(TheNewswire)
Toronto, Ontario - TheNewswire - December 15, 2023 - TantalexLithium Resources Corp. (CSE:TTX ) ( FSE:DW8 ) ( OTC:TTLXF) ( “ Tantalex ” orthe “ Corporation ” ) is pleased to announceoperational and corporate updates.
Manono Lithium TailingsProject
The Corporation has appointed Sedgman Novopro of Montreal, Canada toconduct the Feasibility Study (the “ FS ”) for the Manono Lithium Tailings Project. The resultsfrom the Preliminary Economic Assessment have confirmed a productionof 112,000 tpa of SC6 at steady state operation would be achievedusing both a DMS and flotation process route for a total CAPEX of USD$147,7M. The FS will be focused on a phased approach to commence earlyproduction utilizing Dense Media Separation with a gradual ramp up ofthe fines beneficiation flotation circuit. This approach will reducethe peak funding requirements and improve project economics whilst thecompany can de-risk the fines beneficiation process.
TiTan Tin and Tantalum ConcentratePlant
The commissioning of the TiTan plant remains ongoing. In the first fewweeks of the commissioning, an important bottleneck was identifiedwith the trommel at the front end of the plant as the trommel did notallow proper wash and ore throughput to the rest of the plant.Modifications were made to the trommel and the wash system which haveimproved the performance but the ore throughput remains too low. Areplacement trommel has been ordered from South Africa and will beinstalled in early 2024.
The plant is currently producing concentrate at a reduced rate on asingle shift, and it is expected that first export of 20T of Snconcentrate and 5T of Ta concentrate will be made in early 2024. Fullnameplate capacity of 130tph fresh feed over 2 shifts with the newtrommel is planned for March 2024.
Management Changes
The Corporation would like to announce the nomination of Gerrit duPlessis as Projects Director. Gerrit is a metallurgical engineerresiding in South Africa, with DRC experience and has been spendingthe better part of his career in optimizing existing processbeneficiation operations and the design and commissioning of newprocess plants.
The Corporation would also like to announce that Mr. Hannes Millerwill no longer be occupying the role of Chief Operating Officer andwill remain as Special Advisor to the Corporation.
Director Resignation
Mr. Matthew Botell has resigned as a non-executive director, effectiveDecember 12, 2023. Mr. Botell and the Corporation have also mutuallyterminated his consultant contract. The Corporation would like tothank Mr. Botell for his service and contributions to the Corporation.Ms. Luisa Moreno and Mr. Simon Collins will replace him on theCompensation Committee and on the Corporate Governance Committee,respectively.
Glencore Agreement
The Corporation would like to announce that further to the completionof the Convertible Facility Agreement with Glencore, the Corporationhas received USD$2M from Facility A. A further USD$3M from Facilityremains available for drawdown to further progress the Corporation’swork program.
AfriMet Loan
The Corporation has entered into a loan agreement with AfriMetResources AG (“ AfriMet ”),a corporation incorporated under the laws of Switzerland and involvedin metals and minerals commodity trading specialising inAfrica-sourced products including tin and tantalum and also asignificant shareholder of the Corporation. Pursuant to this loanagreement (“ AfriMet LoanAgreement ”) AfriMet will make available a loan in theprincipal amount of USD$750,000 (the “ AfriMet Loan ”) which will be made in two tranches: a firsttranche by December 31, 2023 and a second tranche by January 15, 2024.The AfriMet Loan bears an interest rate of 12.5% per annum from thedate of payment. The AfriMet Loan will be offset of USD$12,500 permetric ton (“ mt ”) of DRCTa2O5 ore delivered with a target delivery of 10mt per lot. Theproceeds will be used for general working capital purposes and procurement of a new trommel for the TiTan plant.
Amendment to Bridge LoanAgreement
On August 8, 2023, the Corporation announced that it entered into abridge loan agreement (the “ BridgeLoan Agreement ”) with a private investor at arm’s lengthwhereby it received a loan of USD$500,000 (the “ Loan ”). The Loan is unsecured,bears an interest fee of 10% and was due sixty (60) days from the dateof the execution of the Bridge Loan Agreement. The principal amount ofthe Loan has been repaid on November 20, 2023. The parties haveamended the Bridge Loan Agreement to include an amount ofUSD$41,666.66, which represents a daily fee of USD$833.33 for 50 latedays (the “ Accrued Fee ”),in addition to the 10% Fee, the whole payable by December 21, 2023.
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 developing its lithium assets in theprolific Manono area in the Democratic Republic of Congo; The ManonoLithium Tailings Project and the Pegmatite Corridor ExplorationProgram.
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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