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First Atlantic Nickel Extends Strike Length of RPM Zone Discovery by 400 Meters, Intersecting .23% Nickel Over 396 Meters in Fourth Drill Hole
GlobeNewswire News Room· 2025-05-14 10:00
Core Insights - First Atlantic Nickel Corp. has reported positive assay results from drill hole AN-24-05, confirming a 400-meter north-south mineralized strike length at the RPM Zone, with an average of 0.23% nickel and 0.29% chromium over 396 meters [1][4][7] - The Phase 1 drilling program has established a 400-meter by 500-meter mineralized footprint at the RPM Zone, with all four drill holes ending in mineralization, indicating significant potential for further expansion [2][5][11] - Phase 2 drilling commenced on May 7, 2025, targeting extensions of the RPM Zone in multiple directions, with ongoing metallurgical testing to assess the suitability of the mineralization for commercial processing [2][10][17] Phase 1 Drilling Results - Drill hole AN-24-05 intersected 396 meters grading 0.23% nickel and 0.29% chromium, starting after 6 meters of overburden [4][6] - The hole reached a total depth of 402 meters and ended in mineralization, indicating further expansion potential [4][7] - Awaruite mineralization was consistently observed across all Phase 1 holes, reinforcing the potential for additional discoveries [5][22] Phase 2 Drilling Program - The fully funded Phase 2 program aims to expand the mineralized footprint established in Phase 1, with strategic step-out drilling planned in various directions [10][11] - The program will explore deeper mineralization and assess geological continuity between the RPM Zone and nearby areas [12][11] - Enhanced drilling capabilities and full road access are expected to improve efficiency and reduce costs during the Phase 2 program [11][10] Metallurgical Testing - Davis Tube Recovery (DTR) testing is underway for drill holes AN-24-04 and AN-24-05 to evaluate magnetically recoverable nickel content [17][22] - Initial DTR results from earlier holes indicated an average of ~1.35% nickel in magnetic concentrates, supporting a low-energy processing approach [17][22] - The processing method aligns with sustainable development objectives and North America's critical minerals strategy, particularly in light of new regulations under the US Inflation Reduction Act [22][31] District-Scale Potential - The RPM Zone is part of a 30-kilometer ultramafic ophiolite nickel trend, with significant exploration upside across the region [2][5] - Historical drilling and recent discoveries have confirmed the presence of awaruite mineralization across a 26-kilometer strike length within the Atlantic Nickel Project [5][22] - Awaruite's unique properties allow for cleaner processing compared to conventional nickel sources, enhancing North America's domestic critical minerals supply chain [22][25]
Electra Files First Quarter 2025 Financial Reports
GlobeNewswire News Room· 2025-05-13 21:00
Core Viewpoint - Electra Battery Materials Corporation is making significant progress in establishing a North American supply chain for critical minerals, particularly focusing on cobalt sulfate refining and battery materials recycling to support the clean energy transition [3][4]. Financial Highlights - The company reported a cash position of C$3.2 million at the end of the first quarter of 2025 [12]. - Electra has secured up to US$54 million in non-dilutive funding, including US$34 million in government support and a US$20 million strategic investment proposal [4]. Operational Developments - The current priority is the recommissioning and expansion of the cobalt sulfate refinery in Temiskaming Shores, Ontario, requiring approximately US$60 million to complete [3]. - Electra has established partnerships with Glencore and Eurasian Resources Group (ERG) for cobalt feed sourcing and has a long-term offtake agreement with LG Energy Solution [5]. Recycling Initiatives - The company operated a year-long plant-scale recycling program in 2023, successfully recovering critical metals needed for lithium-ion batteries [6]. - An engineering study for a new battery recycling refinery adjacent to the cobalt refinery commenced in January 2025, building on previous technology and expertise [8]. Strategic Partnerships and Exploration - Electra signed a Memorandum of Understanding (MOU) with Nord Precious Metals to process cobalt-bearing silver concentrates [7]. - The company is exploring its CAS Property in the Idaho Cobalt Belt, highlighting high-grade gold values that reinforce its critical minerals strategy [10][11]. Leadership Changes - In early 2025, Electra strengthened its leadership team by appointing Marty Rendall as CFO and Alden Greenhouse to the Board of Directors [7].
