Mr. Eric Allard reports

TANTALEX LITHIUM ANNOUNCES OPERATIONAL AND CORPORATE UPDATES

Tantalex Lithium Resources Corp. has released operational and corporate updates.

Manono lithium tailings project

The corporation has appointed Sedgman Novopro of Montreal, Canada, to conduct the feasibility study for the Manono lithium tailings project. The results from the preliminary economic assessment have confirmed a production of 112,000 tonnes per year of SC6 at steady-state operation would be achieved using both a dense media separation and flotation process route for total capital expenditures of $147.7-million (U.S.). The FS will be focused on a phased approach to commence early production utilizing dense media separation with a gradual ramp-up of the fines beneficiation flotation circuit. This approach will reduce the peak financing requirements and improve project economics whilst the company can derisk the fines beneficiation process.

TiTan tin and tantalum concentrate plant

The commissioning of the TiTan plant remains in progress. In the first few weeks of the commissioning, an important bottleneck was identified with the trommel at the front end of the plant as the trommel did not allow proper wash and ore throughput to the rest of the plant. Modifications were made to the trommel and the wash system, which have improved the performance, but the ore throughput remains too low. A replacement trommel has been ordered from South Africa and will be installed in early 2024.

The plant is currently producing concentrate at a reduced rate on a single shift, and it is expected that first export of 20 tonnes of tin concentrate and five tonnes of tantalum concentrate will be made in early 2024. Full nameplate capacity of 130-tonne-per-hour fresh feed over two shifts with the new trommel is planned for March, 2024.

Management changes

The corporation would like to announce the nomination of Gerrit du Plessis as projects director. Mr. Du Plessis is a metallurgical engineer residing in South Africa, with Democratic Republic of the Congo experience, and has been spending the better part of his career in optimizing existing process beneficiation operations and the design and commissioning of new process plants.

The corporation would also like to announce that Hannes Miller will no longer be occupying the role of chief operating officer and will remain as special adviser to the corporation.

Director resignation

Matthew Botell has resigned as a non-executive director, effective Dec. 12, 2023. Mr. Botell and the corporation have also mutually terminated his consultant contract. The corporation would like to thank Mr. Botell for his service and contributions to the corporation. Luisa Moreno and Simon Collins will replace him on the compensation committee and on the corporate governance committee, respectively.

Glencore agreement

The corporation would like to announce that further to the completion of the convertible facility agreement with Glencore, the corporation has received $2-million (U.S.) from facility A. A further $3-million (U.S.) from facility remains available for drawdown to further progress the corporation's work program.

AfriMet Resources AG loan

The corporation has entered into a loan agreement with AfriMet, a corporation incorporated under the laws of Switzerland and involved in metal and mineral commodity trading specializing in Africa-sourced products, including tin and tantalum, and also a significant shareholder of the corporation. Pursuant to this loan agreement, AfriMet will make available a loan in the principal amount of $750,000 (U.S.), which will be made in two tranches: a first tranche by Dec. 31, 2023, and a second tranche by Jan. 15, 2024. The AfriMet loan bears an interest rate of 12.5 per cent per annum from the date of payment. The AfriMet loan will be offset of $12,500 (U.S.) per metric tonne of DRC Ta2O5 ore delivered with a target delivery of 10 mt per lot. The proceeds will be used for general working capital purposes and procurement of a new trommel for the TiTan plant.

Amendment to bridge loan agreement

On Aug. 8, 2023, the corporation announced that it entered into a bridge loan agreement with a private investor at arm's length whereby it received a loan of $500,000 (U.S.). The loan is unsecured, bears an interest fee of 10 per cent and was due 60 days from the date of the execution of the bridge loan agreement. The principal amount of the loan was repaid on Nov. 20, 2023. The parties have amended the bridge loan agreement to include an amount of $41,666.66 (U.S.), which represents a daily fee of $833.33 (U.S.) for 50 late days in addition to the 10-per-cent fee, the whole payable by Dec. 21, 2023.

About Tantalex Lithium Resources Corp.

Tantalex is an exploration0 and development-stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-technology mineral properties in Africa.

It is currently focused on developing its lithium assets in the prolific Manono area in the Democratic Republic of the Congo: the Manono lithium tailings project and the pegmatite corridor exploration program.

We seek Safe Harbor.