Cardiex Limited (CDX:AU) has announced Cardiex Completes Placement Ahead of CONNEQT US Launch
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Altech Batteries Limited (Altech/Company) (ASX: ATC) (FRA: A3Y) is pleased to announce the execution of a third offtake Heads of Agreement (HOA) between Axsol GmbH (Axsol) and Altech Batteries GmbH.
Highlights
- Strategic Heads of Agreement
- Executed with Axsol GmbH (Axsol)
- Certified supplier to NATO
- Offtake for 10MWh in first year, then rising to 30MWh in subsequent years
- Option to increase to 120MWh per subject to availability
- For the first five (5) years of production
- Exclusive Distribution Agreement for Western Defence Industries
- Cooperation for multisystem battery management system (BMS)
Axsol is a leading, award-winning provider of integrated renewable energy solutions and is based in Germany. Axsol leverages its expertise in diverse battery technologies and systems, alongside specialised equipment, to seamlessly integrate solar, wind, hydrogen energy and fuel cell solutions. These advanced energy systems ensure safe and reliable energy supply across multiple industries.
Altech has entered into an exclusive distribution agreement with Axsol to supply the western defence industry with CERENERGY® battery technology. As a certified supplier to NATO and select western allied forces, Axsol’s involvement will streamline qualification procedures, enabling early market entry and sales of CERENERGY® batteries. These highly robust, durable and non-flammable batteries are ideally suited for defence applications and government agencies.
Additionally, Altech will collaborate with Axsol to leverage its expertise and know-how in efficiently managing and integrating various battery technologies with multiple energy supply sources using its advanced energy management system, “AXOS.” Future Battery Energy Storage Systems (BESS) are expected to incorporate multiple battery technologies tailored for different applications. As such, smart integration is essential to ensure their efficient, reliable and cost-effective operation.
Key Terms of the Agreement
- Deliveries are expected to commence in Q1 2027 at the earliest, following the commissioning of Altech’s production plant.
- Technical specifications and guarantees will align with the provided data sheet.
- A confidential price per GridPack has been agreed upon.
- Minimum purchase targets are set at:
- 10 MWh in 2027; and
- 20 MWh in 2028; and
- 30 MWh annually from 2029 to 2031.
- Subject to availability, maximum purchase targets are:
- 30 MWh in 2027; and
- 60 MWh in 2028; and
- 120 MWh annually from 2029 to 2031.
- Axsol is the exclusive distribution partner for Altech CERENERGY® batteries to western defence industries.
- Altech and Axsol will collaborate on the development of a multisystem battery management system.
Management Comment – CEO Iggy Tan
“We are delighted to have secured such a competent partner in Axsol, enabling Altech to enter the highly attractive defence-related market segment with our CERENERGY® GridPack Battery Energy Storage System. Axsol’s strong interest in our technology highlights the unique advantages of Altech’s CERENERGY® Sodium Chloride Solid State Battery technology and the exceptional unique selling points we bring to the market.”
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BPH Global (BP8:AU) has announced BPH Global receives funding commitment of A$100,000
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Environmental Clean Technologies Limited (ASX: ECT) (‘ECT’ or ‘the Company’) is pleased to provide the following update on its joint venture project with ESG Agriculture Pty Ltd (“ESG”).
Highlights:
- Funding Milestones:
- ECT secured $482,488R&D Loan, including contribution for JV seed funding
- ECT secured, subject to shareholder approval, $647,512in further funding
- Project Advancements: COLDry Fertiliser process design completed and tested; field trials to follow
- Project Finance Progress: Targeting completion in Q1 CY25
- Leadership Transition: Sam Rizzo transitions to Non-Executive Director role for ECT and Zero Quest
Joint Venture with ESG
ECT and ESG have launched Zero Quest Pty Ltd, a joint venture with offices in Melbourne and Adelaide, Australia, focused on delivering innovative, zero-emission solutions for sustainable agriculture. As announced on 4 April and 15 July 2024 ESG is a solution provider of soil health products and advisory services, supporting growers on their practice change journey towards reducing their carbon footprint. ESG brings to the JV leading agricultural executives with proven results in engaging with growers and developing agricultural solutions. The collaboration with ESG spearheads the COLDry Fertiliser Project, a transformative initiative to reduce emissions and boost agricultural efficiency.
