(TheNewswire)
Toronto, Ontario – TheNewswire -- January 25 th , 2024 – Tantalex Lithium Resources Corp. (CSE:TTX ) ( FSE:DW8 )( OTC:TTLXF) ( “ Tantalex ” orthe “ Corporation ” ) is pleased to announcethat its TiTan tin and tantalum alluvial plant has now produced itsfirst batch of tin and tantalum concentrates ready for export.
A first batch of 10 tons of exportable and high grade industrial andfully traceable tin concentrates (SnO2) has now been fully processedin Manono. Additionally, 2.5 tons of tantalum concentrates (Ta2O5)have also been produced.
Mr. Hadley Natus , Chairmancommented: “We are very proud to have reached this very importantmilestone. The team has worked relentlessly to make this happen. With our current Optimization program underway, I am extremelyconfident that we will reach our production targets in the very nearterm.”
Production from TiTan is fully traceable and very much sought afterdue to its strict compliance with the RMI principles for responsiblesourcing of critical materials.
All production from TiTan is sold through an offtake agreement withAfriMet Resources Ag (“ AfriMet ”) as announced in the Company’s news releasedated January 24 th , 2023.
Continuous optimization measures are ongoing at site to reach optimalproduction capacity. The plant is currently running approximately50t/h for an average of 8 hours per day. The objective within the next3 months is to run the plant at 130 t/h, 16 hours per day. Measurescurrently underway to reach this goal are the shipping of a newscrubber trommel and an increase in the water supply to the plant.
AfriMet Debenture Extension
On July 8, 2022, the Corporation announced that it closed a privateplacement of USD$1,231,784.08 principal amount of an unsecuredconvertible debenture with AfriMet with an initial maturity date ofJuly 10, 2023, and an interest rate of 10% per annum (the “ Convertible Debenture ”). TheConvertible Debenture is payable at any time prior to the maturitydate in cash or common shares of the Corporation (the “ Common Shares ”), at the option ofthe Corporation. At any time during the term, AfriMet may elect toconvert the outstanding principal net amount, or any portion thereof,into Common Shares at a conversion price of $0.10 per Common Share.Subsequently, the maturity date was extended to January 10, 2024. Theparties extended a second time the maturity date to January 10, 2025,and the interest rate shall increase to 12.5% starting January 11,2024 until maturity.
The Convertible Debenture is a “related party transaction” asdefined under Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”) as AfriMet is asignificant shareholder. However, such participation would be exemptfrom the formal valuation and minority shareholder approvalrequirements of MI 61-101 as the fair market value, nor theconsideration for the loan, would exceed 25% of the Corporation’smarket capitalization. The Corporation did not file a material changereport in respect of the related party transaction at least 21 daysprior to the closing of the Convertible Debenture, which theCorporation deems reasonable in the circumstances in order to extendthe Convertible Debenture in an expeditious manner.
About Tantalex Lithium Resources Corporation
Tantalex Lithium is an exploration and development stage miningcompany engaged in the acquisition, exploration, development anddistribution of lithium, tin, tantalum and other high-tech mineralproperties in Africa.
It is currently focused on operating its TiTan tin and tantalumconcentrate plant and developing its lithium assets in the prolificManono area in the Democratic Republic of Congo; The Manono LithiumTailings Project and the Pegmatite Corridor Exploration Program.
Cautionary Note Regarding Forward Looking Statements
This presentation includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Company expects, are forward looking statements. Such forward-looking statements include, without limitation: (i) estimates of future lithium, tin and tantalum prices, supply, demand and/or production; (ii) estimates of future cash costs and revenues; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development, construction, production orclosure activities; (v) statements regarding future explorationresults; (vi) statements regarding cost structure, project economics,or competitive position, and; (vii) statements comparing theCompany’s properties to other mines, projects or metals. Althoughthe Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in the forward-looking statements. Factors that could cause actual results 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 such statements are not guarantees of future performance, that the Company expressly disclaims any responsibility for revising or expanding the forward- looking statements to reflect actual results or developments, and that actual results or developments may differ materially from those projected, in the forward-looking statements, except as required bylaw.
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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