(TheNewswire)
KEY HIGHLIGHTS
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Marketing Offtake Agreement forSpodumene concentrate (SC6) to be produced from the Manono LithiumTailings Project located in Manono, Tanganyika province, in theDRC.
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USD 5M staged secured convertiblefinancing facility upon issuance of acceptable Preliminary EconomicAssessment.
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Financing of 1/3 of the total CAPEXrequired for the Manono Lithium Tailings Project subject to customaryconditions precedent.
Toronto, Ontario - TheNewswire - September 8, 2023 - Tantalex Lithium Resources Corp. (CSE:TTX ) ( FSE:DW8 ) ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce it hasreceived and executed a term sheet from Glencore International AG(“ Glencore ”) on September 8 th for a marketing offtake agreement for thelithium to be produced from its Manono Lithium TailingsProject .
The term sheet includes the following key commercialterms:
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Secured Convertible Financing Facility in three (3)tranches:
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First Tranche USD 2M upon execution of the marketingofftake agreement (MOA);
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Second Tranche USD 3M upon Glencore’s satisfactoryreview of the PEA;
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Third Tranche Financing of 1/3 of the total CAPEXrequired for the Manono Lithium Tailings Project subject to conditionsprecedent.
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Commitment Fee of 1.5% flat calculated on the totalinitial prepayment amount, to be deducted from the prepayment on eachdisbursement
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The transaction is subject to various CPs, includingthe execution of definitive agreements and completion of outstandingdue diligence to Glencore’s satisfaction
Eric Allard ,Tantalex Lithium CEO commented: “ We are delighted to have the support ofGlencore for the upcoming Manono Lithium Tailings Project. Glencorealready has very well-established mining operations in the DRC withimportant cobalt and copper assets. Their experience and expertise incountry will be crucial for developing further our activities in theDRC. The CAPEX financing commitment is a significant milestone inthe de-risking of the project and achieving our goal to become thefirst lithium producer in the DRC. ”
A Maiden Mineral Resource Estimate was initiallypublished in January 2023 for the Manono Lithium Tailings Project withthe following highlights:
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5,46 million tonnes at 0,72%Li O in the Measured andIndicated category.
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6,63 million tonnes in total InferredMineral Resources at a grade of 0,49% Li O.
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Lithium contained in spodumene andamenable for production of 6% Li O Spodumene Concentrate (SC6).
Qualified person
The scientific and technical content of this newsrelease has been reviewed and approved by Mr. Gary Pearse MSc, P. Eng,who is a “Qualified Person” as defined by National Instrument43-101 Standards of Disclosure for Mineral Projects (“NI43-101”).
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About Glencore InternationalAG
Glencore is one of the world’s largest globaldiversified natural resource companies and a major producer andmarketer of more than 60 commodities that advance everyday life.Through a network of assets, customers and suppliers that spans theglobe, we produce, process, recycle, source, market and distribute thecommodities that support decarbonisation while meeting the energyneeds of today.
With around 140,000 employees and contractors and astrong footprint in over 35 countries in both established and emergingregions for natural resources, our marketing and industrial activitiesare supported by a global network of more than 40 offices.
Glencore's customers are industrial consumers, such asthose in the automotive, steel, power generation, batterymanufacturing and oil sectors. We also provide financing, logisticsand other services to producers and consumers of commodities.
Glencore is proud to be a member of the VoluntaryPrinciples on Security and Human Rights and the International Councilon Mining and Metals. We are an active participant in the ExtractiveIndustries Transparency Initiative.
We recognize our responsibility to contribute to theglobal effort to achieve the goals of the Paris Agreement bydecarbonizing our own operational footprint. We believe that we shouldtake a holistic approach and have considered our commitment throughthe lens of our global industrial emissions. Against a 2019 baseline,we are committed to reducing our Scope 1, 2 and 3 industrial emissionsby 15% by the end of 2026, 50% by the end of 2035 and we have anambition to achieve net zero industrial emissions by the end of 2050.For more detail see our 2022 Climate Report on the publication page ofour website at glencore.com/publications.
About Tantalex Lithium ResourcesCorporation
Tantalex Lithium is an exploration and developmentstage mining company engaged in the acquisition, exploration,development and distribution of lithium, tin, tantalum and otherhigh-tech mineral properties in Africa.
It is currently focused on developing its lithiumassets in the prolific Manono area in the Democratic Republic ofCongo; The Manono Lithium Tailings Project and the Pegmatite CorridorExploration Program.
Cautionary Note Regarding ForwardLooking Statements
This presentation includes certainstatements that may be deemed forward looking statements. Allstatements in this document, other than statements of historicalfacts, which address future production, reserve potential, explorationactivities and events or developments that the Company expects, areforward looking statements. Such forward-looking statements include,without limitation: (i) estimates of future lithium, tin and tantalumprices, supply, demand and/or production; (ii) estimates of futurecash costs and revenues; (iii) estimates of future capitalexpenditures; (iv) estimates regarding timing of future development,construction, production or closure activities; (v) statementsregarding future exploration results; (vi) statements regarding coststructure, project economics, or competitive position, and; (vii)statements comparing the Company’s properties to other mines,projects or metals. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those inthe forward-looking statements. Factors that could cause actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes,continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance, that the Companyexpressly disclaims any responsibility for revising or expanding theforward- looking statements to reflect actual results or developments,and that actual results or developments may differ materially fromthose projected, in the forward-looking statements, except as requiredby law.
For more information, please contact:
Eric Allard
President & CEO
Email: ea@tantalex.ca
Website: www.tantalexlithium.com
Tel: 1-581-996-3007
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