Key milestones:
- Incorporation of Zero Quest Pty Ltd
- Seed Funding: The partners have contributed $300,000
- Field Trials Launch: Trials to begin immediately for the COLDry Fertiliser Project.
Zero Quest will be managed jointly by ECT and ESG, with Sam Rizzo (ECT) and Mark Scanlon (ESG) serving as foundation directors. Martin Hill, ECT’s CFO, will act as Company Secretary.
Field Trials and Strategic Goals
Zero Quest is set to conduct field trials with large-scale farmers across South Australia, Victoria, New South Wales, and the Philippines, evaluating diverse crop and soil types. The trials will be funded by the initial
$300,000 contributed by the JV partners and a further $100,000 that each of the JV partners are obliged to contribute in early 2025. Any additional capital raising (whether equity or debt) is to be contributed equally by the JV partners, unless otherwise mutually agreed. Running for up to six months, the trials will engage farmers under Memorandums of Understanding (MOUs), which are expected to transition into binding off- take agreements upon achieving the following objectives.
Field Trial Objectives:
1. Validate the fertiliser’s performance under real-world agricultural conditions, focusing on crop yield and soil health.
2. Environmental Impact Assessment: Measure reductions in carbon intensity and overall environmental footprint compared to conventional fertilisers.
3. Off-Take Agreements: Secure binding agreements with agricultural stakeholders based on trial success, paving the way for commercial production.
The Value of COLDry Fertiliser
The product, ‘COLDry Fertiliser’, is a blended fertiliser designed to match or surpass the performance of traditional chemical urea fertilisers, offering farmers a competitive and sustainable alternative.
The commercial proposition of COLDry Fertiliser to farmers is:
- Lower cost
- Same or better performance
- Compatibility with existing spreading equipment
- Lower emissions
- Improved soil health benefits
Sam Rizzo, Director of ECT and Zero Quest, commented:
“The establishment and funding of Zero Quest, along with the launch of field trails, mark the culmination of many months of work across the various stages of the Joint Venture between ECT and ESG. This milestone is a strong indicator of progress under our ‘race to revenue model’ and now allows us to channel our focus towards delivering the COLDry Fertiliser Project.”
Mark Scanlon, Director of ESG and Zero Quest, commented:
“The launch of field trials is a significant milestone, showcasing the real-world benefits of our innovative fertiliser. Partnering with ECT underscores our commitment to sustainable practices, and we are confident these trials will demonstrate the transformative potential of this product for both farmers and the environment.”
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Graphite prices have experienced volatility recently due to bottlenecks in demand for electric vehicles (EVs).
One major factor experts are watching right now is the trade war between China and the United States. China’s export restrictions on certain graphite products took effect on December 1, 2023, and require Chinese exporters to apply for special permits to ship the material to global markets.
In May 2024, the US under the Biden administration announced it would raise tariffs on foreign EVs and batteries. “The tariff rate on natural graphite and permanent magnets will increase from zero to 25 percent in 2026,” the statement reads. “The tariff rate for certain other critical minerals will increase from zero to 25 percent in 2024.” With tariff-loving President Donald Trump set to take the reins in January 2025, market watchers believe those tariffs could become even harsher.
These dynamics will likely encourage the development of more ex-China graphite supply sources.
Another trend shaping this market in 2024 has been the increasing substitution of natural graphite with synthetic in battery anode production in response to Chinese exports restrictions and US tariffs on natural graphite. This has led to much lower prices for natural graphite this year.
