Torngat Metals Rare Earths Project Receives Federal Support from the Critical Minerals Infrastructure Fund

MONTREAL, Dec. 20, 2024 /CNW/ - Torngat Metals Ltd., a rare earth development company based in Quebec, is pleased to announce that Natural Resources Canada (NRCan) through the Critical Minerals Infrastructure Fund (CMIF) has approved a contribution of up to CA$10 million for Torngat Metals Strange Lake Project, pending final due diligence.

The Strange Lake project, located in Northern Quebec, is recognized for its globally significant quantities of both light and heavy rare earths—especially dysprosium and terbium—used in permanent magnets for electric vehicle motors, wind turbines, robotics, consumer electronic devices, and for multiple defence applications.

This support is essential for the rapid development of the Strange Lake Project, which will establish Canada and Quebec as global leaders in rare earths at time where there is a critical shortage of heavy rare earths outside China. Today, China is the only supplier of heavy rare earth materials, and the Strange Lake project will break that monopoly.

"This project, under the Canadian Critical Minerals Strategy's flagship program, will help advance the development of the necessary transportation infrastructure to expand Quebec and Newfoundland and Labrador's sustainable critical minerals production, notably rare earths which are used in electronics, clean energy, aerospace, automotive and defence," said Jonathan Wilkinson, Minister of Energy and Natural Resources of Canada. "Developments like this help mines get built faster and they are a key element in seizing the generational opportunity before us. The Government of Canada is supporting projects that strengthen Canada's supply chains and foster economic growth, while creating good jobs."

"We are thrilled to receive this important contribution from NRCan, which will advance our highly strategic project aimed at solving the global supply chain crisis in heavy rare earths," said Dr. Dirk Naumann, President and CEO of Torngat Metals. "Torngat Metals is excited to work with the Canadian, Quebec, and Labrador governments to prioritize and accelerate the only company in North America ready to scale dysprosium and terbium, as well as light rare earth neodymium and praseodymium. CMIF's contribution will directly support completion of our pre-feasibility and feasibility studies in 2025."

The CMIF contribution will support Torngat Metals pre-construction and development activities required to transport rare earth concentrate and supplies between the proposed mine site in Nunavik, the proposed separation plant, and specific components including a seasonal access road, port facilities, and related infrastructure in Labrador. The activities will include engagement with Indigenous communities, environmental reviews, and other engineering, planning, and design work.

Torngat Metals, Ltd. wishes to thank the Canadian, Quebec, and Labrador Governments, Indigenous communities, investors, our world-class execution partners, and the dedicated Torngat Metals team for this achievement.

About Torngat Metals Ltd.
Torngat Metals is a private company based in Canada working to develop the Strange Lake Rare Earth Project to responsibly supply rare earth elements required for high-tech and low-carbon solutions. With development activities in Quebec, Newfoundland, and Labrador, the company aims to be a globally recognized supplier of light rare earths and a global leader in solving the heavy rare earth supply crisis for dysprosium and terbium. Leveraging robust partnerships with Indigenous peoples and local communities, new approaches to minimizing environmental impacts, and cutting-edge engineering, Torngat Metals looks forward to playing a pivotal role in the global transition to clean energy. Learn more at www.torngatmetals.com.

About the Strange Lake Rare Earth Project
The Strange Lake project is located in Nunavik, Quebec, one of the world's leading mining regions. Its deposits encompass the full suite of light (neodymium, praseodymium) and, most importantly, heavy rare earths (dysprosium and terbium), essential for producing permanent magnets needed for high-efficiency motors in electric vehicles, wind turbines, robotics, drones and other cutting-edge technologies. As part of this project, Torngat Metals aims to develop an open-pit mine site and concentration plant in Nunavik, along with a single-lane access road linking the site to Labrador and a separation plant. The company is on track to complete the project's pre-feasibility and feasibility studies in 2025 and aims to start production in 2028. Learn more at www.torngatmetals.com.

SOURCE Torngat Metals -Métaux Torngat

Media Contact: Aline Vandermeer, Director of communications, [email protected], 514 605-3416