(TheNewswire)
Toronto, Ontario , April 23 rd , 2024 – TheNewswire – Tantalex LithiumResources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF) ( “ Tantalex ” orthe “ Corporation ” ) is pleased to announcethat its majority owned Joint venture company, United Cominiere SAShas completed the export of its previously announced first batch of 15tons of tin concentrates from the company’s TiTan plant in theManono region of DRC.
Mr. Eric Allard, CEO commented “This represents a significantmilestone as the export process requires a significant amount ofadministrative procedures. Our team has proceeded diligently throughthis process with a successful end result. With tin prices havingrecently surged to $33,000 USD/ ton of Sn metal approaching 2-yearhighs, the timing could not be better.”
The concentrate produced from TiTan has a tin (Sn) % of 68.64% withvery low deleterious elements demonstrating the effectiveness of theprocess recovery route of the TiTan plant.
Additionally, Tantalex has provided their client atraceability report completed by Better Mining, an RCS Global program.Better Mining provides digital product traceability for 3Ts andindependent, third-party assurance on ASM sites to identify and managerisks via its Upstream Mechanism (UM). Better Mining conducts on-siterisk identification and assessment, risk mitigation, and performancemonitoring. Better Mining’s Upstream Mechanism is in alignment withthe OECD Due Diligence Guidance for Responsible Sourcing andaccredited by the Responsible Minerals Initiative (RMI). Since 2008,RMI has grown into one of the most utilized and respected resourcesfor companies from a range of industries addressing responsiblemineral sourcing issues in their supply chains.
Source: https://www.responsiblemineralsinitiative.org/about/rmi-initiative/
The Company also wishes to report progress on the ongoing TiTan plantoptimization program with the reception of the new scrubber/trommel inLubumbashi. It will now be transloaded on fit for purpose trucks fordelivery to the plant site near Manono.
The objective of the optimization program which includes installationof the new scrubber and increasing water volumes feeding into theplant is to run the plant at 130 t/h, 16 hours per day which wouldallow the company to reach initial production targets.
Corporate Update – NovationAgreement and Amendment Agreement
Trade Cloud Services PTE Ltd. (“ Trade Cloud ”) and the Corporation entered into a loanagreement on June 30, 2022 regarding a USD$3,000,000 loan (the“ Loan ”) made by TradeCloud to the Corporation (the “ Trade Cloud LoanAgreement ”). An amended agreement has been signed by theparties on August 1, 2023 (the “ Amending Agreement ”). Effective March 31, 2024, Trade Cloudhas requested to transfer by novation to SLC Asia Pte Ltd (“ SLC ”) and SLC agreed the transferby novation of all the rights and obligations of Trade Cloud under andin respect of the Trade Cloud Loan Agreement and the AmendingAgreement, in exchange for SLC’s assumption of the same obligations(the “ Novation ”). TheNovation has also been approved by Glencore, with which theCorporation has a lithium offtake agreement and convertible securitiesfacilities, and all requisite documents have been completed.
Mr. Simon Collins, director of the Corporation, is the principal ofSLC. Thus, this transaction is a related party transaction pursuant toMultilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“ MI 61-101 "). Pursuant to MI61-101, the Corporation will file a material change report providingdisclosure in relation to each "related party transaction"on SEDAR+ under the Corporation’s issuer profile atwww.sedarplus.ca. The Corporation did not file the material changereport more than 21 days before the expected closing date of theNovation as the details of the agreement were not settled untilshortly prior to the conclusion of the Agreement, and the Corporationwished to sign the Agreement on an expedited basis for sound businessreasons with an effective date of March 31, 2024. The Corporation isrelying on exemptions from the formal valuation and minorityshareholder approval requirements available under MI 61-101. TheCorporation is exempt from the formal valuation requirement in section5.4 of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101as the fair market value of the transaction, insofar as it involvesthe significant shareholder, is not more than the 25% of theCorporation’s market capitalization, and no securities of theCorporation are listed or quoted for trading on prescribed stockexchanges or stock markets. Additionally, the Corporation is exemptfrom minority shareholder approval requirement in section 5.6 of MI61-101 in reliance on section 5.7(1)(a) as the fair market value ofthe transaction, insofar as it involves the significant shareholder,is not more than the 25% of the Corporation’s market capitalization.The Novation was previously approved by the Board of Directors of theCorporation including disinterested directors. No special committeewas established in connection with the transaction, and no materiallycontrary view was expressed or made by any director.
