(TheNewswire)
Toronto, Ontario - TheNewswire - August 9 , 2023– Tantalex Lithium Resources Corp. (CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce itsmajority owned subsidiary United Cominiere SAS has startedcommissioning on its TiTan plant located in the vicinity of Manono,Democratic Republic of Congo (the “ TiTan plant ”).
The TiTan plant which has been designed with a capacityof 130 tonnes per hour is now entirely assembled and ready to processits first ore. The commissioning period will last up to 3 weeks andthe first ore is expected for export in September.
Eric Allard, CEO of Tantalex Lithium commented“ Our team in the DRC haveworked relentlessly in challenging conditions over the last few monthsto build the TiTan plant and I could not be more proud of what theyhave accomplished. This is transformational for our company as weprogress towards a revenue generating mining company and demonstrateour commitment to the DRC in bringing critical mineral discoveries andresources to industrial production stage. ”
SUPPLY CHAIN ASSESSMENT, DUEDILIGENCE AND MONITORING
Tantalex is also pleased to announce it has secured theservices of RCS Global Group /Better Mining to implement its UpstreamAssurance Mechanism (UAM) Services for its mining operations on theTiTan plant. This mechanism combines two permanent processes: DueDiligence and Monitoring (Better Mining) and Digital Supply ChainTraceability (RCS TRACE).
Through this service agreement, Tantalex isimplementing a traceability system to enable the export of tin andtantalum from the DRC in compliance with the provisions of the DoddFrank Act Section 1502, the Responsible Minerals Initiative’s (RMI)responsible sourcing requirements and OECD Due Diligence Guidance(OECD DD Guidance – v3) for Responsible Supply Chains of Mineralsfrom Conflict Affected and High-Risk Areas (CAHRAs). It allows supplychain actors to know whether sourcing activities are free fromconflicts, human and labour rights abuses, and unacceptable health andsafety hazards.
COMMUNITY DEVELOPMENT PLAN
Tantalex has established an ongoing relationship withthe “ CarterCenter ” since February 2023 and secured theirformal assistance to guide the implementation of an exemplaryCommunity Development Plan for the TiTan project, the first of itskind in both Tanganyika and Haut-Lomami provinces.
Since 2007, the Carter Center’s Human Rights Househas been partnering with Congolese local civil society organizationand human rights activists to create lasting changes by promotingcollaborative action and establishing networks of like-mindedorganizations; providing technical and organizational trainings; andconnecting them with needed resources. Through these partners, theCenter currently supports efforts aimed at protecting human rightsdefenders, advancing women’s rights, and promoting positiveengagement of youth in public life.
In 2018, the Carter Center inspired modifications tothe DRC Mining Code of new provisions concerning community developmentplans to be established in collaboration with the communities affectedby mining projects.
In May 2022, to help mining companies operating in theDRC implement these new regulations, the Carter Center produced aPractical handbook to negotiations, instructions and execution of thespecifications of social responsibility for mining companies in theDRC, with the financial support of German Cooperation (GIZ).
CORPORATE UPDATE
Bridge Loan Agreement
The Corporation has entered into a bridge loanagreement with a private investor at arm’s length (the“ Bridge Loan Agreement ”)whereby it received a loan of USD$500,000 (the “ Loan ”). The Loan isunsecured, bears an interest fee of 10% and is due sixty (60) daysfrom the date of the execution of the Bridge Loan Agreement. Theproceeds from the Loan will be used for general working capital andprogressing on the completion of the TiTan plant construction andadvancing the Manono tailings preliminary economic assessment andfeasibility study.
Amendment to the AfriMet GridPromissory Notes
The Corporation has amended two grid promissory notesof a principal amount of USD$1,000,000 each issued in favour ofAfriMet Resources AG (“ AfriMet ”). The first grid promissory note(“ Grid Promissory Note1 ”) was issued on March 30, 2022 and thesecond grid promissory note (" Grid Promissory Note 2 ") was issued on July 20, 2022. Both grid promissorynotes were amended in order to extend the maturity date by one year toMarch 30, 2024 for Grid Promissory Note 1 and to July 20, 2024 forGrid Promissory Note 2. Also, the interest rate was increased to 12.5%per annum calculated and compounded monthly. Such interest rateaccrues starting August 1, 2023.
