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Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (“Battery” Where “BMR“or the”Company“) is pleased to provide a business update, simultaneously announcing the appointment of Max Satel as its new Chief Financial Officer, effective June 2, 2022, the filing of its financial statements, MD&A and associated management certificates, for the three (3) month period ended March 31, 2022 (the “Quarterly deposits“), and an operational update as it continues to advance its flagship project Punitaqui in Chile.
Corporate and Operational Highlights
- Appointment of new CFO, Mr. Max Satel – effective June 2, 2022
- Punitaqui Project – Drilling Program, Permits and Resource Update
- Following the quarterly filings, the TSX Venture Exchange advised the Company that it will restore trading in the Company’s common shares two business days after completing its reinstatement review.
Appointment of a new CFO
Mr. Satel is a successful natural resources-focused executive with over 18 years of experience catalyzing results in demanding and highly competitive environments, with extensive experience and expertise in researching, structuring and implementing implementing data and analytics-driven solutions that position businesses for growth. and outperformance.
Mr. Satel has held financial leadership positions of increasing responsibility throughout his career, demonstrating his ability to raise significant new capital for resource projects, create and implement financial strategies to ensure the achievement of corporate objectives, providing timely and accurate budgets and forecasts. , as well as financial reporting in accordance with applicable accounting standards, implementing and improving internal controls, reducing business costs and launching new corporate initiatives to create sustainable value.
Prior to joining Battery Mineral Resources, Mr. Satel served as Senior Vice President of Corporate Development and Investor Relations for Arrow Exploration Corp., a TSX Venture Exchange listed oil and gas company. and AIM with activities in Colombia and Canada. At Arrow, Mr. Satel played a critical role in the company’s turnaround and transition into a fast-growing cash flow generating energy producer, including listing and financing the company on the AIM market of Arrow. London, then delivering critical capital projects to restart production from its core assets, on time and on budget.
Prior to joining Arrow Exploration, Mr. Satel was Director and Co-Founder of Bordeaux Capital Inc., a Toronto-based advisory firm focused on the capital needs of companies in the natural resource sector, where he executed a number of project financing advice. mandates involving leading global financial institutions and private equity funds.
Prior to Bordeaux Capital, Mr. Satel was Director, Corporate Finance at Research Capital Corp., an investment bank and securities brokerage, where he was involved in over 120 transactions raising over $1.2 billion. At Research Capital, Mr. Satel focused on financing and advising early-stage natural resource companies, pre-production stage mining companies as well as those in production, with an emphasis on assets in the Americas, including Chile, Peru, Colombia, Brazil and Mexico. , the United States and Canada, among others.
Battery CEO Martin Kostuik says: “On behalf of BMR’s Board of Directors and management team, we are delighted to welcome Max as the Company’s new Chief Financial Officer at this critical time in our development and growth. Eventually, Max’s experience and successful track record in managing and growing numerous resource projects globally will prove especially valuable. Additionally, his experience in project finance, capital markets, and M&A will be essential in helping us drive shareholder value through organic and M&A driven processes. We thank Jack Cartmel for his service as Chief Financial Officer and appreciate his contributions to BMR.
Jack Cartmel, the company’s former chief financial officer, has resigned from his position in order to more effectively serve the needs of clients of NUMIS Chartered Professional Accountants Inc., a company headed by Mr. Cartmel, which provides outsourced accounting and of finances. Mr. Cartmel’s resignation became effective June 2, 2022.
The Punitaqui Project has been in development since the Company acquired the mine in May 2021. Planning, engineering, metallurgical testing and permit amendments have all taken place since acquisition, along with maintenance and ongoing maintenance of the extensive existing facilities. Beginning in August 2021, a comprehensive exploration and infill drilling program was initiated. The program recently concluded with 32,504 meters drilled and focused on three of the four main zones being considered to supply copper ore to the existing Punitaqui plant and concentrator.
Battery expects to provide a resource update in approximately six weeks and will provide updates regarding drill results and the progress of pre-operational activities at the mine.
The Company has received environmental permits for up to 1 million tonnes of tailings capacity and anticipates approval of an additional 8 million tonnes, expected in the second half of 2023. In addition, BMR is advancing approvals for the increase in the authorized extraction rate of the Cinabrio and San Andres deposits from 60,000 tonnes to 100,000 tonnes per month. We have received final feedback and expect permits to be granted in the fourth quarter of 2022.
BMR is entering the final stages of contract negotiations with mining contractors and mining equipment suppliers.
With respect to metallurgical testing, BMR has confirmed that the combined copper concentrate to be produced from the four main deposits is marketable and is attracting interest from several concentrate buyers. In addition, metallurgical testing of the planned future combined ore sources to the Punitaqui mill demonstrates an average copper recovery of 84% – a 5% higher recovery than historically achieved at Punitaqui.
Finally, BMR is finalizing plans to obtain the balance of capital required for the restart of operations in Punitaqui. This plan includes financing that is expected to be non-dilutive to shareholders and includes interests from concentrate buyers, royalty companies and various debt providers.
Following the quarterly filings, the TSX Venture Exchange advised the Company that it will restore trading in the Company’s common shares two business days after completing its reinstatement review.
About Battery Mineral Resources Corp.
Battery Mineral Resources (“BMR”) is a battery mineral company that provides shareholders with exposure to the global electrification megatrend while focusing on growth through cash flow, exploration and acquisitions in favorable mining jurisdictions. Battery Mineral’s mission is the discovery, acquisition and development of battery metals (namely cobalt, lithium, graphite and copper), in North America, South America and South Korea, to become a leading and responsible supplier of battery minerals in the electrification market. . BMR is currently pursuing a possible near-term resumption of operations at the end of 2022 of the Punitaqui mining complex, a former copper-gold producer, in the Coquimbo region of Chile. BMR is the largest mining claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a targeted program to leverage the recently announced +1 million pound high-grade cobalt resources at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc., a profitable mainline and renewable energy equipment rental and sales business with operations in Alberta, Canada and Arizona, US -United. Battery Minerals Resources is based in Canada and its shares are listed on the TSX Venture Exchange under the symbol “BMR” and on the OTCQB under the symbol “BTRMF”. Further information on BMR and its projects is available at www.bmrcorp.com.
For more information please contact:
Martin Kostuik, CEO
Telephone: +1 (604) 229 3830
Mars Investor Relations
+1 (604) 335-1976
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains certain “forward-looking statements” under applicable Canadian securities laws. 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 as of the date they are made and are based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to significant business, economic, competitive changes, political and social uncertainties and contingencies. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by these forward-looking statements and the parties have made assumptions and estimates. based on or related to many of these factors. These factors include, but are not limited to, the Company’s ability to obtain sufficient financing to carry out exploration and development activities, the timing of the completion of the Company’s audit, the risks associated share price and market conditions, risks inherent in mining, exploration and development of mineral properties, the Company’s ability to meet its planned development schedule, government regulations and the fluctuation metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to publicly update or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126624