Enerev5 continues to evaluate assets globally, focused on strategic minerals and battery metals, including tin, tantalum, tungsten, copper, and cobalt. It also supports a development project for mineral provenance.
Enerev5 is actively engaged in negotiations on several other cobalt / copper properties and supply agreements.
Enerev5 expects to announce more details of these projects when definitive agreements are concluded.
Current Joint Venture Properties
The Company completed early exploration work on the Cobalt Blockchain SAS Joint Venture in the Democratic Republic of the Congo (DRC). Initial payments were made to the local JV partner on completion of initial due diligence related to property title and a baseline geological assessment.
In 2021, the Company engaged DRC legal counsel to progress transfer of the concessions into the JV entity, but it became apparent that the vendor was unlikely to deliver clean title, in which case the JV would terminate. Should the JV proceed, subject to transfer of the concessions and confirmation of registration of title, and subject to TSX Venture Exchange approval, the balance of payments will be paid in tranches to the local JV partner. A NI 43-101 compliant technical report has received conditional approval from the TSX Venture Exchange and will be filed on SEDAR once final approval of the transaction is issued.
A second DRC joint venture, Alpha Cobalt, is subject to, and dependent upon, clear title to two mineral exploration permits being transferred to a joint venture entity. Title to the permits is under dispute, and although the JV partner has assured the Company that the situation will be resolved, there is as yet no sign that there will be a satisfactory resolution. If the vendor is unable to comply with these obligations, and the JV will lapse.
While no exploration related activities have taken place during the year with respect to the current JVs, the Company is assessing several potential future projects in parallel. While at different stages of due diligence, as yet no transaction has been concluded, so it is not possible to provide specific details on these prospects.
However, in general, these potential project options include strategic battery metals as well as carbon sequestration minerals, in jurisdictions both in the DRC and elsewhere.
Enerev5 has nearly two decades of on-the-ground experience has a conventional traceability system in place for conflict-free tin, tantalum and tungsten
The conflict-free designation is based on several principles, building on international, regional, local, and industry initiatives, and includes:
Greater transparency, allowing adequate ability to identify where the commodity was mined, by whom and under what conditions
No child labour or human rights violations
No extortion of illegal payments by government officials
Production is not contributing to funding of armed groups
Acceptable workplace health and safety practices
Mining and processing practices that do not harm the environment
Enerev5 has also completed, with its partners, the first phase of its distributed ledger provenance system protocol using a permissioned blockchain - Mintrax. The second phase will employ data from mineral projects as described above.