portfolio of royalty assets.
A number of these projects are making "significant progress", CEO Brendan Yurik said in a wide-ranging update that highlighted positive results from the Cancet and Seymour Lake lithium projects, the Graphmada graphite project and Mont Sorcier vanadium project.
Electric Royalties is also “eagerly awaiting” the results of the upcoming preliminary economic assessment (PEA) on the Battery Hill manganese project owned by Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF), which Yurik said has the potential to generate significant royalty revenues when the project moves from development to production stage.
READ: Electric Royalties updates on royalty portfolio spotlighting Graphmada graphite asset in Madagascar
“Following a successful resource update earlier in the year, testing confirmed the suitability of Authier spodumene for conversion into lithium hydroxide, ahead of their engineering studies incorporating Authier into a joint mine plan with Sayona Mining's recently acquired Canada Lithium (TSX:CLQQ) (Canada Lithium (TSX:CLQQ)) mine,” Yurik said.
“Furthermore, we are keen to see continued progress at the Graphmada mining complex as they work to complete a resource update as part of planning to restart production, another potential source of near-term royalty revenues. We are expecting more significant project updates on our royalty assets in 2022."
Vancouver-based Electric Royalties has 18 royalties, including one that currently generates revenue. The company is focused on acquiring royalties on advanced stage and operating projects that offer exposure to the clean energy transition.
The full update is accessible here.
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