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NEO Battery Materials Ltd. Announces Intention to Meet TSX Venture Exchange Listing Requirements
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2021) - NEO Battery Materials Ltd. ( TSX...
About this update from Neo Battery Materials Ltd
[{"type":"text","content":"NEO Battery Materials Ltd. Announces Intention to Meet TSX Venture Exchange Listing RequirementsVancouver, British Columbia--(Newsfile Corp. - May 3, 2021) - NEO Battery Materials Ltd. (TSXV: NBM) (\"NEO\" or the \"Company\") announces that, in follow up to the Company's press release dated January 27, 2021 and in accordance with section 3.2(b) of the TSX Venture Exchange (the \"Exchange\") Policy 2.5, the Company provided a submission to the Exchange prior to April 30, 2021 evidencing how it intends to meet Tier 2 continued listing requirements as a mining Company.In connection with the submission to the Exchange, the Company is providing the following summary and updates to its mining operations:Pursuant to the Company's press releases dated January 26, 2021 and February 11, 2021, the Company has staked new mining claims in Golden, BC, along strike with a quartzite bed, targeting silica in the quartzites over a total of 467 hectares. The Company has also engaged an exploration manager to oversee the exploration program (the \"Initial Program\") of the mining claims. The program is anticipated to begin late May or early June this year, depending upon weather conditions, and to last 6-8 months for a total cost of approximately $80,000. The Company plans to stake additional claims peripheral to the original claims prior to conducting the initial program. The Company also anticipates Additional Programs (the \"Additional Programs\") will include exploratory work on potential claims to be staked on silica deposits in other areas of the Province. While the term and cost of any Additional Programs will depend upon the results from the Initial Program, the Company anticipates expenditures on mining exploration and development relating to the Company's staking operations to be between $500,000 and $800,000 over the next 12-24 months.Pursuant to the Company's press release dated February 26, 2021, announcing it has entered into a non-binding Letter of Intent agreement with Belmont Resources Inc. (\"Belmont\") to acquire a 25% interest in the A Block of the Kibby Basin Lithium Project, the Company is still in the process of negotiating the terms of a final agreement with Belmont. The Company's mining focus is on the exploration, development and production of silicon, which, when added to anode materials in the production of lithium-ion b...