Vancouver, British Columbia–(Newsfile Corp. – March 13, 2023) – StraightUp Sources Inc. (CSE: ST) (OTCQB: STUPF) (“StraightUp” or the “Enterprise”) is pleased to announce that, by an agreement executed on March ten, 2023, it agreed to obtain a private business that has the exclusive selection to obtain a one hundred% interest, topic to a two% net smelter returns royalty, in the Opatica Lithium Project positioned in the James Bay area of Quebec (the “Acquisition”). Pursuant to the Acquisition, StraightUp will also obtain the private company’s subsidiary, which is establishing a technological strategy for battery metals refining which includes the processing of black mass from spent lithium-ion batteries. In consideration for acquiring the shares of the private business from its shareholders, StraightUp shall problem 32,000,000 of its frequent shares in tranches more than 16 months.

Opatica Lithium Project

The Opatica Lithium Project consists of a total of 161 mineral claims comprising roughly eight,309 hectares positioned in the subprovince of Opatica, Quebec. All claims are positioned inside close proximity to the James Bay road network and are also accessible by a network of logging roads.

The James Bay area is prolific for its really hard rock lithium endowment, hosting various spodumene showings, 4 deposits with defined sources (Whabouchi (Nemaska Lithium), Rose (Important Element), Cyr (Alkem) and Moblan (Sayona)), as properly as extra current discoveries such as Corvette (Patriot Batteries Metal). The Company’s James Bay land package involves roughly twelve significant pegmatite occurrences.

Mark Brezer, CEO of StraightUp, comments, “The Opatica Lithium Project represents a tremendous chance to create these underexplored lithium pegmatites in a area which is dwelling to a single of the biggest really hard rock lithium sources in North America. Detailed prospecting and trenching will commence in Q3 of this year to systemically evaluate the project and quickly advance the recognized pegmatites towards the drill stage as properly as identifying additional exploration targets.”

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Transaction Highlights

• Portfolio of lithium pegmatites which could make a considerable really hard rock lithium resource in Northern Quebec. The Opatica Lithium Project consists of twelve diverse lithium pegmatite occurrences and 4 documented beryllium showings which are correlated to spodumene containing higher grade lithium.

• Advantageous place close to road infrastructure. The Lac Colomb, Lac Des Pointes, and Mezieres claim blocks are all positioned adjacent or inside close proximity to highway 109 and each and every claim is accessible by a network of logging roads.

In order to obtain a one hundred% interest in the claims, topic to a two% net smelter returns royalty, StraightUp ought to spend $50,000 to the optionors, problem frequent shares with a marketplace worth of $350,000 in stages more than a single year primarily based on the weighted cost calculated as of the date of each and every issuance, and comprehensive $1 million in exploration expenditures on the claims in stages more than two years. At any time, StraightUp may well obtain half of the two% NSR royalty for a $1 million money payment. StraightUp shall be the operator of the project.

Battery Metals Processing Technologies

Pursuant to the Acquisition, StraightUp will also obtain Battery X Recycling Technologies Inc. (“Battery X”), a private British Columbia business that is establishing technologies for refining battery metals which includes from black mass (a mixture of nickel, manganese, cobalt oxides, and graphite) made just after spent lithium-ion batteries are dismantled and shredded. Battery X is also establishing solutions to decrease the use of harsh chemical substances and carbon dioxide emissions in metals processing.

Black mass is the sector term employed to describe the material remaining when spent lithium-ion batteries are shredded and all casings removed. Black mass consists of higher-worth components, which includes nickel, cobalt, manganese, copper, lithium, and graphite, that when recovered, can be recycled to make new lithium-ion batteries.

Battery X has undertaken in depth investigation on innovation possibilities to decrease carbon emissions from metals refining with an emphasis on crucial metals forecast to be in chronic shortage in the Lithium-ion battery provide chain. Ongoing investigation will be undertaken to investigate the viability of froth floatation and the use of green solvents which may well potentially displace the use of sulphuric acid extensively employed in hydrometallurgical processes.

