Vancouver, July
22, 2021 – Leading Edge
Materials Corp. (“Leading Edge Materials”
or the “Company”) (TSXV: LEM)
(Nasdaq First North: LEMSE)
(OTCQB: LEMIF) is pleased to announce the results
of a Preliminary Economic Assessment study ("PEA" or the “Report”)
for the development of its 100%-owned Norra Karr REE project
located in Sweden (“Norra Karr” or the “Project”). The PEA was
prepared by SRK (UK) Ltd. (“SRK”) and all figures in the PEA are US
dollars unless otherwise specified.
As previously announced, the Company commissioned SRK to
re-evaluate the Project at PEA level with the objective to improve
resource utilization, project sustainability and substantially
minimize environmental footprint of the Project compared to the
design in the pre-feasibility study which was released in
20151 (the “2015 PFS”) and formed the basis for the current mining
lease permitting process.
Main PEA Highlights (In comparison to the 2015
PFS)
- Significant increase in resource
utilization by proposing recovery of nepheline syenite (NS)
industrial mineral, zirconium oxide (Zr) and niobium oxide (Nb)
products in addition to the rare earth oxide (“REO”) products. In
the PEA more than 50% of total mined material is planned to be sold
as products compared with previously less than 1% in the 2015 PFS.
The PEA also identifies future opportunities to valorize the
residual mined material which could potentially result in all
mineralized material mined to be treated as potential commercial
products.
- Introducing a revised Project
flowsheet to minimize the environmental footprint at the Norra Karr
site:
- The Norra Karr site will only
include mining and comminution methods consisting of crushing,
milling and magnetic separation, eliminating all chemical
processing from Norra Karr and associated waste vs the 2015 PFS
study. In the PEA following physical separation resulting material
streams either are shipped as products or as concentrates for
further processing at other locations and a single waste stream to
be stored at the Norra Karr site.
- The rare earth, zirconium and
niobium bearing concentrate will be transported to a dedicated
off-site location for chemical processing and further
recovery.
- The combination of the above,
results in a single waste stream at the Norra Karr site consisting
of the mineral aegirine which can be dry stacked in a lined
impoundment together with waste rock from mining, eliminating the
need for a wet tailings storage facility. This new design
substantially reduces land area usage of the Project by
approximately 80% (see Figure 1) and results in no chemical process
tailing dams being required at Norra Karr. These changes
considerably reduce the environment risk profile of the Project at
Norra Karr.
- In addition, the removal of chemical
processing and wet tailings at Norra Karr delivers an overall
predicted 51% reduction in water requirements over the life of mine
vs the 2015 PFS study. Use of mine dewatering for processing can
reduce additional water requirements by almost 100% and the
elimination of discharge requirements to local water bodies
compared with the 2015 PFS design.
- The PEA introduces the design of an
off-site chemical recovery plant located close to reagent supplies
within an existing brownfield development area where mixed REO
(MREO), Zr and Nb products are planned to be recovered. Residual
process waste at the off-site facility consists of neutralized
leach residue and gypsum disposed of in geomembrane lined dry stack
impoundments. The Report identifies the future potential to further
process the gypsum waste into a gypsum product for construction
material markets.
The PEA is preliminary in nature, it includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the PEA will be realized.
Filip Kozlowski, CEO of Leading Edge Materials states “I am very
excited to share these important PEA results, having more than met
the strategic goals we set out to achieve. Norra Karr is a globally
recognized significant rare earth project, and the re-evaluated
design strengthens the sustainability, economics and resiliency of
the project. By moving chemical processing off-site, and
significantly improving resource utilization we have shown the
opportunity to eliminate the need for a wet tailings storage.
Adding further revenue streams improves the resiliency and cost
competitiveness of the project relative to current dominant supply
of rare earths from China. Norra Karr offers a rare opportunity for
the European Commission’s ambitions to develop a sustainable and
secure EU based value chain for rare earths and permanent magnets
and we now have a much better path ahead of us.”
Figure 1 – Graphical illustration of Norra Karr
On-site open pit, waste rock facility and physical beneficiation
plant in comparison to 2015 PFS infrastructure and tailings dam (in
red)
Project Financial
Highlights
- Pre- and post-tax Net Present Value (NPV) of $1,026M and $762M
using a 10% discount rate
- Pre- and Post-tax Internal Rate of Return (IRR) of 30.8% and
26.3%
- Accumulated LoM project revenues of $9,962M
- Average annual EBITDA of $206M
- Initial Capital Expenditures (CAPEX) of $487M
- Pre-tax Payback Period from first production of 5.1 years
- Life of mine average gross basket price per kg of separated
mixed REO product at $53
- Operating cost per kg of separated mixed REO product at $33
including toll separation charges
- By-product revenue per kg of separated mixed REO product
$19
Operational Highlights
- Life of Mine (LOM) is 26 years
- LOM average annual
- Mining rate of 1,150,000 tonnes
- strip ratio of 0.32
- TREO 5,341 tonnes
- Main magnet rare earth oxides (“MagREO”) (Nd, Pr, Dy, Tb) 1,005
tonnes
- Dy2O3: 248 tonnes
- Tb2O3: 36 tonnes
- Nd2O3: 578 tonnes
- Pr2O3: 143 tonnes
- Nepheline Syenite co-product 732,885 tonnes
- Zirconium dioxide co-product 10,200 tonnes
- Niobium oxide product 525 tonnes
Location and Infrastructure
On-site – Mining and comminution
The Norra Karr mine site is in the south central of the Kingdom
of Sweden approximately 1.5 km from the eastern shore of Lake
Vattern with the lake and the deposit separated by the E4 highway.
Advantageously situated close to both Swedish coasts, approximately
240km south-west of Stockholm and 160km east of Gothenburg. The
nearest urban settlement is Granna, 11km south by sealed road.
Regional road access from all major cities and ports to the
project site is via the sealed dual carriageway E4 highway and
further local access is by all-weather sealed and unsealed roads.
Access to the national railway is approximately 30km east from the
site with a number of freight terminals in the regional area.
Currently the site is undeveloped within the perimeter and the
area still maintains natural vegetation, forestry plantations,
cultivated farmlands and farmhouses. The PEA outlines the buildings
and installations required to support mining, physical comminution,
waste storage, materials handling and product logistics.
