Torngat Metals

Achievement of Key Milestones and Objectives Across All Aspects of the Project

MONTRÉAL–(BUSINESS WIRE)–Torngat Metals Ltd., a rare earths development company, announces milestone achievements in a pivotal year for the Strange Lake project recognized for its significant quantities of light and heavy rare earths, especially dysprosium and terbium. The proposed project will develop high-purity rare-earth oxides for low-carbon technologies including permanent magnets for electric motors in EVs and wind turbines, as well as various defense applications.

Over the past 12 months, the Torngat Metals management team—with support from lead investor Cerberus Capital Management—has successfully advanced all major elements of the proposed project including: beneficiation testing and piloting, confirmation drilling, environmental fieldwork, engagement with Indigenous partners, road development options, and site selection options for the processing of rare earth oxides following beneficiation at the mine site.

“With Cerberus’ U.S. $50 million investment1 in late 2022, we’re on course to complete a Bankable Feasibility Study in mid-2025. Through a shared vision with Indigenous leaders and communities, collaboration with all levels of government, and the exceptional work of our dedicated and expanding team, we plan to be a major global supplier of responsibly produced rare earths,” said Dr. Dirk Naumann, President and CEO of Torngat Metals.

Select 2023 Achievements

Technology and Engineering Innovations: In partnership with global leaders Metso Corporation, AECOM, Anzaplan, Carester, DRA Global, Le Groupe DESFOR, SGS and others, Torngat Metals is advancing process science and engineering for low impact, efficient production of rare earths. These world-class partnerships signal strong commitment and confidence in the project.

On-Site Fieldwork: During the summer and fall of 2023, the company completed environmental sampling at the Strange Lake exploration camp, with plans to return in 2024. This included local hiring and skills training; baseline environmental assessments of water, air, and soil; and in-depth studies of animal and plant life.

Confirmation Drilling: The company also conducted an extensive confirmation drilling program, designed with Micon International, by completing 33 diamond drill holes totaling more than 3 kilometers in the B Zone of the Strange Lake Peralkaline Complex. The results will be used to upgrade the mineral resource estimate in the preparation of the Prefeasibility Study (PFS).

Company Building: We expanded the team with several important hires, including experts Dr. Sylvie St-Jean, VP Environment; Éric Luneau, VP Community Engagements and Partnerships; Samantha Doig, VP Human Resources; Clinton Swemmer, VP Project Management; and Mauro Ferrara, VP Finance. Meet the core team and the technical advisory board here.

Community and Indigenous Relationships: We’ve continued to strengthen ties with Indigenous and local communities in Québec, and Newfoundland and Labrador, and we remain fully dedicated to building partnerships with communities during the current planning stage and throughout the life of the project.

Environmental Assessment: With expertise in progressive mine development, we completed project registration with the environment authorities in Canada, Québec, Newfoundland and Labrador, and the Nunatsiavut Government. Our active involvement in all community consultations underscores our commitment to these important environmental impact assessment processes.

Torngat Metals Chairman, Tom Gilman, former Assistant Secretary of the U.S. Department of Commerce and former CEO of Chrysler Financial in the U.S. and Canada, commented: “There is an urgent need for more secure and sustainable sources of light and heavy rare earths outside of China. This Strange Lake project will increase supply chain resiliency for these critical elements and help drive the transition to electrification in North America.”

John Gallagher, Managing Director, Cerberus Capital Management, commented, “The Strange Lake project is strongly aligned with Québec’s critical minerals strategy, and the company has proven its ability to design the right plan and execute on time and on budget. With an eye across the federal, Québec, and Newfoundland and Labrador critical minerals strategies, Cerberus is exploring investments across the rare earths, metals, and magnets value chain and beyond.”

About Torngat Metals Ltd.

Torngat Metals is working to develop the Strange Lake Rare Earth Project to supply secure and responsibly produced rare earths for climate solutions. With a presence in Québec, and Newfoundland and Labrador, we aim to be a globally recognized source of light rare earths, a leading supplier of heavy rare earths, and the foremost supplier of dysprosium. Through robust partnerships with Indigenous people and local communities, new approaches to minimizing environmental impacts, and cutting-edge processing science and engineering, we can play a pivotal role in the global transition to a clean energy future. Learn more at www.torngatmetals.com or contact information@torngatmetals.com.

About Cerberus and Its Supply Chain Fund

Established in 1992, Cerberus is one of the world’s leading private investment firms with approximately U.S. $66 billion in assets across complimentary credit, venture capital, growth equity, private equity, and real estate platforms. We are headquartered in New York City with a global network of affiliate and advisory offices in the United States, Europe, Asia, Australia, South America, and Africa. Cerberus’ Supply Chain Fund invests in companies that strengthen supply chain security and economic competitiveness for the U.S., Canada, and other allies and partners across aerospace & defense, critical minerals, telecommunications, data technology, microelectronics, and other key sectors. Cerberus’ integrated investment and operating expertise combined with a deep understanding of technology, policy, and geopolitics enables companies to realize their full potential post-closing. Visit us at www.cerberus.com.

1 Cerberus made the largest ever rare earth investment in Canada, with co-investor Hegemon Capital providing 20% of the financing.

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https://www.businesswire.com/news/home/20231214548639/en/Torngat-Metals-Ltd.-Celebrates-a-Pivotal-Year-for-the-Strange-Lake-Rare-Earth-Project