StraightUp Resources Inc. has announced that it has completed its agreement to acquire a private company that has the exclusive option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the Opatica lithium project, located in the James Bay region of Quebec. StraightUp has also acquired the private company’s subsidiary, which is developing a technological method for battery metals refining, including the processing of black mass from spent lithium-ion batteries. In consideration for the purchase of all of the private company’s shares, StraightUp is issuing 32,000,000 of its common shares in tranches over 16 months. The Company issued the first tranche of 12,000,000 shares at closing.
The Opatica Lithium Project consists of a total of 161 mineral claims comprising approximately 8,309 hectares located in the subprovince of Opatica, Quebec. All claims are located within close proximity to the James Bay road network and are also accessible by a network of logging roads.
The James Bay region is prolific for its hard rock lithium endowment, hosting numerous spodumene showings, four deposits with defined resources (Whabouchi (Nemaska Lithium), Rose (Critical Element), Cyr (Alkem) and Moblan (Sayona)), as well as more recent discoveries such as Corvette (Patriot Batteries Metal). The Company’s James Bay land package includes approximately twelve large pegmatite occurrences.
Portfolio of lithium pegmatites which could produce a significant hard rock lithium resource in Northern Quebec. The Opatica Lithium Project contains twelve different lithium pegmatite occurrences and four documented beryllium showings which are correlated to spodumene containing high grade lithium.
Pursuant to the Acquisition, StraightUp will also acquire Battery X Recycling Technologies Inc. (“Battery X”), a private British Columbia company that is developing technologies for refining battery metals including from black mass (a mixture of nickel, manganese, cobalt oxides, and graphite) created after spent lithium-ion batteries are dismantled and shredded. Battery X is also developing methods to reduce the use of harsh chemicals and carbon dioxide emissions in metals processing.
Black mass is the industry term used to describe the material remaining once spent lithium-ion batteries are shredded and all casings removed. Black mass contains high-value elements, including nickel, cobalt, manganese, copper, lithium, and graphite, that once recovered, can be recycled to produce new lithium-ion batteries.
Battery X has undertaken extensive research on innovation opportunities to reduce carbon emissions from metals refining with an emphasis on critical metals forecast to be in chronic shortage in the Lithium-ion battery supply chain. Ongoing research will be undertaken to investigate the viability of froth floatation and the use of green solvents which may potentially displace the use of sulphuric acid widely used in hydrometallurgical processes.