Off-site – Chemical leaching and recovery
The ultimate location for the off-site process facility is
subject to detailed localization studies between greenfield and
brownfield options. For the purpose of the PEA an existing
brownfield location has been conceptually chosen to demonstrate the
new process flow design of the project. The chosen site is an
existing brownfield industrial area within easy reach of rail and
port facilities located in the city of Lulea, Norrbotten County in
the north of Sweden, approximately 1200 km north of the Norra Karr
site along the E4 highway. Lulea has the seventh largest all-year
round harbour in Sweden for shipping goods from several mining
districts, major chemical producers and a well-established steel
industry. The PEA outlines the buildings and installations required
to support chemical processing, waste storage, materials handling
and product logistics.
Geology and Mineral Resource
Estimate
Geologically, Norra Karr is a zoned agpaitic, peralkaline,
nepheline syenite complex. The alkaline intrusive REE-enriched body
underwent compressive deformation and folding during the
Sveconorwegian shearing episodes.
The mineralization is relatively simple with nearly all the REE
mineralization is hosted in the zircono-silicate mineral eudialyte,
which in itself is a complex mineral. The eudialyte has been found
to be relatively rich in REE’s, containing a high proportion of
heavy rare earth elements (HREE’s). The mineralized intrusive is an
elongated body orientated in an NNE-SSW direction, shallow dipping
angles of 35°- 40° with an approximate strike length of 1,300 m and
450 m in width. The Norra Karr deposit has the advantage that
average concentrations of uranium and thorium based on 9987
samples, U 11.4 ppm and Th 10.9 ppm, are extremely low compared
with other REE deposits.
Norra Karr was discovered as early as 1906 by SGU (Geological
Survey of Sweden), followed by trench bulk sampling work conducted
by Boliden throughout the 1940’s and 1970’s. The first drilling
campaigns took place under Tasman Metals between 2009-2012,
completing a total of 119 diamond drillholes for a total length of
20,420 m.
All of the mineral resource estimates are disclosed in
accordance with the NI43-101 Standards of Disclosure for Mineral
Projects and the classification of levels of confidence are
considered appropriate on the basis of drillhole spacing, sample
interval, geological interpretation, and all currently available
assay data. Data obtained from the drilling undertaken over the
exploration permit was verified by WAI for the 2015 PFS and
reviewed by SRK for purpose of the mineral resource estimate in the
PEA.
The Mineral Resource classification for the Norra Karr REE
deposit is in accordance with the guidelines of the CIM Definition
Standards for Mineral Resources & Mineral Reserves (CIM,
2014).
For the purpose of reporting the REE grades in the Mineral
Resource block model were converted to rare earth oxides using the
conversion factors in Table 1.
Table 1 - Rare
Earth (+zirconium and niobium) oxide conversion factors
Element |
Conversion |
Oxide |
Element |
Conversion |
Oxide |
Ce |
1.171 |
Ce2O3 |
Nd |
1.166 |
Nd2O3 |
Dy |
1.147 |
Dy2O3 |
Pr |
1.17 |
Pr2O3 |
Er |
1.143 |
Er2O3 |
Sm |
1.159 |
Sm2O3 |
Eu |
1.157 |
Eu2O3 |
Tb |
1.151 |
Tb2O3 |
Gd |
1.152 |
Gd2O3 |
Tm |
1.142 |
Tm2O3 |
Ho |
1.145 |
Ho2O3 |
Y |
1.269 |
Y2O3 |
La |
1.172 |
La2O3 |
Yb |
1.138 |
Yb2O3 |
Lu |
1.137 |
Lu2O3 |
Nb |
1.431 |
Nb2O5 |
Zr |
1.35 |
ZrO2 |
|
|
|
-
Table 2
- Norra Karr Mineral Resource Statement (SRK,
2021)*
Mineral Resource Classification |
Tonnes(Mt) |
TREO(%) |
HREO(%) |
ZrO2(%) |
Nb2O5(%) |
Nepheline Syenite(%) |
Inferred |
110 |
0.5 |
0.27 |
1.7 |
0.05 |
65 |
*Notes:
- Effective date 20 July 2021.
- Qualified Person Mr Martin
Pittuck
- Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Mineral Resources are not Mineral Reserves until they have
Indicated or Measured confidence and they have modifying factors
applied and they have demonstrated economic viability based on a
Feasibility Study or Prefeasibility Study.
- The Mineral Resources reported have
been constrained using an open pit shell assuming the deposit will
be mined using open pit bulk mining methods, above a cut-off grade
of USD150/t., including a 30% premium on projected commodity prices
and unconstrained by commodity production rates and the 260m
highway buffer zone.
- The Mineral Resources reported
represent estimated contained metal in the ground and has not been
adjusted for metallurgical recovery.
- Total Rare Earth Oxides (TREO)
includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3,
Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3.
- Heavy Rare Earth Oxides (HREO)
include: Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3,
Lu2O3, Y2O3.
- HREO is 54% of TREO
The PEA is preliminary in nature, it includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and
there is no certainty that the PEA will be realized. The
rationale for re-evaluation of the Project at the PEA level is
justified for the following reasons; Recognition of potentially
economic commodities in the mineralization not evaluated in the
2015 PFS, namely nepheline syenite, niobium and zircon, recognition
of the need to reduce the project footprint and assess alternatives
to a large tailing's facility at the mine site, and the need to
minimize waste on the project and have greater utilization of the
extracted materials. The Company does not expect the mineral
resource estimates contained in the PEA to be materially affected
by metallurgical, environmental, permitting, legal, taxation,
socio-economic, political, and marketing or other relevant
issues.
Mining
The mine planning work for the PEA was carried out using a
mining model, which was generated from the mineral resource model.
An optimal pit shell was chosen based on the highest average
discounted cashflow assuming a production rate of 1.15 Mtpa of
plant feed and a discount rate of 10%. The generated extraction
schedule and pit design also sought to maximize the potential for
waste backfill quantities which results in a four staged approach
which provides a 25 year LOM, a total of 29.3 Mt of run-of-mine
(ROM) and a total of 9.4 Mt of waste for an average strip ratio of
0.32. The staged approach commences with the planned 1.15mtpa
crusher feed target, which is expected to be met starting in Year 1
due to the limited waste stripping requirements. The mine schedule
sequence starts in Stage 1, with Stage 2 commencing in Year 2.
