VANCOUVER, BC, July 26, 2024 /PRNewswire/ — Usha Sources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American exploration corporate, congratulates Stardust Energy, Inc. (“Stardust Power“, “SDST” and “SDSTW”) at the final touch of its industry aggregate with World Spouse Acquisition Corp II and the record of its stocks of Elegance A familiar accumulation at the Nasdaq World Marketplace (“Nasdaq”).
Usha entered right into a Letter of Intent (the “LOI“) with Stardust Energy dated March 15, 2024 granting Stardust Energy the appropriate to earn as much as a 90% hobby matter to a 2% Web Smelter Royalty (“NSR“) in Usha’s Jackpot Pool Lithium Brine Mission (“Jackpot Lake” or the “Project“) for general attention of US$26,025,000 over 5 years.
A non-refundable sum of US$75,000 has been paid to Usha through Stardust Energy pursuant to the LOI.
Stardust Energy’s record at the NASDAQ is a essential situation for the execution of definitive promises (the “Definitive Agreement“) pursuant to the LOI.
Upon final touch of the whole earn-in of US$26,025,000, which contains bills totaling US$1,525,000 money, US$750,000 accumulation, US$15,750,000 accumulation or money at Stardust Energy’s election, and a piece constancy of US$8,000,000, Usha would book 10% of the Mission and a 2% NSR and can be carried within the Joint Challenge (“JV“) shaped between Usha and Stardust Energy till a proper Resolution to Mine is reached following final touch of a Feasibility Learn about. Stardust can be authorised to shop for again 1% NSR for a money fee of US$7,500,000.
Deepak Varshney, CEO of Usha commented: “We congratulate Stardust Power on its listing and its subsequent success which demonstrates the strength of their value proposition.”
Mr. Varshney persisted: “Our strategic vision at Usha has always been to acquire and monetize undervalued assets. With the recent acquisition of the Southern Arm Copper-Gold VMS Project from Abitibi Metals, our focus will now shift towards copper and other critical metals. With working capital of approximately $1.2M, Usha is in a strong financial position to execute over the coming year and we look forward to our maiden drill program at Southern Arm, particularly at “Hollywood“, which has a ~1.8 km footprint that is open along strike.”
Stardust Energy is creating a lithium refinery facility in Muskogee, Oklahoma, with capability of manufacturing as much as 50,000 lots in line with annum of battery grade lithium carbonate (“BGLC“) as soon as absolutely operational. Stardust Energy’s battery-grade lithium refinery will likely be designed and manufactured to foster decrease carbon power liberty for the US. Stardust Energy seeks to grow to be a sustainable, cost-effective provider of BGLC, basically for the electrical automobile (“EV“) marketplace, throughout the construction of its leading edge, immense central refinery (the “Facility“) optimized for a couple of inputs of several types of lithium brine, together with concentrated lithium brine, lithium chloride, or technical and crude grade lithium feedstocks. As soon as finished, Stardust Energy expects to keep a couple of assets of feedstock from numerous lithium manufacturers, with the Facility turning into one of the vital greatest lithium refineries in the US.
The LOI is non-binding, alternative than Usha’s commitment not to have interaction or keep up a correspondence with any alternative celebration with recognize to the Mission thru September 2024. The transaction is matter to the pleasure of quite a lot of statuses, together with Stardust Energy’s enough industrial and criminal due diligence, the negotiation and execution of the Definitive Promise and the kindness of the TSX Challenge Trade. The Corporate cautions that there is not any pledge that the Definitive Promise will likely be finished or that the alternative statuses will likely be happy.
Jackpot Pool Lithium Brine Attribute
USHA’s Jackpot Pool Lithium Brine Mission is positioned inside Clark County, 35 kilometers northeast of Las Vegas, Nevada, and is constructed from 442 optioned and staked mineral claims that general 8,714 acres (roughly 35.3 km2).
The Mission’s geologic atmosphere is indistinguishable to that of Albemarle’s Silver Top Nevada Lithium Mine, the one generating lithium mine in North The usa, which has operated ceaselessly since 1966, the place sediments from lithium–well off order supply rocks gather and fill the storage important to a possible focus of lithium brine because of successive evaporation and focus occasions.