Against that backdrop, many Canadian graphite stocks have trended downward in 2024. However, several graphite-focused companies have seen strong performances this year.
Below is a look at the year’s best-performing graphite stocks on the TSX, TSXV and CSE. Data was obtained on November 29, 2024, using TradingView’s stock screener, and all companies listed had market caps above C$10 million at that time. Read on to learn more about their work this year.
1. HydroGraph Clean Power (CSE:HG)
Company Profile
Year-to-date gain: 75 percent
Market cap: C$38.95 million
Share price: C$0.175
HydroGraph Clean Power produces cost-effective, high purity graphene, hydrogen and other strategic nano-materials. Graphene is a pure carbon material extracted from graphite. It has a myriad of potential applications in many industries, such as transport, solar cells, medicine, electronics, energy, defense and desalination.
HydroGraph has an exclusive license from Kansas State University to produce both graphene and hydrogen through their patented detonation process.
The company’s achievements through the year have had a positive impact on its share price. In April, Hydrograph inked a memorandum of understanding (MoU) with Khalifa University of Science and Technology’s Research and Innovation Center in Graphene and 2D Materials in the United Arab Emerits to develop and commercialize graphene applications in cement, concrete, lubricants and energy storage and composites.
That same month, the company announced that its flagship graphene product, FGA-1, was chosen by hardware company Volfpack Energy to be the base material of its supercapacitor technology aimed at increasing the adoption of renewable energy across Asia.
In the following month, HydroGraph secured another strategic MoU, this time with Gulf Cryo, which provides industrial, medical and specialty gas solutions in the Middle East and Africa region.
Shares of Hydrograph more than doubled during this time period to a year-to-date high of C$0.20 for the first time on May 17. The company went on to close on an oversubscribed private placement totaling C$3.6 million in mid-June.
Although Hydrographs stock price dipped back into the C$0.10 to C$0.12 range for much of the third quarter, the company had a series of new flow for the fall that has pushed its value back in range with its high for the year.
In late October, Hydrograph extended its nanomaterials research partnership with the University of Manchester’s Graphene Engineering Innovation Centre. The following week, the company announced the partners had made an important breakthrough with the discovery that its FGA-1 graphene product increased performance in bottles with reduced use of non-recycled plastic in the global polyethylene terephthalate (PET) packaging industry.
On November 20, Hydrograph received a purchase order for research quantities of four novel graphene products from a global automotive industry customer. Automotive composites represent a significant growth market for graphene. This was followed soon after by the announcement of new collaborations with Volfpack Energy and NEI, a supplier of specialty materials to the battery industry.
2. Zentek (TSXV:ZEN)
Company Profile
Year-to-date gain: 13.01 percent
Market cap: C$174.83 million
Share price: C$1.65
Zentek is a technology company developing graphene-based products for commercial partners. The cornerstone of its intellectual property portfolio is its patented technology platform ZenGUARD which has displayed 99 percent effective antimicrobial properties, significantly increasing the viral filtration efficiency for surgical masks. The company is working to incorporate this technology into HVAC systems. In addition, Zentek fully owns the rights to the Albany graphite deposit in Ontario, Canada, through its subsidiary Albany Graphite.
The company’s year-to-date high share price came early in the year at C$2.11 on January 8, before it embarking on a slow but steady declining trend for much of the year. This was despite positive news flow including a distribution agreement with DCL Supply for ZenGuard enhanced air filters; the granting of second US patent for the active graphene-based ingredient in its ZenGuard products; the achievement of 99.99915 percent purity for a graphite sample from the Albany graphite deposit; and the release of positive preliminary battery results coinciding with the expansion of a research collaboration with the University of Toronto.
However, Zentek’s share price took a turn for the better in the fourth quarter of the year, rising to as high as C$1.79 on November 18. This followed news of increasing demand for ZenGuard antimicrobial surgical masks following a Canada-wide sampling program among dental professionals.
