Strategic Metals Provides Update on Portfolio Holding: Terra CO2 Technology

Rhea-AI Summary

Strategic Metals (TSXV:SMD) announced that its portfolio company Terra CO2 Technology Holdings has been awarded US$52.6 million in funding from the Department of Energy to establish a new manufacturing facility in Magna, Utah. The facility will produce Supplementary Cementitious Material (SCM), using mine tailings from Rio Tinto's Kennecott mine as feedstock. The facility aims to produce 240,000 tons per year of SCM with 70% lower emissions compared to traditional cement production, potentially reducing carbon emissions by 150,000 tons annually. Strategic Metals currently holds 15 million shares, representing an 11.7% stake in Terra.

Positive

• Secured significant US$52.6 million government funding
• Production capacity of 240,000 tons per year of SCM
• 70% lower emissions compared to traditional cement production
• Strategic partnership with Rio Tinto for feedstock supply

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 22, 2024 / Strategic Metals Ltd. (TSXV:SMD) ("Strategic") is pleased to announce that Terra CO₂ Technology Holdings Inc. ("Terra") has been selected as a recipient of US$52.6 million in funding from the Department of Energy Manufacturing & Energy Supply Chains Office to establish a new manufacturing facility to produce an innovative high-performing Supplementary Cementitious Material in Magna, Utah, USA.

Additional information can be found at https://www.energy.gov/mesc/advanced-energy-manufacturing-and-recycling-program-selections. The following is an excerpt from Energy.gov.

"Project Description:

Terra will establish a new manufacturing facility in Magna, UT, dedicated to producing an innovative high-performing Supplementary Cementitious Material (SCM), a low-emission, cost-effective replacement for traditional Ordinary Portland Cement (OPC). The project will use local, above-ground mine tailings from Rio Tinto's Kennecott mine as feedstock to produce 240,000 tons per year of local SCM, at lower cost and 70% lower emissions versus OPC production, reducing carbon emissions by 150,000 tons per year."

The facility in Magna, Utah is in addition to the Cleburne Project, a state-of-the-art processing facility, where Terra has partnered with Asher Materials to supply SCM in the Dallas-Fort Worth market.

Additional information about the Cleburne Project is available on the Terra website: https://www.resources.terraco2.com/cleburne-project

Strategic currently holds 15 million shares or 11.7% of Terra.

About Strategic Metals Ltd.

Strategic is a project generator with 13 royalty interests, 13 projects under option to others, and another 83 wholly owned projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings and/or geochemical anomalies and geophysical features that resemble those at nearby deposits.

In addition to its Terra shares, Strategic has a current cash position of approximately $1.2 million and large shareholdings in several active mineral exploration companies including 33.4% of GGL Resources Corp., 31.9% of Broden Mining Ltd., 29.6% of Rockhaven Resources Ltd., 16.1% of Silver Range Resources Ltd, and 15.6% of Precipitate Gold Corp. All these companies are engaged in promising exploration projects.

ON BEHALF OF THE BOARD

"W. Douglas Eaton"

President and Chief Executive Officer

For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:

Corporate Information
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568

Investor Inquiries
Richard Drechsler
V.P. Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@strategicmetalsltd.com
http://www.strategicmetalsltd.com

Neither the 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 release.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

SOURCE: Strategic Metals Ltd.

View the original press release on accesswire.com

FAQ

How much funding did Terra CO2 Technology receive from the Department of Energy?

Terra CO2 Technology received US$52.6 million in funding from the Department of Energy Manufacturing & Energy Supply Chains Office.

What is Strategic Metals' (TSXV:SMD) ownership stake in Terra CO2 Technology?

Strategic Metals holds 15 million shares, representing an 11.7% ownership stake in Terra CO2 Technology.

What is the annual production capacity of Terra's new Magna, Utah facility?

The new facility in Magna, Utah will have a production capacity of 240,000 tons per year of Supplementary Cementitious Material (SCM).

How much will Terra's new facility reduce carbon emissions compared to traditional cement production?

The facility will achieve 70% lower emissions compared to traditional Ordinary Portland Cement production, reducing carbon emissions by 150,000 tons per year.