Stage 3 begins in Year 3, while Stage 4 is delayed until Year 16 to
maximize backfill options. The total production averages 1,625 ktpa
from Year 3 to 9, after which the total material movement decreases
as the strip ratio in Stage 3 decreases. Waste stripping
requirements increase starting in Year 16 as Stage 4 begins,
averaging 1.8 Mtpa until Year 20. The delay of Stage 4 allows for
1.9 Mt or 21% of total waste to be backfilled in the pit void.
Figure 2 –
Open pit and waste rock facility through the different stages
Mining equipment includes two 5.5 m3 excavators with up to six
46.8 t payload haul trucks and in addition a stockpile loader and
two 110 mm drills. Although there was no readily available electric
mining equipment to consider for the purpose of the PEA this option
was noted as a future opportunity to further increase the
sustainability merits of the Project.
The waste rock storage plan is designed to minimise the waste
footprint by pit backfill in the northern part of the pit once that
area has been mined as well as an external waste dump. The external
waste dump design has a capacity of 8.8M loose cubic meters. The
backfill waste dump design has a capacity of 1.35 m loose cubic
meters. It is also expected that some of the waste mined in the
earlier years of the operation will be used for construction
purposes as required.
Processing Overview
In the 2015 PFS, chemical processing for leaching and recovery
of REO was envisioned to occur on site. This required a large
tailings storage facility and comprehensive water treatment to
ensure environmental protection. Even with this, considerable risk
was perceived to the processing operation and waste storage in
local proximity to a number of designated natural protection
areas.
In order to reduce any risk of potentially hazardous substances
away from the environmentally sensitive areas the PEA re-evaluation
proposes to move the chemical processing to a more suitable
off-site location. The on-site mine site will only include physical
comminution and magnetic separation, eliminating chemically leached
waste streams and the need for toxic reagents at site.
The PEA demonstrates the potential to produce a eudialyte
concentrate at site through crushing, milling and a two-stage
magnetic separation. This concentrate is shipped to an off-site
chemical processing facility elsewhere in Sweden, close to a
well-established chemical industry allowing reagents to be readily
supplied, reducing the carbon footprint of the reagents and any
transport risks and costs associated. Availability of cost
competitive and low carbon footprint hydropower electricity in the
region for the off-site facility offers a reduction in operating
costs and climate impact for the energy intensive process. The
proposed conceptual flowsheet is provided in Figure 3.
Figure 3 –
On-site and Off-site high-level flow sheets as used in the PEA
For the PEA, SRK has relied on past testwork, both prior and
subsequent to the 2015 PFS and industry accepted practices as a
basis for the redesigned flowsheet. The process design criteria in
Table 3 and Table 4 formed the operational basis for the process
flowsheet design.
Table 3 - Process design
criteria
Description |
Magnitude |
Unit |
On site process plant throughput |
1150 |
000 t/a |
ROM TREO grade |
0.56 |
% |
ROM Zr grade |
1.86 |
% |
ROM Nb grade |
0.06 |
% |
Contained TREO |
6,946 |
t/a |
Contained Zr |
21,394 |
t/a |
Contained Nb |
657 |
t/a |
Process plant operation |
24/7/365 |
- |
Crushing mechanical availability |
80 |
% |
Griding and beneficiation availability |
91 |
% |
Hydrometallurgy plant availability |
91 |
% |
-
Table 4 - Overall Process
Recovery
Mass Balance |
Overall MS* |
Leach Recovery |
Intermediate Separation from Leach Solution |
Overall Recovery |
Ce₂O₃ |
93% |
91% |
99% |
84.1% |
Dy₂O₃ |
93% |
91% |
99% |
84.1% |
Er₂O₃ |
93% |
91% |
99% |
84.1% |
Eu₂O₃ |
93% |
91% |
99% |
84.1% |
Gd₂O₃ |
93% |
91% |
99% |
84.1% |
Ho₂O₃ |
93% |
91% |
99% |
84.1% |
La₂O₃ |
93% |
91% |
99% |
84.1% |
Lu₂O₃ |
93% |
91% |
99% |
84.1% |
Nd₂O₃ |
93% |
91% |
99% |
84.1% |
Pr₂O₃ |
93% |
91% |
99% |
84.1% |
Sm₂O₃ |
93% |
91% |
99% |
84.1% |
Tb₂O₃ |
93% |
91% |
99% |
84.1% |
Tm₂O₃ |
93% |
91% |
99% |
84.1% |
Y₂O₃ |
93% |
91% |
99% |
84.1% |
Yb₂O₃ |
93% |
91% |
99% |
84.1% |
ZrO₂ |
86% |
65% |
87% |
48.6% |
HfO₂ |
86% |
65% |
87% |
48.6% |
Nb₂O5 |
93% |
91% |
96% |
81.6% |
* MS = magnetic separation
On-site Processing
Comminution and beneficiation
The beneficiation process starts with Run of Mine (ROM) material
being fed into several stages of screening, crushing and
classification, transferred via conveyors. The material discharge
is then put through stages of grinding, milling and two stages of
magnetic separation, resulting in a final output of separated
concentrates of eudialyte (main REE bearing mineral), aegirine and
nepheline syenite. In detail the ore will be crushed and milled to
212 µm followed by magnetic separation to remove nepheline syenite.
The resulting magnetic concentrate is then milled to 125 µm and
then separated at high intensity to collect finer eudialyte and
separate from aegirine.
The two-stage magnetic separation starts with the undersize
material from the mill screen being fed to a first stage low
intensity magnetic separator to remove any residual grinding media,
before reporting to a wet high gradient magnetic separator. During
this first stage magnetic separation, a mixed eudialyte-aegirine
product would be concentrated. The non-magnetic material will
report to the nepheline syenite circuit for additional processing
prior to packing and sale. In total approximately 65% of the total
mined mineralized material will be available as a potential
nepheline syenite by-product.
