Critical Elements Lithium Announces Appointment of Mr. Andy Fortin as Senior Process and Commissioning Director

Rhea-AI Summary

Critical Elements Lithium Corporation has appointed Andy Fortin as Senior Process and Commissioning Manager. Mr. Fortin, a Metallurgical Engineer with over 25 years of experience, will enhance the team's capabilities for the Rose Lithium-Tantalum project. The company aims to solidify its operational excellence and prepare for a Final Investment Decision. Critical Elements' Rose project boasts an impressive after-tax internal rate of return of 82.4% and a net present value of US $1.9 billion. The project has received key environmental authorizations, positioning it favorably for the North American lithium market.

Positive

• Appointment of experienced Andy Fortin to enhance operational leadership.
• Rose project has a strong after-tax internal rate of return of 82.4%.
• High net present value of US $1.9 billion positions project for potential investor interest.
• Environmental approvals secure project viability in a competitive market.

Negative

• Dependence on securing sufficient financing to advance the Rose Project.
• Uncertainties related to global supply and demand for lithium affecting revenues.
• Risks associated with social, community, and environmental impacts that could delay progress.

MONTRÉAL, QC / ACCESSWIRE / December 8, 2022 / Critical Elements Lithium Corporation (TSX-V:CRE)(OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce the appointment of Mr. Andy Fortin, Metallurgical Engineer, as Senior Process and Commissioning Manager.

Mr. Andy Fortin holds a bachelor's degree in Metallurgical Engineering from Laval University in Québec City. Mr. Fortin brings to the Company a solid operational experience acquired in Northern Québec and Nunavut. He has over 25 years of experience in leading continuous improvement of metallurgical processes, asset management, health and safety culture and risk management. He has been involved in numerous projects in process design, commissioning to achieve production capacity and operational improvement, notably with Québec Iron Ore, Newmont / Goldcorp, Agnico-Eagle Mines and Inmet Mining Corporation.

Yves Perron, Vice President Engineering, Construction and Reliability, declared: "I am proud to announce this new addition to the Critical Elements' team. We welcome Mr. Andy Fortin, as Senior Director of Process and Commissioning. Andy will be part of our engineering, construction, and commissioning team for the Rose Lithium-Tantalum project. He will solidify the process design team already in place and will be one of the leaders in driving our company to operational excellence, making this project a success."

"As one of the few lithium projects in North America with key environmental authorization in place," added Chief Executive Officer Jean-Sébastien Lavallée, "Critical Elements is assembling its owners' team at the right pace to be ready to build on making a Final Investment Decision. The current market for top mining and processing specialists in Québec is extremely tight and competitive; we are extremely pleased to attract quality members like Andy, Hughes and Yves to our team at this time."

About Critical Elements Lithium Corporation

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 850 square kilometers. On June 13^th, 2022, the Corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 82.4%, with an estimated after-tax net present value of US$1.9 B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government and also received the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parcs.

For further information, please contact:

Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
plaperriere@cecorp.ca
www.cecorp.ca

Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
jslavallee@cecorp.ca
www.cecorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement concerning forward-looking statements

This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: Critical Elements' ability to secure sufficient financing to advance and complete the Rose Project, uncertainties associated with the Corporation's resource and reserve estimates, uncertainties regarding global supply and demand for lithium and tantalum and market and sales prices, uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community and environmental impacts, uncertainties with respect to optimization opportunities for the Rose Project, as well as those risk factors set out in the Corporation's year-end Management Discussion and Analysis dated August 31, 2022 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

SOURCE: Critical Elements Lithium Corporation

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https://www.accesswire.com/730876/Critical-Elements-Lithium-Announces-Appointment-of-Mr-Andy-Fortin-as-Senior-Process-and-Commissioning-Director

FAQ

Who is Andy Fortin and what role will he play at Critical Elements?

Andy Fortin has been appointed as Senior Process and Commissioning Manager, bringing over 25 years of metallurgical engineering experience to enhance the operational capacities for the Rose Lithium-Tantalum project.

What is the expected financial impact of the Rose project for Critical Elements?

The Rose project has an after-tax internal rate of return of 82.4% and an estimated net present value of US $1.9 billion, indicating strong financial potential.

What environmental approvals has Critical Elements received for the Rose project?

The Rose project has received key environmental authorizations from both the Federal Minister of Environment and the Québec Minister of the Environment, ensuring its compliance and operational viability.

What challenges does Critical Elements face moving forward?

Critical Elements must secure sufficient financing and address uncertainties related to global lithium demand and potential social and environmental impacts that could affect project timelines.

What is the significance of the management change for investors in CRECF?

The appointment of Andy Fortin could lead to improved operational efficiencies and project execution, which may positively influence investor confidence and stock performance.