The amendment to Grid Promissory Note 1 and GridPromissory Note 1 are a “related party transaction” as definedunder Multilateral Instrument 61-101 Protection of Minority SecurityHolders in Special Transactions (“ MI 61-101 ”), asAfriMet is a significant shareholder of the Corporation. However, suchparticipation would be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 as the fair marketvalue and the consideration for the notes, would not exceed 25% of theCorporation’s market capitalization. The Corporation did not file amaterial change report in respect of the related party transaction atleast 21 days prior to the closing of the amendments, which theCorporation deems reasonable in the circumstances to close theamendments to the notes in an expeditious manner.
Amendment to Loan Agreement withTrade Cloud
The Corporation has amended a loan agreement (the“ Loan Agreement ”) entered with Trade Cloud Services PTE Ltd.(“ Trade Cloud ”) of a principal amount of USD$3,000,000 (the“ Loan ”). The Loan has been amended in order to extend thematurity date to January 31, 2024 as the early repayment date andMarch 31, 2024 as the late repayment date. A service fee of 4% will beadded on the principal which is online with the gross fee provided bythe Board Lubumbashi sales price which will be based on the first onethousand eight hundred (1,800) dry metric tonnes of tin concentratesproduced by the Lubule project, an increase of six hundred (600) drymetric tonnes from the original Loan Agreement.
The amendment to the Loan Agreement is a “relatedparty transaction” as defined under MI 61-101, as Mr. MatthewBotell, director of the Corporation is a principal of Trade Cloud.However, such participation would be exempt from the formal valuationand minority shareholder approval requirements of MI 61-101 as thefair market value and the consideration for the Loan, would not exceed25% of the Corporation’s marketcapitalization. The Corporation did not file a material change reportin respect of the related party transaction at least 21 days prior tothe closing of the amendments, which the Corporation deems reasonablein the circumstances to close the amendments to the Loan Agreement inan expeditious manner.
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.
About RCS Global Group
RCS Global Group is the global market leader inresponsible sourcing of raw materials assessment and advisory. Theyoffer their global clients full source to store assurance servicescovering production, trade, and transformation. RCS Global has anestablished team of 100+ employees stationed at each critical stage ofthe supply chain, with local presence in China, Democratic Republic ofCongo, Germany, Mexico, Rwanda, United Kingdom, and the UnitedStates.
In 2022, RCS Global Group was acquired by SLR(www.slrconsulting.com), a global environmental services andtechnology group, with 2,500 employees in over 100 countries.
RCS Global is an accredited assessment body and trustedpartner for all relevant responsible sourcing industry programs, andcertified for assessment for copper, cobalt, 3TG, silver, platinumgroup metals and coloured gemstones. RCS Global is an accreditedassessment body for the Responsible Jewellery Council (RJC), theLondon Bullion Market Association (LBMA), Copper Mark, London MetalExchange (LME), IPSA, and The Responsible Minerals Initiative’sDownstream Assessment Program (DAP) and Responsible Minerals AssuranceProcess (RMAP). Visit: www.rcsglobal.com.
About the Carter Center
The Carter Center was founded in 1982 by former USPresident Jimmy Carter and his wife Rosalynn Carter. The nonpartisanand nonprofit Center addresses national and international issues ofpublic policy. Carter Center staff and associates are dedicated toresolving conflict, promote democracy, protect human rights, andprevent disease and other afflictions.
Headquartered in Atlanta (USA), the Carter Center hasbeen consistently active in the Democratic Republic of the Congothrough its Lubumbashi branch since 2006, working to promotedemocratic governance and protect human rights.
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 Corporation expects,are forward looking statements. Such forward-looking statementsinclude, without limitation: (i) estimates of future lithium, tin andtantalum prices, supply, demand and/or production; (ii) estimates offuture cash costs andrevenues; (iii) estimates of future capital expenditures; (iv)estimates regarding timing of future development, construction,production or closure activities; (v) statements regarding futureexploration results; (vi) statements regarding cost structure, projecteconomics, or competitive position, and; (vii) statements comparingthe Corporation’s properties to other mines, projects or metals.Although the Corporation 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 theforward-looking statements. Factors that could cause actual results todiffer materially from those in forward looking statements includemarket prices, exploitation and exploration successes, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance, that the Corporationexpressly 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
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