Mr. Troy Grant reports

ELCORA ACHIEVES 8.9% VANADIUM: BEGINS SHIPPING BULK SAMPLES FOR TRIAL TESTS IN SMELTERS

Elcora Advanced Materials Corp. has completed the first phase of vanadinite comminution testing.

The purpose of these tests was to characterize the mineral suite found within the deposit economic rocks and determine the liberation sizes to direct later comminution studies. Two samples were tested. Both were composed of porous rocks and loose material. Three investigative tools were undertaken to determine these values: optical and electron microscopy and whole rock assay using ICP. The loose materials composed approximately 12.5 per cent of the sample.

The economic mineral contained within the sample is the vanadium/lead/chloride vanadinite. Primary gangue minerals are silica and calcite/dolomite. The ICP information indicates a vanadinite content of 66 per cent of the entire sample whereas the microscopy indicates 62.9 per cent (including the loose materials). ICP indicates minimal volumes of other minerals, other than silica or silicates, with some mica, that occurs in cemented zones between the vanadinite crystals. Inclusions within the vanadinite were identified as silica.

Four levels of liberation occur in these minerals.

Approximately 85 per cent of the vanadinite crystals are free of impurities and fracture easily. Most of the contamination occurs within zones cemented with silica and calcite. There are, also, areas of silica inclusions into the vanadinite.

The CIP whole rock analysis of the samples tested indicates an 8.9-per-cent-vanadium grade within the vanadinite and associated cementation zones.

"We have worked hard to establish ourselves as a reliable supplier of high-quality vanadium," said Troy Grant, director, president and chief executive officer. "This order is a testament to the dedication and expertise of our team and our commitment to providing our customers with the best possible products and services."

Elcora is committed to providing sustainable solutions for the material industry. The company's vertically integrated approach ensures that it has full control over the entire supply chain, from mining to processing to the delivery of its products. The demand for vanadium is on the rise as it is an essential component in advanced steel applications and energy storage. According to a report by Market Research Future, the global vanadium market, in 2022, was valued at $2.9-billion (U.S.) and is anticipated to grow at a compound annual growth rate of 5 per cent to $4.5-billion (U.S.) by 2032 driven by the demands of the steel and automobile industries. Elcora is well positioned to benefit from this growing demand.

About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine and produce battery-related minerals and metals. As part of the vertical integration strategy, Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery mineral and metal industry.

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