The aegirine dominated concentrate then undergoes a second
re-grind stage which is immediately followed by the second stage of
magnetic separation resulting in eudialyte being separated from the
aegirine. The aegirine waste then reports to a designated lined
impoundment within the waste rock storage facility on site.
In order to preserve and recirculate water within the closed
circuit, each concentrate will report to their respective
thickeners for water recovery. Thickeners from the non-magnetic
stage reports to the tailings discharge and process water tanks,
whereas the thickeners from the magnetic concentrate stage reports
to the leach conditioning tank and back to magnetic separator.
Recovered eudialyte concentrate of approximately 104,650 tpa
would then be shipped to the off-site chemical facility for
leaching and recovery.
Figure 4 –
Main features of the Norra Karr On-site project layout
Off-site
Processing
Chemical leaching and recovery
At the off-site process facility, the eudialyte concentrate is
planned to undergo a two stage acid extraction, one concentrated
and the other a diluted leach.
During this process sulfuric acid is added to the concentrate in
multiple stages at elevated temperatures to leach metals which is
then followed by diluted leaching of the treated concentrate at
ambient temperatures. After leaching, impurities are precipitated
through the addition of lime and discharged to a filter cake that
reports to the leached residue waste stream. The resulting pregnant
leach solution (“PLS”) then reports to multiple solvent extraction
stages for recovery and stripping of REO, Zr and Nb.
The result is a REE-rich mixed oxide or Rare Earth Oxide (REO)
product, a niobium oxide product and a zirconium oxide product
The most significant changes to the process are multiple stages
of sulfuric acid leaching to maximise on metal leaching and improve
extraction efficiency. By controlling conditions in the SX circuit
the impact of silica gel can be reduced and recycling of sulfuric
acid from the solvent plant will allow for more efficient use of
reagents. Additional leaching steps allow the leaching of Zr and Nb
to leached recovery above 98%.
The final mixed REO product will be cooled, packed, and prepared
for dispatch to a refinery for individual REO separation.
Market overview and price assumptions
The REE pricing outlook utilized in the PEA relies on the
Company's internal knowledge about rare earth markets combined with
information from the report “Rare Earth Magnet Market Outlook to
2030” published in 2020 and updated in 2021, by Adamas Intelligence
(Adamas).
In addition, the Company has relied on the following sources for
the other relevant markets for the by-product revenue streams:
- “Norra Karr Nepheline Syenite –
General Market Summary report” published in 2021, by IMMC;
- “Summary of the potential for a new
source of Zr chemicals from Sweden” published in 2021, by MinChem
Ltd and
- “Niobium Industry Annual Report 2020
and historical price series” published in 2020 and updated in 2021,
by Asian Metal Ltd.
REO (Rare Earth Oxides)
Rare earth elements are fairly abundant in the Earth’s crust,
however, due to their geochemical properties they are typically
dispersed and as such what is ‘rare’ is to find them sufficiently
concentrated in a deposit that they are potentially economically
viable to exploit.
The principal forecast demand driver for rare earth elements is
their critical use in permanent magnets. Neodymium-iron-boron
(NdFeB) magnets provide the advantage of magnetic strength vs
volume making these magnets the preferred choice in many growth
technologies such as electric motors for electromobility and
generators for wind turbines.
Permanent magnets utilize neodymium, praseodymium, dysprosium
and terbium (“magREO”) in various proportions. In 2019 demand for
permanent magnets represented 38% of REO by volume, but by value
this number increased to 91% according to Adamas Intelligence.
Thus, marketing studies for this report has been focused on the
magREO products.
For REOs China is the dominant source of mine supply and
downstream processing within the permanent magnet value chain. In
2020 there was no magREO mine supply in Europe, meaning the import
reliance is 100%. In addition to mine supply there is secondary
supply of magREO from recycled magnet production waste. The world
combined mine and secondary magREO supply is estimated to grow from
65,900 tonnes in 2020 to 130,949 tonnes by 2030 at a CAGR of
7.1%.
The world magREO demand in 2020 is estimated at 59,195 tonnes
and expected to grow to 148,847 tonnes by 2030 at a total CAGR of
9.7%. Higher growth rates are expected for the HREOs until 2030 due
to the expected strong demand growth for higher-performance NdFeB
magnets that contain elevated concentrations of dysprosium and
terbium. China is the main destination for magREO due to China’s
dominance of downstream processes from metal, alloys and powders to
NdFeB magnet production.
The pricing forecast by Adamas Intelligence provided three
alternative pricing scenarios (high, medium and low). It was
decided for the PEA to use the “Low price scenario” using
forecasted prices for each year from 2025 until 2030 for the first
5 years of production and then using the 2030 forecasted price for
the remainder of the life of the project.
The table below displays the applied average weighted individual
REO prices resulting in an average basket price of $53/kg over the
life of mine:
Table 5 – LoM average REO
prices applied for the economic analysis of the PEA
REO |
Ce |
Dy |
Eu |
Gd |
La |
Lu |
Nd |
Pr |
Sm |
Tb |
Y |
USD/kg |
2.25 |
486.33 |
54.2 |
39.66 |
3.19 |
800 |
103.36 |
108.38 |
2.71 |
1215.8 |
6.75 |
Nepheline syenite
Nepheline syenite (NS) is an aluminium silicate consisting of
the minerals nepheline, microcline and albite. The NS chemical
properties, high alumina content, quartz-free and a low melting
point makes the material attractive for several modern industrial
functions. These characteristics increase strength, density,
brightness, gloss and abrasiveness in end-uses such as flux in
glassware, coatings, pigment filler in paints, ceramics, functional
fillers and cement fillers.
Currently the global NS supply is dominated by Sibelco’s two
main operations in Canada and Norway producing NS as their primary
products. Nepheline syenite products are often incorrectly
classified as Feldspar due to similar chemical properties,
undermining the greater performance benefits of a higher quality NS
with a higher market price than Feldspar. Therefore, the PEA report
is planned to target the well-established and traditional feldspar
market by introducing the compositionally superior and non-toxic NS
products as a replacement option for feldspar products. There is
concern in the EU about the toxicity of respirable crystalline
silica (quartz) towards workers in mining and manufacturing
industries which are strictly regulated by EU directives and
regulations.