3. Black Swan Graphene (TSXV:SWAN)
Company Profile
Year-to-date gain: 6.25 percent
Market cap: C$14.4 million
Share price: C$0.085
Black Swan Graphene describes itself as an emerging powerhouse in the bulk graphene business.
The company is a spinout of Mason Resources (TSXV:LLG,OTCQX:MGPHF), which owns the Uatnan graphite project in Québec and holds a 39 percent stake in Black Swan. Graphite from Uatnan is used to supply Black Swan.
UK-based global chemicals manufacturer Thomas Swan & Co. holds a 15 percent interest in Black Swan, and brings a portfolio of patents and intellectual property related to graphene production. Through this partnership, Black Swan is building out a fully integrated supply chain from mine to graphene products.
Black Swan’s share price so far this year has benefited from the launch of a number of new graphene products, such as its GraphCore 01 family of graphene nanoplatelets products. Announced in April, these products include powders and polymer-ready masterbatches designed for the polymer industry.
Shares of Black Swan reached their highest year-to-date price of C$0.15 on June 19 following the announcement of a commercial partnership with advanced materials engineering company Graphene Composites. It will see Black Swan’s graphene used in the fabrication of GC Shield, a patented ballistic protection technology.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Critical minerals company Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) announced the receipt of a US$1.8 million payment from the US Department of Defense (DoD) on December 13.
The funding will support Ucore’s subsidiary, Innovation Metals, in demonstrating its RapidSX rare earths separation technology at a commercial demonstration facility in Kingston, Ontario.
This effort forms part of a broader initiative to establish a sustainable rare earths supply chain in North America, a key step in moving away from foreign sources for these essential materials.
With the US$1.8 million in hand, Ucore has now been awarded a total of US$2.3 million by the Department of Defense. The funds come under a US$4 million other transaction agreement announced in June 2023.
Ucore is focused on two main objectives: showcasing the commercial viability of its separation technology, and enhancing the establishment of domestic processing facilities for heavy and light rare earth elements.
The company’s December 13 release also outlines modifications to its Department of Defense deal.
These modifications are centered on aligning payment milestones with Ucore’s strategic objectives, including operating its demonstration plant for 2,600 operational hours in a simulated commercial environment, and thousands of hours of conventional solvent extraction pilot operations for comparative analysis.
Combating China’s rare earths dominance
Rare earths, used in electric vehicles, wind turbines and defense systems, are critical to modern industries.
However, China has long dominated the global supply chain for these critical minerals, controlling about 85 percent of the processing capacity and 90 percent of the rare earth magnet market. These magnets are essential in various advanced technologies, including missile guidance systems and military aircraft.
The National Defense Authorization Act of 2024 underscores the strategic importance of rare earths, with provisions banning the use of rare earth imports from China in the defense sector beginning in January 2027.
This legislative move highlights the urgency of building domestic supply chain solutions to mitigate the risks associated with dependence on a single foreign source of these materials.
Ucore’s initiatives aim to disrupt China’s rare earths supply chain dominance by creating sustainable processing infrastructure in the US and Canada. Currently the company is developing a heavy and light rare earths processing facility in Louisiana, is planning to expand with complexes in Canada and Alaska.
Long-term plans include the development of its Bokan-Dotson Ridge heavy rare earths project in Alaska.
In collaboration with the Canadian government, Ucore is also working on a C$4.28 million light rare earth demonstration project, which is scheduled for completion by mid-2025.
Challenges in building domestic REE infrastructure
The US and its allies face significant barriers in competing with China’s rare earth industry.
While countries like the US possess substantial reserves of rare earth elements, processing them domestically remains a challenge. China’s state-backed infrastructure and vertically integrated operations allow the Asian nation to maintain lower production costs and market dominance in the sector.
Efforts to rebuild domestic capabilities require substantial investment and technological innovation.
Even the Mountain Pass mine in California, operated by MP Materials (NYSE:MP), shows how the US relies on foreign infrastructure for processing, as raw materials from the site are still sent to China for refinement.
