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Summary
Along with these agreements, Javelin and Strategic have signed an indicative term sheet for Javelin to provide a secured working capital facility up to US$150 million to support the operations of the Plant.Sean Cleary, CEO commented: These Offtake Agreements solidify our business plan to move ahead with the four million tonne High Purity Iron pellet plant at Port Saguenay, Quebec as Phase 1 of the BlackRock Project. It is estimated that the Feasibility Study and testing will take approximately six months to complete.Strategic will continue to have discussions with parties globally around their interest in funding or partnering on Phase 2 of the Project; the Tenova direct reduction unit at Port Saguenay. The 1.5 km conveyor system will serve to deliver iron ore concentrate, and other materials from the wharf to the industrial park at Port Saguenay. This enables Strategic Resources to benefit from the return of C$4.27 million of cash onto its balance sheet from the letter of credit that had been put in place in April 2023. The Company is developing its flagship BlackRock Project, which is a fully permitted and ready to construct mine, concentrator and metallurgical facility located at a seaport in Qu\xe9bec with full access to the St. Lawrence Seaway.