Latest news with #CanadianCriticalMineralsStrategy
Yahoo
24-03-2025
- Business
- Yahoo
Government of Canada welcomes proposal from Electra Battery Materials that will strengthen Canada's critical minerals value chain
Proposal would enable the production of cobalt sulfate TEMISKAMING SHORES, ON, March 21, 2025 /CNW/ - The federal government is committed to expanding Canada's critical minerals value chains to power clean technologies. The growing demand for critical minerals represents a generational opportunity for Canada to build the strongest economy in the G7, anchor supply chains and support the shift to a net-zero economy. Today, Marc G. Serré, Parliamentary Secretary to the Minister of Energy and Natural Resources, on behalf of the Honourable Anita Anand, Minister of Innovation, Science and Industry, welcomed Electra Battery Materials' (Electra) proposal to transform its Temiskaming Shores facility into a cobalt sulfate refinery production plant. This proposal will support Canada's position as a key player in the critical mineral and electric vehicle (EV) battery industry. Electra will process one of the six critical minerals identified as a priority under the Canadian Critical Minerals Strategy. Canadian cobalt sulphate production will enable the automotive industry to have access to necessary battery materials, and it will encourage the growth of several sectors such as EVs, medical therapeutics and defence manufacturing. Canada is strongest when we are united. There should be one Canadian economy, not thirteen. Creating one Canadian economy will create higher paying jobs, improve affordability, and strengthen our national security. Quotes "Canada has everything it takes to be a leading force in critical minerals processing, manufacturing and recycling. Critical minerals are essential to powering a low-carbon economy. I am interested in seeing how this develops, as Electra's proposal may positively impact critical minerals processing in Canada."– The Honourable Anita Anand, Minister of Innovation, Science and Industry "Canada, with its abundance of critical mineral resources, is uniquely positioned to play an important role in the global energy transition. As the demand for critical minerals increases, along with the clean energy and technologies they enable, our high environmental social governance standards and the expertise of our workforce will be critical advantages in the low-carbon economy of the future. Electra's project will provide Canada with a high-quality critical mineral input that will contribute to the net-zero economy and strengthen our mining industry"– Marc G. Serré, Parliamentary Secretary to the Minister of Energy and Natural Resources "The federal government's commitment to Northern Ontario, to its mining sector, and the important role that it will play in Canada's transition to a clean and sustainable economy is very evident."– Anthony Rota, Member of Parliament for Nipissing—Timiskaming "We are grateful to be working with the Government of Canada. This underscores its commitment to advancing North American energy security and critical mineral independence. Electra's refining complex is a cornerstone of this collective effort, providing a strategically unique solution to strengthen and diversify the region's critical minerals supply chain. By addressing domestic shortfalls and reducing reliance on China, where approximately 90% of the world's cobalt is currently refined, we are fostering a more resilient, sustainable, and self-reliant future for North America." – Trent Mell, CEO of Electra Quick facts Founded in 2011 as First Cobalt, Electra Battery Materials Corporation is a publicly traded Canadian company that is headquartered in Toronto. It has proposed expanding the production of cobalt sulphate for North America's electric vehicle industry. The company is seeking to redevelop a former metal refinery located in Temiskaming Shores, Ontario, a community with a rich mining history. Electra's facility is estimated by the company to be able to process around 6,500 metric tonnes of battery grade cobalt, which represents up to 5% of the total global market share for cobalt sulfate. In June 2024, Electra Battery Materials Corporation (Electra) received $5 million from Natural Resources Canada's Critical Minerals Research Development and Demonstration Program to support the next phase of its battery recycling proposal in Temiskaming Shores, Ontario. The Federal Economic Development Agency for Northern Ontario invested an additional $5 million through the Regional Economic Growth through Innovation program, adding to its $5 million investment from 2020, to support the continued recommissioning and expansion of Electra's hydrometallurgical cobalt refinery in Ontario. Associated links Canadian Critical Minerals Strategy Electra Battery Materials Stay connected Find more services and information on the Innovation, Science and Economic Development Canada website. Follow Innovation, Science and Economic Development Canada on social media.X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada SOURCE Innovation, Science and Economic Development Canada View original content:
Yahoo
06-02-2025
- Business
- Yahoo
Funding of up to C$1.3 million through Canada's Critical Minerals Infrastructure Fund
Investment will contribute towards feasibility work for key infrastructure between the mines and the Chibougamau Processing Facility HIGHLIGHTS: Cygnus has received conditional approval form the Critical Minerals Infrastructure Fund ('CMIF') for up to a C$1.3 million investment to complete pre-construction milestones Funding pending final due diligence (currently in progress) by Natural Resources Canada and the execution of a definitive contribution agreement The CMIF is Natural Resources Canada's flagship program under the Canadian Critical Minerals Strategy to support clean energy and transportation infrastructure projects necessary to increase Canada's supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy. TORONTO and PERTH, Australia, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG) ('Cygnus' or the 'Company') is pleased to announce that that its subsidiary, CBay Minerals Inc., has received conditional approval from the Critical Minerals Infrastructure Fund ('CMIF') for up to a C$1.3 million investment for pre-construction milestones of its proposed hub-and-spoke operation in the