According to the company, a “significant amount” of the net proceeds will be used for advancing work related to the planned exploration and development program.

The company released a prefeasibility study for the project in northern Ontario, showing lower resource grades and a reduced net present value, while dropping a plan to build a refinery.

The financing includes private placements with NexGen Energy and Queen’s Road Capital.

The claims are adjacent to and near Sayona’s North American Lithium (NAL) project that is returning to production early next year.

Construction and camp services for the exploration and mining sector enable TNDC to be one of the top employers in Northwest British Columbia.

Indonesia and Canada are the first and sixth biggest nickel producers in the world, respectively.

The company has drilled over 5,500 metres in 18 holes this year as part of the Wicheeda resource delineation and pit geotechnical program.

Mexico does not yet have commercial lithium production, though close to a dozen foreign companies hold contracts to explore potential deposits.