GODYD - First Tellurium and RESOLVE Sign MOU to Fund and Develop New Thermoelectric Device

(TheNewswire)

The three-stage, Tellurium Electric agreement withUS-based NGO provides up to US$29 million over three years formanufacturing, marketing and sales.

Vancouver, BC, Canada, May 30,2024 – TheNewswire – First Tellurium Corp. (CSE: FTEL , OTC: FSTTF ),reports it has reached a Memorandum of Understanding (“MOU”) withWashington, DC-based RESOLVE,Inc ., a global non-governmentalorganization (NGO) focused on people and planet solutions, to secureup to approximately US$29 million (CDN$39.5 million) in funding formanufacturing and marketing as well as acquisition of high-puritytellurium, antimony and other critical metals for First Tellurium’sPyroDelta thermoelectric device (reported previously on May22 , March21 and March13 ).

“RESOLVE’s mission is to forge sustainablesolutions to critical social, health, and environmental challenges bycreating innovative partnerships,” said First Tellurium’sPresident and CEO Tyrone Docherty. “This new venture alignsperfectly with that mission.”

RESOLVE and PyroDeltaInc ., in which First Telluriumcurrently holds a 75% interest, have formed a partnership calledTellurium Electric to bring the thermoelectric device to market. Underthe MOU, RESOLVE will provide governance, administrative, andfundraising support through RESOLVE Enterprises, the organization’sincubator for start-up social enterprises, as well as Regeneration Inc. , which re-mines and restores old mine tailings to extractminerals critical for the energy transition and the circular economy.Regeneration is backed by Rio Tinto, Apple, Caterpillar and otherpartners. A number of Regeneration’s first projects are expected toproduce tellurium from copper tailings or as byproduct, which would beused for manufacturing of the PyroDelta device. Additional criticalmetals would be obtained on the open market.

“This is a huge step forward for us in developing newtellurium-based technologies,” said Docherty. RESOLVE is a highlyrespected NGO, and they provide us with an established and powerfulnetwork of relevant policy, political and funding connections,including the US Government, world-leading mining companies and greeninvestors, to help realize the potential of the PyroDeltadevice.”

Manufacturing, marketing and sales of the device havebeen planned in three stages and funding segments over three years,the first of which is expected to launch near-term with an expectedbudget of US$1.05 million across approximately 18 months. Phases 2 and3 are budgeted at US$3.0 million and US$15-25 millionrespectively.

“I believe the incubation and growth of TelluriumElectric is in the best hands possible,” said Docherty. “RESOLVEand its associated partners have the skills, knowledge and networkswe’ve been looking for. We will essentially be silent partners,letting RESOLVE do what they do best while we develop our own mineralprojects.”

Docherty added, “I want to acknowledge the generoussupport from our Strategic Partner Don Freschi and Fenix AdvancedMaterials of Trail BC, who donated several kilograms of high-puritytellurium and bismuth to launch the project.”

About First Tellurium Corp.

First Tellurium’s unique business model is togenerate revenue and value through mineral discovery, projectdevelopment, project generation and cooperative access to untappedmineral regions in Indigenous territory with sustainableexploration.

Our Klondike tellurium-gold property in Colorado andpolymetallic Deer Horn Project in British Columbia anchor adiversified search for metals, working in alliance with Indigenouspeoples, NGOs, governments and leading metals buyers. This is thefuture of mineral exploration—generating revenue by exploringresponsibly and leveraging diverse partnerships.

First Tellurium proudly adheres to, and supports, theprinciples and rights set out in the United Nations Declaration on theRights of Indigenous Peoples and in particular the fundamentalproposition of free, prior and informed consent. First Tellurium islisted on the Canadian Stock Exchange under the symbol “FTEL” andon the OTC under the symbol “FSTTF”. Further information aboutFTEL and its projects can be found on www.firsttellurium.com .

Neither theCanadian Securities Exchange nor its regulations services acceptresponsibility for the adequacy or accuracy of this release.

Forward-lookinginformation

All statements included in thispress release that address activities, events or developments that theCompany expects, believes or anticipates will or may occur in thefuture are forward-looking statements.  These forward-lookingstatements involve numerous assumptions made by the Company based onits experience, perception of historical trends, current conditions,expected future developments and other factors it believes areappropriate in the circumstances. In addition, these statementsinvolve substantial known and unknown risks and uncertainties thatcontribute to the possibility that the predictions, forecasts,projections and other forward-looking statements will proveinaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-lookingstatements.  Except as required by law, the Company does not intendto revise or update these forward-looking statements after the datehereof or revise them to reflect the occurrence of futureunanticipated event.

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