FTEL:CC - First Tellurium Announces Discussions with US Department of Defense

(TheNewswire)

The DOD has directed First Tellurium to join theDefense Industrial Base Consortium to move forward.

Vancouver, BC, Canada – TheNewswire - July 11, 2024 –First Tellurium Corp. (CSE: FTEL , OTC: FSTTF ) reports it hashad recent discussions with the U.S. Department of Defense (DOD)regarding various tellurium-related opportunities such as betterbatteries, solar energy output, combustion/electric vehicles anddrones. Recognizing tellurium as a critical metal in need of domesticsources, the DOD has directed First Tellurium to join the DefenseIndustrial Base Consortium (DIBC) to move ahead with furtherdiscussions. The DIBC helps the Department of Defense accesscommercial solutions for defense requirements and innovations fromindustry, academia, and non-traditional contractors.

Better batteries are of particular concern to the DOD.As Deputy Secretary of Defense Dr. Kathleen H. Hicks noted in 2023,“A healthy battery supply chain is essential to the military…Whenit comes to batteries, America needs to lead the world."

First Tellurium’s strategic partner Fenix AdvancedMaterials and the University of British Columbia are developing a lithium-telluriumbattery that may last up to four timeslonger than conventional lithium-ion batteries, while generating morepower. The battery is solid-state and will not catch fire, offeringsignificant safety advantages.

“We had a very encouraging first meeting with theDepartment of Defense at this year’s Energy Metals Conference inWashington, DC,” said First Tellurium President and CEO TyroneDocherty. “In subsequent meetings, they also expressed interest inour tellurium projects in Colorado and British Columbia and the thermoelectric device developed by our subsidiary PyroDelta Inc.”

Docherty added that, with the growing concern arounddomestic sources of critical metals, the Department of Defense isconsidering funding assistance for critical metals explorationprojects and junior mining companies as well as for operating mines.

“They’re fully aware that grass roots funding forcritical metals exploration is currently hard to access throughconventional financing channels,” said Docherty.

Since first announcing completion of R&D on thePyroDelta thermoelectric device in 2023, numerous groups haveapproached First Tellurium and PyroDelta to learn more about itsadvantages.

“In addition to the DOD, we are very pleased with thegrowing interest from other parties,” said Docherty. “As we’vereported over the past six months, the device offers many potentialapplications for generating clean, renewable energy, particularly forsolar, as well as conventional and electric vehicles and a range ofindustrial uses. The Department of Defense, with its $800 billion-plusannual budget, presents a very exciting prospect for us.”

Non-brokered Private PlacementFinancing

First Tellurium also announces a non-brokered privateplacement (the “Offering”) to raise up to $1,400,000 through thesale of up to 10,000,000 flow-through shares (the “Flow-ThroughShares”) and up to $1,100,000 through the sale of up to 10,000,000units (the “Units”).  Each Unit will consist of onenon-flow-through common share and one-half of one common sharepurchase warrant, each whole warrant exercisable at $0.15 for a periodof two years following the close of the offering.

“As we announced inlate June, Campbell & Walker Geophysics are interpreting data fromFirst Tellurium’s 2023 Induced Polarization geophysical survey atDeer Horn,” said Docherty. “The flow- throughportion of the financing will contribute to the geophysicalinterpretation as well as planned drilling this season.”

The Company may pay a finder’s fee consisting ofcash, shares and/or warrants to eligible finders as permitted underapplicable securities laws and CSE policies.  Proceeds arising fromthe sale of Flow-Through shares will be utilized for explorationexpenditures on its Deerhorn Property.  Proceeds arising from thesale of Units will be utilized for exploration on the ColoradoKlondike Property and for unallocated working capital.

About First Tellurium Corp.

First Tellurium’s unique business model is togenerate revenue and value through mineral discovery, projectdevelopment, project generation and development of tellurium-basedtechnologies.

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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