On a global scale, the world market for feldspar in 2018 had
grown to 28.4 Mt and worth €2,000 million reported by the European
Commission. An annual study by USGS showed the global growth for
feldspar focusing on ceramics and glassware was already estimated
to see 5% compounded annually through to 2027. The global pricing
of feldspar is relatively low but stable and seems to have
flat-lined at approximately $60 per tonne over the last 15 years as
the traditional markets have not changed.
Within the EU, studies by the European Commission indicated the
EU consumption of feldspar in 2018 reached 10.9Mt with the import
reliance of feldspar as high as 53%. The EU demand from 2010 to
2018 experienced constant growth and has increased by approximately
93%. The average pricing for feldspar seen in the EU over the last
decade ranged from €30-200 per tonne depending on feldspar type and
content. In contrast nepheline syenite saw an upward trend ranging
from €105-135 per tonne.
Three different NS products are planned to be produced from the
Norra Karr project with forecast prices ranging from $12 to $65 per
tonne assumed for this PEA assessment provided by IMMC.
It needs to be noted that according to a report provided by
IMMC, if NS products are not used as a replacement of feldspar, but
instead utilised as its own bespoke product harnessing its superior
attributes, the higher end pricing of $220-227 per tonne may be
reached, although this is part of the market that will be studied
further in next stage of the Project development.
Nepheline syenite produced at the Norra Karr project would be a
by-product utilised from the mine waste material additionally
increasing resource efficiency and a reduced footprint on-site.
This provides a unique advantage for the EU-based project to
strategically supply a quartz-free non-toxic replacement, as the EU
currently depends on around 90% imports of NS.
Zirconia (Zirconium dioxide)
Zirconium (Zr) is a metallic element with various compound forms
consisting of several physical, mechanical and nuclear properties,
such as very high hardness, high melting point, chemical stability
at high temperatures, high oxide ion-conductivity and abrasion
& corrosion resistivity. These characteristics make it
attractive for a variety of industrial, commercial and scientific
applications such as ceramics, chemicals, refractories, foundry,
fuel cells and solid-state batteries. Zirconia (zirconium dioxide)
is mainly produced synthetically through various production routes.
Approximately 97% of Zr compounds and metal is produced using
zircon recovered from heavy-mineral sands deposits as a feedstock.
A non-exhaustive list of Zr chemicals that are currently being
produced are Zirconium Chlorides (ZOC), Zirconium Sulphates
(ZOS/ZBS), Zirconium Carbonates (ZBC/AZC/KZC), Zirconium Acetate
(ZAC), Zirconium Phosphate (ZP), Zirconium Hydroxide (ZOH),
Chemical Zirconia, Fused or Thermal Zirconia, Stabilized Zirconia
and Zirconium Metal (with/without hafnium).
Minchem reports that China has become the world’s main supplier
of ZOC and other Zr chemical compounds in some cases representing
over 90-95% of the world supply with prices ranging between $7-8
per kg. As for the product Chemical Zirconia, China exported 20,000
tonnes in 2020 with significant varying prices according to grades,
between $4-50 per kg. The Chinese dominance of supply is an
increasing concern to industries with factors such as;
environmental and waste management neglect, production supply
deficits from intense water and power usages, depleting low U/Th
content feedstocks forcing the shift over to higher U/Th
feedstocks, supply disruptions due to Covid-19 and lastly
increasing shipping costs driving global buyers to search for
alternative Zr chemicals outside of China. An EU focused study by
the European Commission, indicates that there are currently no
registered production sites for Zr ore within the EU, meaning the
reliance of imports is 100%. The main Zr chemical suppliers feeding
97% of the EU demand comes from Africa, Australia and Asia, with
88% of Zr Metal products sourced from the US, Asia and UK.
The Company would potentially be capable of producing an EU
sourced high-purity Chemical Zirconia that could be further
processed to any of the various Zr chemical compounds. The added
Swedish-based advantage is access to low carbon footprint
electricity opposed to current sources. At this early stage of
assessment, the PEA has taken a conservative price of $4 per kg for
Chemical Zirconia.
Niobium pentoxide
Niobium (Nb) is a relatively hard, paramagnetic, refractory
transition metal. It has a very high melting point, highly
resistant to chemical attack and behaves as a superconductor at
very low temperature. The main end-use market representing 90% of
demand for Nb is when added as ferro-niobium (FeNb) to High
Strength Low Alloy Steels (HSLA). While future potential end-uses
of Nb in high-performance and fast charging electric vehicle
batteries are currently being developed.
Almost all of the world’s supply of Nb is produced by three
operating mines, with CBMM’s Araxa mine in Brazil, CMOC in Brazil
(Chinese owned) and the Niobec mine in Canada. These three mines
represent 99% of the market with the Araxa mine representing more
than 80% of annual sales. The production has historically been
associated with spare capacity but CBMM in 2019 announced an
expansion from 100ktpa of FeNb to 150ktpa by the end of 2020 to
meet future demand.
Studies by the European Commission highlights, between 2012 and
2016 the EU consumption of FeNb was 12.2k tonnes predominantly
feeding the construction industry. While imports during the same
period into the EU, mainly from Brazil were 13.9k tonnes.
The product proposed to be produced from this Project is niobium
pentoxide. Although the historic market for this product has been
small, CBMM recently communicated it is expecting to increase sales
of Nb oxides from 100tpa to 45,000tpa by 2030. The main driver
behind this increase in production is the potential use in
high-performance and fast charging electric vehicle batteries.
A 2021 annual report provided by Asian Metal, indicates the
Chinese niobium oxide production output for 2020 was 3,014t, which
is a 41.77% year-on-year increase. This supports the notion for the
growing demand from the downstream steel industry and special
alloys leaning towards the output in 2021 increasing even further
as global economies pick up and overseas consumers remain active in
purchasing.
According to Asian Metal, the production capacity of Chinese
niobium oxide producers in late 2020 was 5,920t, an increase of
16.31% year-on-year. Niobium Pentoxide prices for at end of June
2021 showed $42-43/kg for Niobium Pentoxide 99.99%min FOB China and
$34-35/kg for Niobium Pentoxide 99.5%min FOB China.
