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Toronto, Canada, May 24, 2023 – Metalite Resources Corp., (CSE: METL) (OTC: JNCCF) a Canadian junior venture mineral exploration issuer, has announced its intent to expand into the battery metals space by acquiring Next Generation Resources Inc. (aka NextGen), a privately held battery metal focused company based in Canada. “NextGen will provide our shareholders with the chance to invest in the battery metals space,” Melling states. “NextGen’s large portfolio – which we intend to increase – includes exploration-stage properties in Liberia, which opens up access to lithium, nickel, and cobalt.”
The company feels that battery metals, such as lithium, cobalt, nickel, and manganese, are key to the development of clean energy technologies, specifically electric vehicles (EVs) and energy storage systems (ESS). As the demand for EVs and ESSs increases, the demand for battery metals increases, making the battery metals industry crucial in facilitating the transition to a low-carbon economy. Additionally, battery metals are also essential components in consumer electronics, such as smartphones and laptops, further highlighting the importance of this industry, hence Metalite’s decision to move into this space. The company’s name change from RooGold to Metalite Resources also reflects its growing interest in various precious metals as its portfolio of exploration properties continues to expand.
Following the acquisition of NextGen, Metalite Resources recently appointed Mr. David Melling as its new CEO, a seasoned exploration geologist that has over 35 years of experience in the mining industry and has held senior leadership positions on exploration and development projects across Canada, USA, Cuba, Ecuador, Europe, the Middle East, Africa and Asia.
Metalite has enjoyed significant growth and expansion when the company began acquiring has new properties in New South Wales, Australia, when the company was named RooGold. Under its former name, the company also closed on its definitive Share Exchange Agreement with Aussie Precious Metals Corp. (APMC) in 2022. Having acquired a 100% interest in APMC’s Trilby and Lorne properties in NSW, Metalite then issued 4 million common shares to the shareholders of APMC, in exchange for all of the issued and outstanding shares of APMC with the properties held in APMC’s wholly owned Australian subsidiary.
“New South Wales is a frontier for gold and silver,” Melling says. “This region has a gold endowment – which includes past production and identified resources – of more than 104 million ounces. NSW is in the initial stages of exploration with exciting new opportunities for development.”
Liberia is also a potential source of gold, copper, and zinc. Melling adds that acquiring NextGen is key to Metalite’s expansion, as it provides an entirely new market to the company and diversification. “The addition of a large portfolio of lithium-focused assets in Liberia to our existing precious metals properties in Australia provides Metalite’s shareholders an incredible optionality in today’s turbulent commodity markets,” Melling says. “We believe that demand for battery metals will far outstrip supply for the foreseeable future, and the acquisition of NextGen provides Metalite Resources with tremendous exposure to this very exciting commodity space.”
Once Metalite has successfully acquired NextGen, its founder and director David Kol will be joining Metalite’s board of directors. He will lend his expertise in the Liberian market and the battery metals industry, as well as his understanding of the government and geography of Liberia.
“There are a lot of positive changes on the horizon for Metalite,” Melling says. “From acquiring new properties to exploring additional metals industries, to expanding our network and growing the infrastructure of the company, we look forward to significant growth in the coming year.”
Metalite Resources Inc. is a Canadian junior venture mineral exploration company that consolidates and explores highly mineralized precious metals properties in Australia. Metalite analyzes, acquires, explores, and mines these properties for the purpose of producing precious metals.
Contact:
Name: Ryan Bilodeau
Phone: (416) 910-1440
Email: [email protected]
Twitter: https://twitter.com/RooGold_Inc
Website: https://roogoldinc.com/
Address: 82 Richmond Street East Toronto, Ontario, M5C 1P1, Canada
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