Coniagas Battery Metals Identifies Cobalt-Copper Concentrates for Processing Using Re-2Ox

Vancouver, BC – August 6, 2024 – Coniagas Battery Metals Inc. (TSXV: COS) (“Coniagas” or the “Company”) continues to expand its position as a potential critical player in the electric vehicle (EV) metals market by adding strategic sourcing and potential processing capabilities. The Company may position itself with a competitive advantage by integrating the Re-2Ox process as a toll operator.

Coniagas has successfully identified potential monthly shipments of 200 to 500 tonnes of cobalt-copper concentrates from European warehouse operators, ensuring a reliable supply of high-quality raw materials. This complements the significant stockpiles in the Democratic Republic of Congo reported in an earlier press release, which total approximately 30 million tonnes with industry-leading grades ranging from 1% to 6.5% copper and from 0.05% to 4.5% cobalt. This expansionary approach underpins the Company’s “Feed First” strategy, which prioritizes reliable, long-term metal sources to support continuous production and supply chain resilience.

Owing to the persistent shortages of feed in scaling up battery manufacturing capacity, the Company will continue sourcing EV Metal concentrates as potential feed for the Re-2Ox process to produce cobalt and nickel sulfates for EV batteries. Developed over six years at a cost of $8 million, the Re-2Ox process has been validated through extensive testing, including bench scales, two pilot plant studies, and a plant trial. This closed-loop, hydrometallurgical process, toll-operated by Coniagas, significantly reduces environmental impact and operational costs by allowing zero-discharge extraction and purification. Additionally, it offers the flexibility to customize metal outputs to specific client specifications, optimizing both production costs and process efficiency.

Due to the recent decline in Nickel Manganese Cobalt (NMC) battery prices, falling below the critical $100 per kilowatt-hour threshold, EVs can be priced at or below combustion cars in most vehicle segments, meaning the technology to decarbonize global road transport is here. It is the perfect time for Coniagas to capitalize on its strengths. The Company’s strategic positioning and operational efficiencies allow it to offer potential competitive pricing and reliable supply to battery manufacturers, who are expanding production in response to growing consumer demand. By ensuring a cost-effective and steady supply of high-quality materials, Coniagas may be able to meet the increasing demand.

Further to this strategy, Coniagas is extending its potential production capabilities to include a wider array of Cathode Active Materials (CAM) and Precursor Cathode Active Materials (PCAM). This expansion is crucial for supplying manufacturer-specific high-purity nickel and cobalt sulfate essential for efficient battery manufacturing, aligning with global trends towards more sustainable and cost-effective EV production.

Coniagas is in the process of establishing a pilot plant production facility in Quebec upon completion of bench scale test work on Graal high-grade copper nickel drill core, leveraging collaborations with SGS Quebec and targeting funding from Investissement Québec. This facility is poised to become a cornerstone of Coniagas’s growth strategy, enhancing its ability to supply critical materials efficiently and sustainably to global markets. Coniagas has repeatedly shown a willingness to collaborate with different groups. The Company recently met with interests in Switzerland and Germany, to discuss the potential for a European pilot plant and production plants depending on European Union Funding programs.

Qualified Person
The technical information in this news release was reviewed and approved by Matthew Halliday, P.Geo., member of the Ordre des Géologues du Québec, who is a Qualified Person in accordance with National Instrument 43-101.

About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company, focused on nickel, copper, cobalt, and platinum group metals in Québec. The company’s strategy aims to generate shareholder value by developing its mineral assets and constructing an advanced processing plant, positioning Coniagas as a potential key supplier for the electric vehicle (EV) industry.

Graal Project: Strategic Resource Development

The 100%-owned Graal project near Saguenay, Quebec, has shown significant potential through extensive geophysical surveys and shallow drilling. It has identified high-grade nickel and copper mineralization, with showings of cobalt, platinum, and palladium. The confirmed 6 km strike length of the project supports plans for an open-pit mining operation. Upcoming activities include further drilling, metallurgical testing, and consultations with First Nations, culminating in a NI 43-101 resource report. The NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada, dated January 17, 2024, provides detailed project information.

Long-Term Vision and Commercialization Strategy

Coniagas leverages proprietary technologies like the Re-2Ox hydrometallurgical process for the extraction and production of cleaner, low-carbon, battery-grade materials. This innovative process eliminates the need for traditional smelting, significantly reducing the environmental footprint. Combined with strategic projects such as Graal and CAM/pCAM production initiatives, Coniagas is positioning itself as a potential player in the future of the EV industry. For more information, visit the Company’s website.

“Frank J. Basa”
Frank J. Basa, P. Eng., Professional Engineers Ontario
Chief Executive Officer

For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342

or:

Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: [email protected]

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Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the private placement referred to above, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.