Nb is designated as a critical raw material by the European
Union with the region being 100% reliant on imports. With the
significant increase in announced battery production within the EU,
and several leading Nb battery start-ups located in the region,
this market is expected to grow significantly. For the purpose of
this PEA re-evaluation of the Project, a forecast price of USD35/kg
Niobium Pentoxide has been assumed.
Project Economics, Capital and Operating
costs
LoM Project Economics
Parameter |
Value |
Pre-Tax NPV(10%) |
$1,026M |
Post-Tax NPV(10%) |
$762M |
Pre-Tax IRR |
30.8% |
Post-Tax IRR |
26.3% |
Accumulated Project Revenues |
$9,962M |
Accumulated Project Operating Profit |
$5,344M |
Initial Capital Expenditures (CAPEX) |
$487M |
Average Annual Gross Revenue |
$383M |
Average Annual Operating Expenditures including toll separation
(OPEX) |
$178M |
Average Annual EBITDA |
$206M |
Pre-Tax Payback Period from first production |
5.1 years |
Post-Tax Payback Period from first production |
5.6 years |
USD$/SEK conversion rate |
8.33 |
USD$/EUR conversion rate |
0.83 |
-
Gross Revenue Split |
Units |
LoM |
Av Annual |
REO % |
Ce₂O₃ |
(USDk) |
64,127 |
2,466 |
0.9% |
Dy₂O₃ |
(USDk) |
3,130,566 |
120,406 |
42.5% |
Er₂O₃ |
(USDk) |
- |
- |
0.0% |
Eu₂O₃ |
(USDk) |
27,841 |
1,071 |
0.4% |
Gd₂O₃ |
(USDk) |
183,706 |
7,066 |
2.5% |
Ho₂O₃ |
(USDk) |
- |
- |
0.0% |
La₂O₃ |
(USDk) |
40,374 |
1,553 |
0.5% |
Lu₂O₃ |
(USDk) |
460,084 |
17,696 |
6.2% |
Nd₂O₃ |
(USDk) |
1,554,191 |
59,777 |
21.1% |
Pr₂O₃ |
(USDk) |
404,200 |
15,546 |
5.5% |
Sm₂O₃ |
(USDk) |
11,261 |
433 |
0.2% |
Tb₂O₃ |
(USDk) |
1,146,951 |
44,113 |
15.6% |
Tm₂O₃ |
(USDk) |
- |
- |
0.0% |
Y₂O₃ |
(USDk) |
343,662 |
13,218 |
4.7% |
Yb₂O₃ |
(USDk) |
- |
- |
0.0% |
Total |
(USDk) |
7,366,963 |
283,345 |
100.0% |
TREO basket price |
(USD/kg) |
53.05 |
|
|
-
Project main revenue drivers are the magREO (Dy, Nd, Tb and Pr)
representing approximately 85% of LoM total REO revenues with a
favorable LoM average TREO basket price of $53.05.
Pre-tax and Post-tax sensitivities
Discount rate |
6% |
8% |
10% |
12% |
14% |
Pre-tax NPV |
$1,815M |
$1,358M |
$1,026M |
$781M |
$595M |
Post-tax NPV |
$1,397M |
$1,029M |
$762M |
$564M |
$415M |
-
Figure 5 –
Post-tax single parameter sensitivity analysis
Initial Capital Expenditures
Project Capital
Cost Summary |
Units |
Project |
On-site |
Off-site |
Mining |
(USDk) |
12,748 |
12,748 |
- |
Processing |
(USDk) |
261,220 |
65,305 |
195,915 |
Water
Supply |
(USDk) |
1,007 |
1,007 |
- |
TSF/Waste
Management |
(USDk) |
8,168 |
3,607 |
4,561 |
Transport/Handling |
(USDk) |
8,352 |
8,352 |
- |
Infrastructure/Utilities |
(USDk) |
43,980 |
19,920 |
24,060 |
Owners/General |
(USDk) |
15,000 |
7,500 |
7,500 |
Sub-total
Direct |
(USDk) |
350,475 |
118,439 |
232,036 |
EPCM |
(USDk) |
31,543 |
10,659 |
20,883 |
Indirect |
(USDk) |
35,047 |
11,844 |
23,204 |
Contingency |
(USDk) |
70,095 |
23,688 |
46,407 |
Sub-total
Indirect |
(USDk) |
136,685 |
46,191 |
90,494 |
Total |
(USDk) |
487,160 |
164,630 |
322,530 |
-
The capital cost estimates are considered overall to have a
achieved a Scoping Study / PEA level of accuracy of ±40-50%. Costs
are taken from SRK in-house databases and recent budget quotes or
benchmarks. The capital cost estimate includes direct and indirect
costs and a 20% contingency.
In addition to initial capital expenditures a general allowance
of $84.2M for sustaining capital and $35M for closure costs have
been included over the LoM.
Operating Cost Summary
Operating Cost
Summary |
Units |
LoM |
Av Annual |
USD/t ore |
USD/kg REO |
Mining |
(USDk) |
164,960 |
6,345 |
5.63 |
1.19 |
Processing –
On-site |
(USDk) |
525,617 |
20,216 |
17.93 |
3.79 |
Processing –
Off-site |
(USDk) |
975,599 |
37,523 |
33.28 |
7.03 |
G&A |
(USDk) |
146,577 |
5,638 |
5.00 |
1.06 |
Transport |
(USDk) |
144,544 |
5,559 |
4.93 |
1.04 |
Royalty |
(USDk) |
21,898 |
842 |
0.75 |
0.16 |
Sales |
(USDk) |
2,638,378 |
101,476 |
90.00 |
19.00 |
Total |
(USDk) |
4,617,572 |
177,599 |
157.51 |
33.25 |
Co-product credit |
|
|
|
|
-18.68 |
Total after co-product
credit |
|
|
|
|
14.57 |
-
The operating cost estimate is considered overall to have a
achieved a Scoping Study / PEA level of accuracy of ±40-50%. Costs
are taken from SRK in-house databases and recent budget quotes or
benchmarks.
Figure 6 illustrates the Project yields an average LoM net
operating margin of USD38.46/kg REO after taking into account
credit from by-product revenue.
Figure 6 –
Unit Operating Economics over life of mine per kg of REO
ESG and permits
Compared with past proposed project and metallurgical process
designs the new design outlined in the PEA maximises the resource
utilization by converting waste material into saleable by-products,
while also reducing further footprints by reduced waste storage
facilities and pit backfill.