Ucore’s RapidSX technology, which combines traditional solvent extraction with advanced engineering, is designed to address these challenges. By streamlining the separation process, the company is aiming to make domestic processing of rare earths more efficient and economically viable.
Since 2020, the Department of Defense has allocated over US$439 million to rare earths companies for developing mining, processing and manufacturing capabilities
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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(TheNewswire)
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
December 17 th 2024 TheNewswire – Vancouver, BC – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTCQB:OPWEF) (the ‘ Company ‘ or ‘ Opawica ‘), is pleased to announce that it intends to undertake a non-brokered flow-through private placement for gross proceeds of up to C$1,500,000 (the ‘ Financing ‘).
The Financing will consist of the offering of units of the Company at a price of C$0.25 per unit (each a ‘ Unit ‘), with each Unit comprised of one flow-through common share of the Company (each, a ‘ FT Share ‘) and one-half of one non flow-through common share (‘ Share ‘) purchase warrant of the Company (each, a ‘ Warrant ‘), with each whole Warrant entitling the holder to acquire one Share in the capital of the Company (each, a ‘ Warrant Share ‘) at a price of C$0.40 per Warrant Share for a period of twenty-four (24) months after the closing date of the Financing. The Company also maintains a Warrant Acceleration option allowing Opawica to accelerate the expiry date of the Warrants if the daily trading price of the Common Shares on the TSX Venture Exchange is greater than $0.55 per Common Share for the preceding 10 consecutive trading days. All securities issued under the Offering and including Warrants will be subject to a four (4) month holding period. (If applicable)
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The FT Shares will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the ‘Tax Act’). All securities issued pursuant to the Financing will be subject to a hold period of four months and one day from the date of issuance.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
The company intends to use the net proceeds to drill new exploration targets at its Arrowhead and Bazooka properties in the Abitibi gold belt in Quebec, Canada
The private placement remains subject to the receipt of all required approvals, including the approval of the TSX-V, as well as execution of formal documentation.
Other Information
Further to the Company’s news release of November 25, 2024 regarding the closing of the first tranche of the October 15, 2024 announced private placement; the Company wishes to provide a correction to the finders’ fees paid which were announced as being C$18,020 cash and 120,133 share warrants. The correct amount compensated to finders was C$19,580 cash and 130,533 purchase warrants.
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian exploration company with a strong portfolio of precious metal and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec. The company’s management has a great record in discovering and developing successful exploration projects. The company’s objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 236-878-4938
Info@opawica.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR plus at www.sedarplus.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2024 TheNewswire – All rights reserved.
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Mawson Finland Limited (‘Mawson’ or the ‘Company’) (TSXV:MFL) is pleased to announce new soil geochemical results from the Company’s wholly-owned Rajapalot gold-cobalt project in Finland (see Figures 1 to 3 in Schedule ‘A’ hereto
Highlights:
-
A 2407 point extensive soil geochemical programme using the Ionic Leach analytical method has identified numerous areas of gold and cobalt enrichment across the larger 10,204 hectares tenement package in Finland
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Soil geochemical anomalies to be followed-up with detailed, closely spaced ‘bottom-of-till’ (BOT) drilling in order to trace identified soil anomalies towards their possible bedrock source
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BOT drilling rig scheduled to be mobilised to site mid-December 2024
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Four diamond drilling rigs confirmed to be mobilized to Rajapalot mid-January 2025 to complete between 12,000 m to 15,000 m of drilling
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Further down-hole EM geophysics are still on-going in Rajapalot area
Ms. Noora Ahola, Mawson Finland CEO, states: ‘The Ionic Leach geochemical method of analysing soils has demonstrated rapid and cost-effective identification of prospective ground within and beyond the larger Rajapalot mineralized zones. We are now in the process of mobilizing a bottom-of-till drilling-rig to conduct detailed bottom-of-till geochemical sampling through these newly identified zones of gold-cobalt enriched soils in order to ascertain the presence and strength of any gold-cobalt signatures originating from the local bed-rock. Areas of gold-cobalt enrichment that are further reinforced from this bottom-of-till drilling program will be fast-tracked towards being drill-tested in the later phase of our 2025 winter drill programme, if time permits. We very much look forward to providing further updates as our exploration efforts advance through the winter.’
