Texas Mineral Resources Corp (TMRC)

[TradingCharts]

SIERRA BLANCA, TX—(Globe Newswire- May 20, 2021) – Texas Mineral Resources Corp. (OTCQB: TMRC)

USA Rare Earth recently completed a Series C Funding round of $50 million and is now funded through the completion of the Definitive Feasibility Study (DFS), which includes the Pre-Feasibility Study (PFS), the Pilot Plant and a Demonstration Plant to be built at the Round Top site later this year which will include test heap leach pads and continuous ion exchange (CIX) processing. The Demonstration Plant will support the DFS and permitting as well as producing representative materials for evaluation by prospective customers. The Round Top joint venture has received construction stormwater permits from the Texas Commission on Environmental Quality (TCEQ) and has commenced a 20,000 tonne bulk sample to support the feasibility studies and the Demonstration Plant. USA Rare Earth will continue to explore additional financing as required with its advisors, Goldman Sachs and Bank of Montreal.

“USA Rare Earth continues to be an outstanding project partner and we are pleased to finalize our joint venture through the creation of the Round Top Mountain Development LLC” commented Anthony Marchese, TMRC Chairman. “I have been impressed by their unwavering vision of helping the United Staes create a domestically based critical mineral supply chain. Their recently completed funding and the expertise of their financial advisors solidifies our belief that our joint venture will have the necessary resources to succeed.”

Highlights of the Mid- 2019 Round Top PEA Include:

Net Present Value (NPV): $1.56 Billion at a 10% discount rate, pretax.
Internal Rate of Return (IRR): 70%.
Payback Period: 1.4 years.
Capital Cost: $350.4 Million, including a complete on-site rare earth oxide (REO) and mineral separation plant, and a 25% contingency provision of $65.7 Million.
Mid- 2019 Spot Market Pricing Assumptions: Yields 70% IRR.
Mining Rate: 20,000 tonnes per day (TPD).
All mineral processing at site: Deployment of conventional ion exchange and ion chromatography (CIX/CIC) technology to generate high purity individual rare earth oxides at the site as well as technology metals and industrial minerals.
REO Production: Averaging 2,313 tonnes per year (TPY) total, including approximately 180 TPY of Neodymium (Nd) and 67 TPY of Praseodymium (Pr).
New Lithium Resource: Estimated 9,800 TPY lithium carbonate production
Heap Leach Processing Technology: Proven conventional technology utilizing leach pads built to Texas Environmental Standards.
Economic Mine Life: 20 years, based on mining only 14% of the existing Mineral Resource Estimate, implying overall potential mine life of 140 years.
Direct Employment: 179 employees.
Ease of Shipping Access: Only 3 miles north of Interstate Highway 10 and within 3 miles of a major railroad. 85 miles southeast of El Paso, Texas.
Located on State Property: 6.25% Net Smelter Royalty (NSR) owed to Texas General Land Office (GLO).

http://tmrcorp.com/news/press_releases/index.php?content_id=239