The on-site operation is approximately 300 km south-west of
Stockholm. It is located 1.5 km east of Lake Vattern - one of the
largest lakes in Sweden and a Natura 2000 site, a nature protection
ecologically sensitive area designated at European level to
safeguard Europe’s major habitat types and endangered species.
There are two other Natura 2000 protected sites on the shores of
Lake Vattern – Holkaberg and Narback. The Project site and the
surrounding area is characterised by alternating agricultural land,
scattered homesteads and forests. The main north-south E4 highway
runs approximately 500 m to the west of the project area with the
site itself accessed by rural roads.
The Project site itself does not overlap any European designated
nature protection sites or Swedish National Parks but there are
several protected sites in the immediate vicinity. Lake Vattern has
a variety of different environmental designations. The entire lake
is protected under the European Habitats Directive and the
north-eastern portion is also designated as a Special Protection
Area, a European protection designation specific to birds under
Directive 2009/147/EC, referred to as the Birds Directive. The
water protection zone extends up various streams draining into the
lake; these are separate from the Natura 2000 protected areas but
are connected.
The Company recognizes the sensitive nature of the Project, and
therefore is taking the stance to go above and beyond compliance in
all elements of ESG in order to progress to an EU-based sustainable
operating mine. In the coming stages of the project the following
is recommended: Life Cycle Assessment (LCA), community-stakeholder
engagement with project awareness (covering positive and negative
aspects), Environmental and Social Impact Assessments (ESIA’s),
detailed waste generation and storage studies (on-site and
off-site), detailed biodiversity mitigation & management, and
detailed water management studies.
On-site waste
The planned flow design utilises the waste through magnetic
separation to produce a nepheline syenite product and to separate
the remaining material into an aegirine residue potentially for
future markets, which is currently being investigated. Aegirine
residue will be stored on-site, the nepheline syenite by-product is
expected to be sold at the mine gate and the REE mineral
concentrate will be transported off-site to Lulea, eliminating the
need for a tailings storage facility.
The aegirine residue waste (297,850 tpa or 7.6Mt over the LoM)
will be stacked as ‘dry’ crushed, granular material in engineered
waste ‘dry stacks’. The design of the dry stacks is perimeter
bunded and lined which aims to safely store the required volume of
material, while minimising the contamination risk, facility
footprint area, final surface area for rehabilitation, the closure
time and closure cost.
Off-site waste
The waste produced at the Lulea facility is silicate waste
(average 86,537tpa or 2.2Mt over the LoM) and gypsum waste (average
91,916tpa or 2.4Mt over the LoM) which would also be stacked as
‘dry’ crushed, granular material in separated engineered waste ‘dry
stacks’ in the same cautious design as on-site. Potential for the
future markets of gypsum is currently being investigated to
optimise waste efficiency.
Figure 7 –
Conceptual design of the ‘dry stack’ waste storage facilities at
the off-site location
Radionuclide content
The Norra Karr deposit average concentration of uranium and
thorium based on 9987 samples are extremely low (U 11.4 ppm and Th
10.9 ppm), especially compared with other REE deposits. The various
material streams from the new design of the Project have not been
tested for radionuclide content. However previous testwork, on both
material and waste streams conclude that amounts of uranium and
thorium, activity concentrations and indexes would likely fall
below thresholds of radioactivity as per the definition of a
radioactive substance by the International Atomic Energy Agency
(IAEA) and EU guidelines ANSTO, 2014).
SRK has conducted a hazardous waste assessment through
HazWasteOnlineTM to determine whether the waste materials contain
any hazardous properties. The assessment uses the multi-element
assays for the composites and average assays per material type for
the 65 waste rock samples plus calculated weighted averages. Based
on the project geochemistry the waste rock is classified as
non-hazardous, non-inert by the Swedish Waste Ordinance (SFS
2020:614).
Water use
In comparison to earlier water usage concerns, the project PEA
has resulted in a reduced project footprint with no large-scale
slurry tailings facility required. This consolidation places all
the infrastructure at Norra Karr within a single watershed draining
to the northwest. The highway to the west of the project area is a
high point within the local topography and as such forms a
watershed for the sub catchment in which the project area lies.
The management of water at the mine site is important both to
meet make-up requirements, which include the wet magnetic
separation process, dust control, wash down of plant, domestic use,
to limit the potentially adverse effects of run-off, groundwater
flow, elevated pore pressures in the pit and its environs on the
day-to-day operations of the mine.
The pit dewatering schedule for the 26 year LOM has been
developed and outlined in the PEA, it mentions pit water discharge
where possible be used in the process to limit fresh make-up water
from external sources and that discharges to settling ponds and
ultimately the stream should be regulated so that there is minimal
disruption to normal stream flow patterns. The inflow of water into
the pit is unfortunately not a reliable supply and therefore the
ideal situation would be to retrieve Lake Vattern water supply by
pumping a maximum of 13 L/s sufficient for the wet magnetic
separation process on-site. More detailed hydrological studies will
be performed in the next stage.
Permits
Mining lease (exploitation concession): A 25-year mining lease
(exploitation concession) was granted to the Company’s Swedish
subsidiary Tasman Metals AB, recently renamed to GREENNA Mineral
AB, covering Norra Karr in 2013. In 2014 the Government of Sweden
upheld the granting of the mining lease after an appeal. In 2016,
following an appeal to the Supreme Administrative Court (SAC) in
Sweden regarding the decision-making process of the Bergsstaten
under the Minerals Act, the Norra Karr mining lease reverted from
granted to application status. On May 5, 2021, The Mining
Inspectorate of Sweden (“Bergsstaten”) rejected the mining lease
application with the motivation that since the Company had not
acquired a Natura 2000 permit for the Project, they were not able
to rule on the mining lease application. The Company has
subsequently appealed this decision to the Government of
Sweden.
The Company subsequently lodged an appeal to the Government to
cancel Bergsstaten’s rejection of the mining lease application and
continue the evaluation of the application once the SAC has ruled
whether a Natura 2000 permit should be a pre-condition for the
granting of a mining lease or not. This is based on the fact that
this is not an isolated incident and similar case outcomes are
still pending for other mining companies in Sweden too.
