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Critical Elements Files NI-43-101 Technical Report For The Rose Lithium-tantalum Feasibility Study

MONTREAL, QC / ACCESSWIRE / July 27, 2022 / Critical Elements Lithium Corporation (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) ("Critical Elements" or the "Corporation")is pleased to announce the filing on SEDAR of a National Instrument 43-101 - Standards …

MONTREAL, QC / ACCESSWIRE / July 27, 2022 / Critical Elements Lithium Corporation (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) ("Critical Elements" or the "Corporation")is pleased to announce the filing on SEDAR of a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report representing the qualifying report for the recently-announced Feasibility Study at the Rose Lithium-Tantalum Project located in James Bay, Québec. For more information, please refer to Critical Elements' press release dated June 13, 2022. Highlights of the Feasibility Study are as follows:

Highlights

  • Average production, Year 2 to Year 16 of 173,317 tonnes of chemical grade 5.5% spodumene concentrate;
  • Average production, Year 2 to Year 16 of 51,369 tonnes of technical grade 6.0% spodumene concentrate;
  • Average production, Year 2 to Year 16 of 441 tonnes of tantalum concentrate
  • Expected life of mine of 17 years;
  • Average operating costs of US$74.48 per tonne milled, US$540 per tonne of concentrate (all concentrate production combined);
  • Estimated initial capital cost US$357 million before working capital;
  • 100% equity basis for project;
  • Average gross margin of 68.3%;
  • After-tax NPV of US$1,915 million (at 8% discount rate), after-tax IRR of 82.4% and average price assumptions of US$4,039 per tonne technical grade lithium concentrate, US$1,852 per tonne chemical grade lithium concentrate, US$130 per kg tantalum pentoxide (Ta2O5); and
  • Anticipated construction time to start of production of 21 months.

A copy of the technical report, which was filed on SEDAR on July 27, 2022, will be available on the Critical Elements' website at https://www.cecorp.ca/en/rose-43-101/.

Qualified Persons for NI 43-101 compliant report

The Feasibility Study was prepared in accordance to NI 43-101 standards by WSP Canada Inc ("WSP"), Bumigeme Inc., and InnovExplo Inc. InnovExplo Inc. was responsible for the resource estimate and the mine plan, Bumigeme Inc. was responsible for the mineral processing, and WSP was responsible for the environmental study, project infrastructure, financial modelling, and report integration. Information regarding the outlook for lithium comes from a market study prepared by Mr. Gerrit Fuelling on behalf of the Corporation. Mr. Fuelling is an independent consultant specializing in the lithium market.

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Critical Elements Files NI-43-101 Technical Report For The Rose Lithium-tantalum Feasibility Study MONTREAL, QC / ACCESSWIRE / July 27, 2022 / Critical Elements Lithium Corporation (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) ("Critical Elements" or the "Corporation")is pleased to announce the filing on SEDAR of a National Instrument 43-101 - Standards …

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