–News Direct–
Vancouver, British Columbia (March 18, 2024) Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (Battery or BMR or the Company) is pleased to provide a review of the Companys accomplishments in 2023 as well as an outlook and updates for 2024. The year 2023 brought significant improvements in the areas of funding, permitting and operational readiness for the Punitaqui mine in Chile.
Funding Highlights 2023 and 2024
BMR accomplished multiple major funding milestones in 2023, and applied the proceeds towards working capital and the restart of copper concentrate production at its Punitaqui copper project in Chile, including:
In addition, funds drawn from ESI Energy Services, Inc. (ESI), beginning with the US$2M equipment refinancing announced on December 29, 2022 and including subsequent intermittent cash disbursements from ESI to BMR, totaling approximately US$2.68M for 2023.
Extending into Q1 of 2024, funding highlights are as follows:
Permitting and Operational Highlights 2023 and 2024
2023 was a transformational year at our Punitaqui project in Chile, as the Company announced in December that the precursor to restarting Punitaqui had begun. In this regard, personnel hiring for the resumption of full operations at Punitaqui commenced. Final mine maintenance at the San Andres mine including rehabilitation of ground support, re-activation of compressed air, ventilation, power, and water in preparation for resumption of full mining operations, commenced in late November with the aim of full operational commissioning of the Punitaqui processing plant and start-up in Q2, 2024.
The restart of pre-operational activities at Punitaqui was initiated subsequent to the permit for the San Andres mine being granted, which allows for BMR to commence drifting, ramp construction and mine development on two different elevation levels and allows for establishment of new underground exploration drilling platforms. This mine development will establish access to new zones of copper mineralization for the forthcoming mine production. A further permit granting was announced in December 2023 which permits BMR to place thickened copper concentrate tailings into the tailings storage facility of up to 1.5M tonnes – representing approximately 20 months of mine and plant operations during the first phase of operations at Punitaqui. Beyond this initial 20-month operating period, the Company expects to receive a permit for dry stack or filtered tailings deposition in late-2024. Filtered tailings deposition has several benefits over thickened tailings deposition including lower water consumption in plant operations and greater capacity for tailings storage over the same physical footprint. Construction and commissioning of the tailings filter plant will take approximately nine months and thereafter, filtered tailings are expected to be deposited. Deposition of filtered tailings will allow for an additional eight-plus years of tailings storage at our permitted mining rate. This will be accomplished over nearly the same footprint the current tailings storage facility occupies.
In addition, as highlighted in the February 13, 2023 press release, BMR executed a strategic agreement with Anglo-American PLC (Anglo) to sell slag copper concentrates produced at the Punitaqui plant. Anglo has agreed to purchase all the copper concentrate to be produced from 240,000 tonnes of Anglo- supplied copper slags.
Extending into Q1 of 2024, further permitting achievements were as follows:
Extending into Q1 of 2024, further operational achievements were as follows:
As the Company expects to begin copper concentrate production in the first half of this year from its Punitaqui copper mine, activities continue to ramp up. The timeline from first fresh ore through the mill, increasing to full commissioning and eventual commercial production is expected to require approximately nine months. The company is aiming to complete all mine and plant rehabilitation prior to plant commissioning. Subsequent to this, progress of underground mine development in Cinabrio and San Andres will allow BMR to begin processing its own ore. Reaching the Companys full permitted run rate of 100,000 tonnes per month of ore throughput, BMR expects Punitaqui full year production rate should be in the range of 18 to 20 million pounds of copper in concentrate. During the ramp up period while the Cinabrio and San Andres mines are in operation, the company will continue advancing toward its Cinabrio Norte zone to eventually commence active mining in Q? 2024/2025?
As part of the ongoing operational readiness during 2024, BMR expects to complete underground infill and extensional drilling at San Andreas and Cinabrio. The drilling program is designed to further define areas that could be included in mine sequencing and for grade control purposes. The company looks forward to reporting the results of this drilling during the course of the year.
Environmental and Community Highlights 2023
In 2023, BMR advanced its environmental and community initiatives including the filing of the Companys inaugural environmental and social governance report (ESG Report), announced on June 7, 2023.
Additional highlights in 2023 included:
Additionally, BMR reached an agreement to contribute to the widening of the road and an increase of the asphaltic pavement to support trucking of feed for the Punitaqui plant from Dalmacia.
CEO Commentary
Martin Kostuik, Batterys CEO stated, BMRs management and board look forward to continuing the march towards copper production at Punitaqui. With a motivated and capable operating team coupled with great assets and an outlook for strong copper markets, the Company is in a very favorable position to provide ever greater value for its shareholders. As 2024 unfolds, we are excited to continue to share progress and results.
Additional Disclosure Regarding the Credit Agreement
BMR is also providing additional information in connection with the C$8M credit agreement with Fiera Enhanced Private Debt Fund. The loans advanced under the credit agreement bear interest at a floating prime rate plus 420 basis points. The loans will mature on the third anniversary of the credit agreement. With respect to the first advance under the credit agreement, the maturity date shall therefore be March 8, 2027. The second advance under the credit agreement has not been made and remains subject to the satisfaction of certain conditions.
About Battery Mineral Resources Corp.
Battery Mineral Resources is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable mining jurisdictions. Battery Minerals mission is the discovery, acquisition, and development of battery metals (namely cobalt, lithium, graphite, and copper), in North America, South America and South Korea and to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a near-term resumption of operations of the Punitaqui Mining Complex, a past copper-gold-silver producer, in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc. (including ESIs wholly owned USA operating subsidiary, Ozzies, Inc.), a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada and Arizona, USA. Battery Mineral Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol BMR and on the OTCQB under the symbol BTRMF. Further information about BMR and its projects can be found on www.bmrcorp.com.
About Battery Mineral Resources Corp.
Forward Looking Statements:
This news release includes certain forward-looking statements under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, the ability of the Company to secure the Advances under the Loan Agreement, timing of the completion of the Companys audit, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.
Battery Mineral Resources Corp.
Martin Kostuik, CEO
+1 604-229-3830
Corporate Communications
Corporate Communications IBN (InvestorBrandNetwork)
+1 310-299-1717
editor@investorbrandnetwork.com
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Battery Mineral Resources Corp.
COMTEX_449438176/2655/2024-03-18T08:39:32
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