Modelling signifies that the Mission goal contains the whole thing of the Corporate’s core optioned declare forbid (2,800 acres; 11.3 km2) and is unmistakable in all instructions for enlargement. The objective is shallow, predominantly above footing depths of 600 meters, and is roughly 450 meters thick. The entire basin inside which the objective is located is estimated to be roughly 10,900 acres of which the Corporate now controls 8,714 acres.
Certified Particular person
The technical content material of this information loose has been reviewed and authorized through Mr. Deepak Varshney, P.Geo., a professional individual as outlined through Nationwide Device 43-101 Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).
About Usha Sources Ltd.
Usha Sources Ltd. is a North American mineral acquisition and exploration corporate targeted at the construction of detail lithium steel houses which might be drill-ready with high-upside and enlargement doable. Primarily based in Vancouver, BC, Usha’s portfolio of strategic houses supplies target-rich diversification and comprises Jackpot Pool, a lithium brine undertaking in Nevada and White Willow, a lithium pegmatite undertaking in Ontario that’s the flagship amongst its rising portfolio of hard-rock lithium belongings. Usha trades at the TSX Challenge Trade below the logo USHA, the OTCQB Trade below the logo USHAF and the Frankfurt Secure Trade below the logo JO0.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more info, please name 778-899-1780, electronic mail [email protected] or talk over with www.usharesources.com.
Neither TSX Challenge Trade nor its Law Services and products Supplier (as that time period is outlined in insurance policies of the TSX Challenge Trade) accepts accountability for the adequacy or accuracy of this loose.
About Stardust Energy Inc.
Stardust Energy Inc. is a construction degree producer and refiner of battery-grade lithium merchandise designed to provide the EV trade and support keep The usa’s management within the power transition. Stardust Energy is creating a strategically central lithium refinery in Muskogee, Oklahoma with the expected capability of manufacturing as much as 50,000 tonnes in line with annum of battery-grade lithium. Dedicated to sustainability at each and every level within the procedure. Stardust Energy is predicted to grow to be a publicly traded corporate on Nasdaq below the ticker image “SDST” by the use of a deliberate industry aggregate with World Spouse Acquisition Corp II (“GPAC II”) (NASDAQ: GPAC), a different function acquisition corporate.
Ahead-looking statements:
This information loose would possibly come with “forward-looking information” below appropriate Canadian securities regulation. Ahead-looking knowledge comprises, however isn’t restricted to, statements about getting into right into a Definitive Promise and final touch of the Jackpot Pool transaction with Stardust Energy, strategic plans, month paintings techniques and goals and anticipated effects from such paintings techniques. Ahead-looking knowledge essentially contain identified and unknown dangers, together with, with out limitation: Usha and Stardust getting into into the Definitive Promise; dangers related to common financial statuses; incapacity to get entry to adequate capital from inside and exterior assets, and/or incapacity to get entry to adequate capital on beneficial phrases; and alternative dangers.
Such forward-looking knowledge displays control’s tide ideals and are in keeping with quite a lot of estimates and/or guesses made through and data these days to be had to the Corporate that, hour thought to be affordable, are matter to identified and unknown dangers, uncertainties, and alternative elements that can motive the unedited effects and month occasions to vary materially from the ones expressed or implied through such forward-looking knowledge. Readers are cautioned that such forward-looking knowledge are neither guarantees nor promises and are matter to identified and unknown dangers and uncertainties together with, however now not restricted to, common industry, financial, aggressive, political and social uncertainties, unsure and unstable fairness and capital markets, insufficiency of to be had capital, unedited result of exploration actions, environmental dangers, month costs of bottom and alternative metals, working dangers, injuries, labour problems, delays in acquiring governmental approvals and allows, and alternative dangers within the mining trade.
The Corporate is at this time an exploration degree corporate. Exploration is very speculative in nature, comes to many dangers, calls for really extensive expenditures, and won’t consequence within the discovery of mineral deposits that may be mined profitably. Moreover, the Corporate these days has negative reserves on any of its houses. Consequently, there will also be negative word of honour that such forward-looking statements will end up to be correct, and unedited effects and month occasions may vary materially from the ones expected in such statements.
For more info, please name 778-899-1780, electronic mail [email protected] or talk over with www.usharesources.com.
SOURCE Usha Sources Ltd.