Chibougamau mining camp in northern Quebec. The funding, pending final due diligence by Natural Resources Canada ('NRCan') and the execution of a definitive contribution agreement, will support eligible expenses related to the completion of pre-construction milestones, including a feasibility study and environmental and social impact assessment ('ESIA') to support two-lane gravel roads and 25-kV electrical powerlines required for the future underground mines to operate between the Devlin and Corner Bay deposits and the Chibougamau Processing Facility. Today, in Montreal, the Honourable Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources announced up to C$43.5 million in investments from the CMIF and the Critical Minerals Research, Development and Demonstration program for seven projects that will help to advance critical minerals research and infrastructure developments in Quebec. Mr. Ernest Mast, Cygnus' President and Managing Director spoke at the event and thanked the government for their support. Prior, on November 25, 2024, the Honourable Jonathan Wilkinson, along with Maïté Blanchette Vézina, Quebec's Minister of Natural Resources and Forests, announced up to C$545 million in funding for several programs and projects that will help to advance shared climate priorities and infrastructure developments in Quebec. In addition, the Ministers also announced the beginning of formal collaboration under the Quebec–Canada Collaboration Table on Resources and Energy to help ensure the province realises its full potential in a net-zero emissions world. Critical Minerals Infrastructure Fund ('CMIF') The CMIF is Natural Resources Canada's flagship program under the Canadian Critical Minerals Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada's supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy. About the Chibougamau Copper-Gold Project The Project is located in central Quebec, Canada approximately 480km due north of Montreal. The province of Quebec has been recognised as a top ten global mining investment jurisdiction in the 2023 Fraser Institute Annual Survey of Mining Companies. The Project has excellent infrastructure with a local mining town, sealed highway, airport, regional rail infrastructure and access to hydro power via installed powerlines. The Project has high-grade resources including Measured and Indicated Mineral Resources of 3.6Mt at 3.0% CuEq and Inferred Mineral Resources of 7.2Mt at 3.8% CuEq with significant potential to grow (refer to Table 1).1 The Company sees substantial opportunity to create shareholder value by an established high-grade resource with opportunity for growth, excellent infrastructure, 900ktpa processing facility and clear pathway to production, all within a quality endowed mineral terrane that has seen minimal modern exploration. This announcement has been authorised for release by the Board of Directors of Cygnus. David SouthamExecutive ChairT: +61 8 6118 1627E: info@ Ernest MastPresident & Managing DirectorT: +1 647 921 0501E: info@ Media: Paul Armstrong Read Corporate T: +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.________________________1 The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC LOOKING STATEMENTS This document contains 'forward-looking information' and 'forward-looking statements' which are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of Cygnus believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets', 'projects', 'forecasts', or negative versions thereof and other similar expressions, or future or conditional verbs such as 'may', 'will', 'should', 'would' and 'could'. Although Cygnus and its management believe that the assumptions and expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Cygnus to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual results of current or future exploration, changes in project parameters as plans continue to be evaluated, changes in laws, regulations and practices, the geopolitical, economic, permitting and legal climate that Cygnus operates in, as well as those factors disclosed in Cygnus' publicly filed documents. No representation or warranty is made as to the accuracy, completeness or reliability of the information, and readers should not place undue reliance on forward-looking information or rely on this document as a recommendation or forecast by Cygnus. Cygnus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. QUALIFIED PERSON AND COMPLIANCE STATEMENTS The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024, which was prepared by Qualified Person ('QP') Luke Evans, ing., of Roscoe Postle Associates Inc. (now SLR Consulting (Canada) Ltd.). The Company confirms that the supporting information included in the announcement of 15 October 2024 continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 ('Clarification'). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the estimates or Cygnus' ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the supporting information provided in the original market announcement continues to apply and has not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Metal equivalents for the foreign estimate have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Metallurgical recovery factors have been applied to the copper equivalents calculations, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus' announcement dated 28 January 2025. It is the Company's view that all elements in the copper equivalent calculations have a reasonable potential to be recovered and sold. Table 1: Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022 Category Tonnes (k) Cu Grade (%) Au Grade(g/t) Cu Metal (kt) Au Metal (koz) CuEq Grade(%) Measured 120 2.7 0.3 3 1 2.9 Indicated 3,500 2.5 0.6 87 65 3.0 M+I 3,600 2.5 0.6 90 66 3.0 Inferred 7,200 3.0 1.1 216 248 3.8 Sign in to access your portfolio
Associated Press
06-02-2025
- Business
- Associated Press
Critical Elements Lithium Corporation Obtains Conditional $20 Million in Federal Funding for Critical Minerals Infrastructure Project
