SX:CC - Notre-Dame Niobium Critical Minerals Project Optioned to Slam Exploration
(TheNewswire)
Montréal – TheNewswire - October 25, 2023 – St-Georges Eco-MiningCorp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleasedto announce that it has entered into a binding term sheet with SlamExploration Ltd. (TSX-V:SXL) to option its Notre-Dame Niobium CriticalMinerals Project.
The Notre-Dame Niobium Critical Minerals Project iscomprised of 116 claims for a total of approximately 64 squarekilometers. The project was brought to the attention of the Company inlate 2021. In the Spring of 2022, the Company’s contractedgeological team collected over 210 samples from outcrops and floatwithin the project area. Although this was a first-pass reconnaissanceof a grassroots project, the results confirmed significant values onniobium, rare earths, titanium, and iron, which require follow up.
“(…) The Notre-Dame Project hasthe potential to host a significant niobium discovery, we believe thatit deserves to be the focus of a strong geological team that can bringit to the next level (...) We look forward to our partnership withSlam Exploration and have great hope for their success (…) thistransaction is in line with our strategy to focus our explorationefforts in Québec on the Manicouagan Project while the balance of theCompany’s resources are focused on the launch of its batteryrecycling operations for near term production and revenues” commented Herb Duerr, CEO ofSt-Georges Eco-Mining Corp.
Terms of the Agreement
The Binding Term Sheet agreement gives Slam Explorationthe option to earn 51% of the Notre-Dame Niobium Critical MineralsProject by making the following cash payments and share issuances toSt-Georges:
Issuance of 500,000 common shares of Slam Explorationto St-Georges upon regulatory approval from the TSX VentureExchange.
Payment of $25,000 cash and issuance of 500,000 commonshares of Slam Exploration to St-Georges on or before March 31,2024.
Payment of $25,000 cash and issuance of 1,000,000common shares of Slam Exploration to St-Georges on or before the1 st anniversary date of a definitive option agreement.
Engage $300,000 in qualified exploration work beforethe 2 nd anniversary of a definitive option agreement.
Upon completion of the above to earn a 51% interest inand to the Notre-Dame Project, the parties may elect to operate theproject as a 51/49 Joint Venture (“JV”), or to allow SlamExploration to earn an additional 49% ownership by payment of anadditional 1,000,000 shares of Slam Exploration to St-Georges.
If a JV is formed, the parties will jointly fund theproject. If a party declines participation in duly planned workprograms, then the declining party’s interest will revert to a 2%Net Smelter Return (“NSR”) royalty.
If a party reverts to a 2% NSR holding, the other partywill pay that party a Net Smelter Royalty (“NSR”) of 2%. The otherparty will hold the right to buy back half of the NSR for$1,000,000.
If Slam Exploration purchases a 100% interest in and tothe Notre-Dame project by making the 4 th paymentreferenced above, St-Georges will retain a NSR of 2%. SLAM Explorationwill hold the right to buy back half of the NSR for $1,000,000.
Finders’ fees of 300,000 shares of SLAM Explorationwill be paid upon approval of this arm’s length agreement. Theoption agreement and proposed share issuances remain subject toapproval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold periodof 4 months and one day from issuance in accordance with Canadiansecurities laws.
About Niobium
T he most common legacy use forniobium is as an alloying element in steels and superalloys. Theability of the metal to withstand high temperatures makes its usagecommon in aerospace applications. Niobium is atop contender in the race to find a replacement for cobalt in electricvehicle (EV) batteries and, when used in battery manufacturing, bringsits own advantages: EnhancedStability and Capacity: when used as an additiveor coating, niobium can help stabilize the cathode material inlithium-ion batteries. This can potentially lead to longer cycle lifeand enhanced safety. For instance, adding niobium oxide to lithiumiron phosphate (LFP) cathodes improves their conductivity and overallperformance. High-VoltageCathodes: niobium can be utilized inhigh-voltage cathode materials, which is beneficial for EVapplications. By increasing the operating voltage, the energy densityof the battery can be improved, leading to longer drivingranges. Cost: while niobium isn’t as abundant as some other elements andstill fetches relatively high median pricing, it is more readilyavailable and has fewer associated ethical concerns compared tocobalt. This could potentially lead to cost savings and a moreresilient supply chain for EV battery production. Safety Improvements: some studies have indicated that the incorporation of niobium canimprove the thermal stability of cathode materials. Better thermalstability can reduce the risk of thermal runaway, a leading cause oflithium-ion battery fires. While ferro-niobium fetches prices betweenUS $40-50 per kg, the high purity niobium pentoxide (99.99% tracemetals basis Nb2O5) that is used in battery applications can reachprices more than US $3,500 per kg.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
NEHA TALLY
Corporate Secretary
1. About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some ofthe most common environmental problems in the mining sector, includingmaximizing metal recovery and full-circle battery recycling. TheCompany explores for nickel & PGEs on the Manicouagan and JulieProjects on Quebec’s North Shore and has multiple explorationprojects in Iceland, including the Thor Gold Project. Headquartered inMontreal, St-Georges’ stock is listed on the CSE under the symbol SXand trades on the Frankfurt Stock Exchange under the symbol 85G1 andas SXOOF on the OTCQB Venture Market for early stage and developingU.S. and international companies. Companies are current in theirreporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation for the company on www.otcmarkets.com
Visit the Company website at www.stgeorgesecomining.com
For all other inquiries: public@stgeorgesecomining.com
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