Detailed Results
The objective of the Ionic Leach soil geochemistry programme has been to explore for the presence of broad-scale gold and/or gold-cobalt anomalous ground within the immediate Rajapalot project area, as well as in other geological compelling areas identified within the larger tenement package of Mawson Finland. The Ionic Leach method is a proprietary partial leach assay technique and considered an appropriate analytical technique in the Rajapalot project area where bedrock is highly-obscured by overburden, and more specifically, areas containing transported glacial cover. Over the last 3 summer field seasons, a total of 2407 samples have been taken and analysed using the Ionic Leach analytical method with 517 samples taken in the 2022 field season, 868 samples from the 2023 season, and 1022 from this year’s 2024 field season.
This process has successfully identified multiple areas of relative enrichment in gold, cobalt and arsenic in the sampled ‘B-horizon’ located in the upper-portions of the soil horizon (refer to Figure 1, Figure 2 and Figure 3). Interestingly, anomalous gold-cobalt-arsenic results are found in the vicinity of areas with observed high structural intensity (i.e., shear zones and other ‘orogenic’-type structures), and often clustered across multiple adjacent sample points, suggesting the possible presence of blind mineralised systems below. In order to strengthen confidence of a bedrock source for these identified gold-cobalt-arsenic soil-enrichments, a high-resolution bottom-of-till (BOT) drilling programme is arranged in order to obtain deeper sub-surface samples located at the regolith-bedrock interface. A BOT drilling rig is being mobilized to site, and first samples are expected to be collected before the end of December. Corroboration of anomalous gold-cobalt-arsenic bearing samples from both the Ionic Leach soil analysis and the BOT drilling analysis would suggest the presence of a potentially ‘blind’ mineralized system underfoot, at which point the most compelling targets will undergo drill-testing, potentially within the upcoming 2025 winter drilling season.
Technical Background, Data Verification and Quality Assurance and Quality Control
Samples are collected using the prescribed techniques for the Ionic Leach method. Holes are dug with plastic implements through the upper levels of the soil layer, until the ‘B-horizon’ is exposed. A sample of approximately 100 to 200 grams is collected by Mawson personnel from the upper ‘b-horizon’ of the soil horizon, and then packed into zip-lock bags and sent directly to the ALS facility in Sodankylä, Finland, where the samples were prepared for analysis. A 50 gram soil sample was sent to ALS Geochemistry in Ireland (an accredited mineral analysis laboratory) for final analysis. Ionic Leach samples use a static sodium cyanide leach with a highly sensitive ICP-MS finish (‘ME-MS23’). All samples are logged at the site of collection for various physical properties. All analytical data presented here is in its raw format. All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Winter drilling program
Four diamond drill rigs are scheduled to be mobilized at the Rajapalot site in early 2025 to begin next year’s winter drilling campaign. Between 12,000 to 15,000 metres of diamond drilling is planned to be completed by the end of April 2025. Major objectives for this drilling are to extend and increase the inferred resource base of the Rajapalot gold-cobalt project, while also drill-testing some compelling exploration targets developed through the 2024 summer and autumn field season.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a ‘qualified person’ as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company’s fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable securities laws (collectively, ‘forward-looking information’) which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘aims’, ‘may’, ‘could’, ‘would’, ‘will’, ‘must’ or ‘plan’. Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company’s quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE ‘A’ – FIGURES
Figure 1: Ionic Leach results for gold analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 2: Ionic Leach results for cobalt analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 3: Ionic Leach results for arsenic analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
SOURCE: Mawson Finland Limited
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