MONTRÉAL, QC / ACCESS Newswire / February 6, 2025 / Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF)(FSE:F12) ('Critical Elements' or the 'Corporation') is pleased to announce that it has been conditionally approved for up to $20 million funding from the Government of Canada to relocate 4.2 kilometres of power transmission line infrastructure and build a new electrical sub-station to supply Critical Elements' Rose Lithium-Tantalum Project in Eeyou Istchee James Bay, Québec (the 'Rose Lithium-Tantalum Project'). This funding comes from the Critical Minerals Infrastructure Fund (the 'CMIF'), Natural Resources Canada's flagship program under the Canadian Critical Minerals Strategy to support transportation and clean energy infrastructure projects needed to increase the supply of critical minerals in Canada, as well as the development of national and global value chains in support of a green and digital economy. Subject to final due diligence, settlement of definitive documentation, and other customary conditions, Natural Resources Canada has approved a conditionally repayable funding of up to $20 million under the CMIF for this infrastructure project that will support the development of Rose Lithium-Tantalum Project. Jean-Sébastien Lavallée, CEO of Critical Elements, expressed his excitement about this funding during this important phase of the Rose Lithium-Tantalum Project: 'On behalf of Critical Elements Lithium Corporation and its shareholders, I would like to thank Natural Resources Canada and Innovation, Science and Economic Development Canada, and Quebec's Ministry of Natural Resources and Forests for their support of the Rose Lithium-Tantalum Project. Critical Elements Lithium has been steadily advancing and derisking the Rose Lithium-Tantalum Project and the provision of these funds is an important step in this process. We would also like to note the importance of our strong relationship with our Cree neighbours, embodied by the Pihkuutaau Agreement of July 2019 and based on mutual trust and respect, resulting in a sustainable development approach. It is clear from our ongoing discussions with end-users of the high quality spodumene concentrate to be produced from the Rose Lithium-Tantalum Project, that a great value is placed on the demanding standards of sustainability and governance honed by the rigorous permitting processes at the Provincial and Federal levels, as well as our relationship with the Cree. We remain confident that our Nation's natural resource endowment, high standards of production, and proximity to two of the most important global markets, will support our drive to be an industry leader in the ongoing global energy transition.' 'This project, under the Canadian Critical Minerals Strategy, will help expand Quebec's sustainable critical minerals production, notably rare earths that are used in electronics, clean energy, aerospace, automotive and defence', said the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada. 'Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The Government of Canada is supporting projects that strengthen Canada's supply chains, enhance our ability to be a reliable supplier of the critical minerals the world is demanding and foster economic growth while creating good jobs.' This support and funding from the Government of Canada reflects the importance of Indigenous engagement and collaboration in developing key infrastructure in Northern Québec. It also recognizes the role this infrastructure project will play in supporting Critical Elements' vision to become a large-scale, sustainable and reliable supplier of lithium for the emerging electric vehicle and energy storage industries through valuable partnerships with the Corporation's stakeholders based on care, respect, accountability, integrity & collaboration to the growing EV and energy storage markets. About Critical Elements Lithium Corporation Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act. For further information, please contact: Jean-Sébastien Lavallée, P. Géo. Chief Executive Officer 819-354-5146 [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary statement concerning forward-looking statements This news release contains 'forward-looking information' within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'scheduled', 'anticipates', 'expects' or 'does not expect', 'is expected', 'scheduled', 'targeted', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information contained herein should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future events or performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including, if CMIF and Natural Resources Canada will be satisfied with their final due diligence on the Corporation's Rose Lithium-Tantalum Project and the two infrastructure projects that will be subject to the funding (the 'Infrastructure Projects'), if the Corporation will enter into a written funding agreement with Natural Resources Canada (the 'Funding Agreement') on terms acceptable to it, as well as the timing to enter into such Funding Agreement, if the Corporation will incur eligible expenditures in connection with the Infrastructure Projects and if the Corporation will receive any funds under the CMIF and timing to receive them, if any. Such forward-looking information and statements are based on numerous assumptions, including that general business and economic conditions will not change in a material adverse manner, that fundamentals of lithium / spodumene demand and EV market growth and capacity will continue to be strong, that project financing will be available on reasonable terms, and that governmental and other approvals required to conduct the Corporation's development activities and planned exploration will be available on reasonable terms and in a timely manner. Although the assumptions made by the Corporation in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: changes to the Infrastructure Projects or to the development plans of the Corporation's Rose Lithium-Tantalum Project,negative operating cash flow and dependence on third party financing, uncertainty of additional financing, reliance on key management and other personnel, potential downturns in (i) general economic conditions, (ii) demand for lithium / spodumene and (iii) EV market growth, capacity and demand, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals, as well as those risk factors set out in the Corporation's Management Discussion and Analysis for its most recent quarter ended November 30, 2024 and other disclosure documents available under the Corporation's SEDAR+ profile at Forward-looking information contained herein is made as of the date of this news release. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