Energy Fuels Announces Q1-2025 Results
Prnewswire· 2025-05-07 23:22
Core Viewpoint - Energy Fuels has significantly increased its 2025 uranium production and finished goods inventory guidance by 22% and 193% respectively, while enhancing its working capital position and advancing its high-grade U.S. uranium production and rare earth projects [1][3][4]. Financial Performance - For Q1 2025, Energy Fuels reported a net loss of $26.32 million on revenues of $16.90 million, primarily due to ramping up mining operations and retaining finished goods inventory for future sales at higher prices [6][22]. - The company has a robust balance sheet with over $210 million in liquidity and no debt, including $73 million in cash and cash equivalents [6][22]. Production and Inventory Guidance - The revised guidance for mined uranium in 2025 is between 875,000 and 1,435,000 pounds of U3O8, reflecting a 22% increase from previous estimates [9][14]. - Expected production of finished U3O8 in 2025 is projected to reach up to 1,000,000 pounds, with significant contributions from the Pinyon Plain, La Sal, and Pandora mines [3][10][14]. Strategic Collaborations - Energy Fuels has entered into strategic collaborations with POSCO International and The Chemours Company to create a domestic supply chain for critical minerals, including rare earth elements [5][10]. - The company is also advancing its capabilities to produce mid and heavy rare earths, which are currently subject to Chinese export controls [5][10]. Market Position and Future Outlook - The company is recognized as a leading force in establishing a U.S.-based supply chain for critical materials, supported by various government initiatives [2][5]. - Energy Fuels is prepared to invest hundreds of millions of dollars in U.S. critical mineral processing and mines in allied nations, maintaining its position as a leading U.S. producer of uranium and advanced rare earth materials [6][10]. Recent Developments - A landmark agreement with the Navajo Nation has been signed to ensure safe uranium ore transport and to accept uranium-bearing materials from historic abandoned mines [10][14]. - The company continues to explore and develop its projects, including the Roca Honda and Bullfrog uranium projects, which have the potential to significantly increase production capacity in the coming years [10][14].
First Atlantic Nickel Receives Junior Exploration Assistance Grant from Province of Newfoundland and Labrador
Globenewswire· 2025-05-06 10:00
VANCOUVER, British Columbia, May 06, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") expresses its gratitude to the Province of Newfoundland & Labrador for awarding the Company the maximum grant of $150,000 through the Junior Exploration Assistance (JEA) program. The funding will support critical mineral exploration at the Company's Atlantic Nickel Project (the "Project"), a 100%-owned, district-scale nickel project strategically ...
Electra Closes Final Tranche of Oversubscribed Private Placement
Globenewswire· 2025-04-14 21:00
Core Points - Electra Battery Materials Corporation has successfully closed the final tranche of an oversubscribed non-brokered private placement, raising approximately US$3.5 million [1][2] - The offering consisted of 3,125,000 units issued at a price of US$1.12 per unit, with each unit comprising one common share and one transferable common share purchase warrant [2] - The net proceeds from the offering will be utilized to advance the company's Refinery project in Temiskaming Shores, Ontario, and for general corporate purposes [2] Offering Details - The offering was conducted in two tranches, with the first tranche closing on April 3, 2025, and the second on April 14, 2025 [2] - Each warrant allows the holder to purchase one common share at a price of US$1.40 for a period of eighteen months following the issue date [2] - The company paid US$219,447 in cash finders fees and issued 183,333 non-transferrable finders warrants to eligible finders [5] Related Party Transactions - Key executives and directors of the company participated in the offering, constituting a "related party transaction" under applicable securities laws [3][4] - The company did not file a material change report prior to closing due to the timing of insider participation [4] - As the transaction does not exceed 25% of the company's market capitalization, no formal valuation or minority shareholder approval is required [4] Securities Regulations - The common shares and warrants issued under the offering are not subject to a hold period under Canadian securities laws [6] - Securities issued to insiders will be subject to a statutory hold period of four months and one day from the date of issuance [6] - The offering remains subject to final approval from the TSX Venture Exchange [6] Company Overview - Electra Battery Materials is focused on advancing North America's critical minerals supply chain for lithium-ion batteries [8] - The company is developing North America's only cobalt sulfate refinery and has plans for nickel refining and battery recycling [8] - Growth projects include integrating black mass recycling and exploring opportunities for cobalt and nickel production in North America [8]