Battery X is a celebration to a Collaborative Investigation Agreement with the University of British Columbia whereby Battery X and the university will conduct investigation function to determine optimize black mass prior to processing. Battery X will personal all the intellectual home relating to processes that it develops through the collaboration period and and will jointly personal any intellectual home that is created by each parties through the collaboration.

Mr. Brezer, additional commented, “We have identified an fascinating chance to innovate upon pyrometelurgical and hydrometualurgical processes to make a extra direct approach which reduces capital charges and the environmental burden of existing practices. Our ultimate aim is to harness this technologies to additional advance a safe and sustainable domestic battery supplies provide chain in North America.”

Completion of the Acquisition is topic to a quantity of circumstances, which includes the any regulatory approvals.

About StraightUp Sources

StraightUp Sources Inc. focuses on valuable, base metal, and crucial mineral exploration and the acquisition and the improvement of assets. Its principal holdings are in the Red Lake District of Ontario, Canada, and, to date, StraightUp has assembled more than 20,000 hectares of claims in the area. StraightUp’s RLX Project is in close proximity to Kinross Gold’s Terrific Bear Sources Dixie Project and contiguous to their Sobel Project.

On Behalf of the Board of Directors

Mark Brezer
Chief Executive Officer and Director

For additional info, please get in touch with:

Mark Brezer
Chief Executive Officer and Director
Tel: 604-741-0444
E mail: mbrezer@straightupresources.com

Neither the Canadian Securities Exchange nor its Marketplace Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts duty for the adequacy or accuracy of this release).

Forward-Searching Statement Cautions

This press release consists of specific “forward-searching statements” inside the which means of Canadian securities legislation, relating to the Company’s plans and expectations with regards to the Acquisition the possible positive aspects of and possibilities relating to the Acquisition plans for future exploration of the Opatica Lithium Project and merits of the Opatica Lithium Project. Even though the Enterprise believes that such statements are affordable, it can give no assurance that such expectations will prove to be right. Forward-searching statements are statements that are not historical information they are commonly, but not often, identified by the words “expects,” “plans,” “anticipates, ” “believes,” “intends, ” “estimates,” “projects,” “aims,” “suggests,” “indicate,” “typically,” “target,” “future,” “probably,” “pending,” “possible,” “aim,” “objective, ” “potential, ” and “possibly,” and related expressions, or that events or circumstances “will,” “would,” “may well,” “can,” “could” or “ought to” take place, or are these statements, which, by their nature, refer to future events. The Enterprise cautions that forward-searching statements are primarily based on the beliefs, estimates and opinions of the Company’s management on the date the statements are produced, and they involve a quantity of dangers and uncertainties. Consequently, there can be no assurances that such statements will prove to be correct and actual benefits and future events could differ materially from these anticipated in such statements. Except to the extent needed by applicable securities laws and the policies of the Canadian Securities Exchange, the Enterprise undertakes no obligation to update these forward-searching statements if management’s beliefs, estimates or opinions, or other components, ought to transform. Components that could trigger future benefits to differ materially from these anticipated in these forward-searching statements include things like dangers connected with the completion of the Acquisition and dangers connected with mineral exploration operations, which includes the danger that the Enterprise will encounter unanticipated geological components, the possibility that the Enterprise may well not be capable to safe permitting and other governmental clearances required to carry out the Company’s exploration plans, the danger that the Enterprise will not be capable to raise adequate funds to carry out its company plans, and the danger of political uncertainties and regulatory or legal modifications that may possibly interfere with the Company’s company and prospects. The reader is urged to refer to the Company’s Management’s Discussion and Evaluation, publicly offered by way of the Canadian Securities Administrators’ Method for Electronic Document Evaluation and Retrieval (SEDAR) at www.sedar.com for a extra comprehensive discussion of such danger components and their possible effects.

To view the supply version of this press release, please stop by https://www.newsfilecorp.com/release/158150