Most importantly, the Company is looking to use the redesigned
scope of the Project from the PEA to form the basis for additional
environmental and hydrological studies as a basis for an amended or
new mining lease application.
Exploration permit: In June 2020, the Company received
confirmation that the exploration permit (Norra Karr No.1)
underlying the mining lease application was granted an extension to
August 31, 2024. Subsequently the Swedish parliament passed
legislation to mitigate the impacts of COVID-19 by giving
exploration companies an additional year to carry out their work
which extends the Norra Karr exploration license to August 31,
2025. The extension of the exploration license was appealed, and
the administrative court of Lulea rejected the appeal in March
2021, upon which the case has been appealed to the next instance
which is pending decision to grant leave of appeal. The extension
of the exploration license remains in force until a final ruling in
the case has been made, and remains in force until a final ruling
has been made on the mining lease application.
Social
The PEA has highlighted the importance and need for local and
national multi-stakeholder consultation for purposes such as;
awareness, dealing with misinformation, and grievances. A more
detailed strategy will be outlined for community project updates
and transparent dialogues based on the new plans for the Project.
The new on-site layout from a significantly reduced project
footprint and therefore the number of houses directly or indirectly
impacted should reduce. A more detailed assessment will be provided
in the full PEA report.
Qualified Person
This release has been reviewed and is approved for the
scientific, technical and economic information contained in this
news release by Dr. Rob Bowell of SRK Consulting (UK) Ltd, a
chartered chemist of the Royal Society of Chemistry, a chartered
geologist of the Geological Society of London, and a Fellow of the
Institute of Mining, Metallurgy and Materials, who is an
independent Qualified Person under the terms of NI 43-101 for REE
deposits. Dr. Bowell has verified the data disclosed in this news
release. A site visit for purpose of QP sign off and examination of
the mineralization, core and field area was undertaken from June 28
to July 3, 2021 by Dr Bowell.
Mr Martin Pittuck MSc of SRK Consulting (UK) Ltd is a chartered
engineer and member of the Institute of Mining, Metallurgy and
Materials, who is an independent Qualified Person under the terms
of NI 43-101 for REE deposits. He has reviewed the data disclosed
for the estimation of resources and has estimated an updated PEA
resource that covers REE, Zr, Nb and Nepheline Syenite.
SRK Qualified Persons are all independent as defined by NI
43-101, and have contributed to their corresponding sections of the
PEA, and have reviewed and approved the scientific, technical and
economic information contained in this news release.
The full details of the PEA will be available in a NI43-101
(Canadian National Instrument 43-101 - Standards of Disclosure for
Mineral Projects) compliant technical report, filed and available
on the Company’s website and SEDAR profile within 45 days of this
release.
On behalf of the Board of
Directors,Leading Edge Materials
Corp.
Filip Kozlowski, CEO
For further information, please contact the Company
at:info@leadingedgematerials.com
www.leadingedgematerials.com
Follow usTwitter:
https://twitter.com/LeadingEdgeMtlsLinkedin:
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About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on
developing a portfolio of critical raw material projects located in
the European Union. Critical raw materials are determined as such
by the European Union based on their economic importance and supply
risk. They are directly linked to high growth technologies such as
batteries for electromobility and energy storage and permanent
magnets for electric motors and wind power that underpin the clean
energy transition towards climate neutrality. The portfolio of
projects includes the 100% owned Woxna Graphite mine (Sweden),
Norra Karr HREE project (Sweden) and the 51% owned Bihor Sud Nickel
Cobalt exploration alliance (Romania).
Additional Information
This information is information that Leading Edge Materials
Corp. (publ). is obliged to make public pursuant to the EU Market
Abuse Regulation. The information was submitted for publication
through the agency of the contact person set out above, on July 22,
2021 at 3:50 pm Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol
“LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North
Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is
the Company’s Certified Adviser on Nasdaq First North and may be
contacted via email CA@mangold.se or by phone +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements which constitute
“forward-looking information” under applicable Canadian securities
laws, including predictions, projections and forecasts.
Forward-looking information includes, but are not limited to,
statements that address activities, events or developments that the
Company expects or anticipates will or may occur in the future,
including such things as the results of the PEA, mineral resource
estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, permitting time lines, currency
exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, timing and possible outcome of
pending litigation, title disputes or claims and limitations on
insurance coverage and with respect to the results of the PEA,
including future Project opportunities, future operating and
capital costs, closure costs, the projected NPV, IRR, timelines,
and the ability to obtain the requisite permits, economics and
associated returns of the Project, the technical viability of the
Project, the market and future price of and demand for graphite,
the environmental impact of the Project, and the ongoing ability to
work cooperatively with stakeholders, including the local levels of
government. as well as plans, intentions, beliefs and current
expectations of the Company, its directors, or its officers with
respect to the future business activities of the Company.
The words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking information. Investors
are cautioned that any such forward-looking information is not a
guarantee of future business activities and involves risks and
uncertainties, and that the Company’s future business activities
may differ materially from those in the forward-looking information
as a result of various factors, including, but not limited to,
success of the appeals process; fluctuations in market prices;
successes of the operations of the Company; continued availability
of capital and financing; changes in planned work resulting from
weather, logistical, technical or other factors; the possibility
that results of work will not fulfil expectations and realize the
perceived potential of the Project; changes in project parameters
as plans continue to be refined; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated
expenses; the risk of environmental contamination or damage
resulting from the Company's operations and other risks and
uncertainties; the failure of contracted parties to perform; other
risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration and
general economic, market or business conditions, as well as those
factors disclosed in the Company's publicly filed documents.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurances that such information will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. The Company does not assume any obligation to
publicly update or revise any forward-looking information except as
required under the applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
1 See National Instrument 43-101 report entitled "Amended &
Restated Prefeasibility Study - NI-101 - Technical report for the
Norra Karr Rare Earth Element Deposit" prepared for Tasman Metals
Ltd. with effective date January 13, 2015 and issue date July 10,
2015. See Tasman Metals Ltd. SEDAR profile on www.sedar.ca for
report and more information.
- 20210722 LEM Announces results of Norra Karr PEA
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