ELECTRIC ROYALTIES PROVIDES AN UPDATE ON THE MIDDLE TENNESSEE MINE ZINC ROYALTY
- Production operations at the Middle Tennessee Mine (MTM) will be temporarily paused due to weakened market conditions and inflationary impacts on costs and margins.
- Nyrstar plans to conduct exploration drilling during the pause to define additional zinc, germanium, and gallium resources.
- Electric Royalties owns a 25% economic interest in the MTM zinc royalty.
- None.
VANCOUVER, BC / ACCESSWIRE / November 1, 2023 / Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is providing an update on the Middle Tennessee Mine ("MTM") in Tennessee, United States, operated by Nyrstar, the operating subsidiary of Trafigura.
On October 31, 2023, Nyrstar announced that production operations at MTM will be temporarily paused on November 30, 2023 due to weakened market conditions and inflationary impacts on input costs and operating margins. Operations will resume as soon as economically viable.
During this temporary pause in production operations, Nyrstar plans to conduct exploration drilling to define additional zinc, germanium, and gallium resources to position it to increase the supply to its Clarksville smelter upon completion of a planned investment to enable on-site recovery of germanium and gallium. Once operations resume, Nyrstar plans for MTM to supply diversified critical minerals to the U.S. market.
The MTM zinc royalty is held in a limited partnership in which Electric Royalties owns a
Electric Royalties is relying on the information provided by Nyrstar and is unable to verify the reported information.
David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.
About Electric Royalties Ltd.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 22 royalties, including two royalties that currently generate revenue. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades towards a decarbonized global economy.
For further information, please contact:
Brendan Yurik
CEO, Electric Royalties Ltd.
Phone: (604) 364‐3540
Email: Brendan.yurik@electricroyalties.com
www.electricroyalties.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, the Covid-19 pandemic, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com and at otcmarkets.com.
SOURCE: Electric Royalties Ltd.
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FAQ
What is the reason for the temporary pause in production operations at the Middle Tennessee Mine (MTM)?
What does Nyrstar plan to do during the pause in production operations?
What is Electric Royalties' ownership in the MTM zinc royalty?