Moreover, SLC and the Corporation amended the Trade cloud LoanAgreement, effective on March 31, 2024, post-novation, in order toextend the repayment date to July 31, 2024 and amend the interest rateto 12.5% per annum (the “ SecondAmending Agreement ”). Mr. Simon Collins, director of theCorporation, is the principal of SLC. Thus, this transaction is arelated party transaction pursuant to MI 61-101. Pursuant to MI61-101, the Corporation will file a material change report providingdisclosure in relation to each "related party transaction"on SEDAR+ under the Corporation’s issuer profile atwww.sedarplus.ca. The Corporation did not file the material changereport more than 21 days before the expected closing date of theSecond Amending Agreement as the details of the agreement were notsettled until shortly prior to the conclusion of the Agreement, andthe Corporation wished to sign the Second Amending Agreement on anexpedited basis for sound business reasons with an effective date ofMarch 31, 2024. The Corporation is relying on exemptions from theformal valuation and minority shareholder approval requirementsavailable under MI 61-101. The Corporation is exempt from the formalvaluation requirement in section 5.4 of MI 61-101 in reliance onsections 5.5(a) and (b) of MI 61-101 as the fair market value of thetransaction, insofar as it involves the significant shareholder, isnot more than the 25% of the Corporation’s market capitalization,and no securities of the Corporation are listed or quoted for tradingon prescribed stock exchanges or stock markets. Additionally, theCorporation is exempt from minority shareholder approval requirementin section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) as thefair market value of the transaction, insofar as it involves thesignificant shareholder, is not more than the 25% of theCorporation’s market capitalization. The Second Amending Agreementwas previously approved by the Board of Directors of the Corporationincluding disinterested directors. No special committee wasestablished in connection with the transaction, and no materiallycontrary view was expressed or made by any director.
Corporate Update – NovationAgreement with AfriMet Resources AG
The Corporation entered into a tin offtake agreement as well as arevolving finance facility with its significant shareholder AfriMetResources AG (“ AfriMet ”)on January 13, 2023 and amended on May 23, 2023 (the “ Offtake Agreement ”). In order toefficiently manage the export of tin to AfriMet, the Corporationdecided to novate the Offtake Agreement, effective March 25, 2024 toits subsidiary United Cominiere SAS, which is recognized as a miningcompany and exporter in the Democratic Republic of Congo (the “ AfriMet Novation ”).
This transaction constitutes a “related party transaction” underMI 61-101, as AfriMet is a significant shareholder. Pursuant to MI61-101, the Corporation will file a material change report providingdisclosure in relation to each "related party transaction"on SEDAR+ under the Corporation’s issuer profile atwww.sedarplus.ca. The Corporation did not file the material changereport more than 21 days before the expected closing date of theAfriMet Novation as the details of the agreement were not settleduntil shortly prior to the conclusion of the AfriMet Novation, and theCorporation wished to sign the AfriMet Novation on an expedited basisfor sound business reasons, with an effective date of March 25, 2024.The Corporation is relying on exemptions from the formal valuation andminority shareholder approval requirements available under MI 61-101.The Corporation is exempt from the formal valuation requirement insection 5.4 of MI 61-101 in reliance on sections 5.5(a) and (b) of MI61-101 as the fair market value of the transaction, insofar as itinvolves the significant shareholder, is not more than the 25% of theCorporation’s market capitalization, and no securities of theCorporation are listed or quoted for trading on prescribed stockexchanges or stock markets. Additionally, the Corporation is exemptfrom minority shareholder approval requirement in section 5.6 of MI61-101 in reliance on section 5.7(1)(a) as the fair market value ofthe transaction, insofar as it involves the significant shareholder,is not more than the 25% of the Corporation’s market capitalization.The AfriMet Novation was previously approved by the Board of Directorsof the Corporation, including disinterested directors. No specialcommittee was established in connection with the transaction, and nomaterially contrary view was expressed or made by any director.
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: 1-581-996-300
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