Battery Mineral Resources aiming to raise $34.9 million

Battery Mineral Resources Corp. [BMR-TSXV] said it intends to complete a non-brokered private placement finance that is expected to generate gross proceeds of $34.9 million. The private placement is expected to consist of 174.4 million common shares priced at 20 cents each.

The announcement comes just 48 hours the company said it had struck a definitive deal to sell a 100% interest in the Gowanda, Ont., silver tailings project leases to Nord Precious Metals Mining Inc. [NTH-TSXV, CCWOF-OTC, 4T9B] for $6.0 million along with a 3.0% NSR royalty. “The transaction allows us to realize on the value of the silver tailings and includes royalty upside to provide ongoing exposure to the asset,’’ said BMR CEO Laz Nikeas. “Upon completion of this transaction, we will become a shareholder of Nord and will continue to support and encourage their efforts.’’

Under the agreement, Nord is buying the four mining leases in return for $1.0 million cash on closing, $1.25 million worth of Nord shares priced at 28.4 cents per share. Aside from the 3.0% NSR royalty, BMR will also receive a deferred amount of $1.25 million on each of the first, second and third anniversary of the closing date (adding up to $3.75 million). At the election of Nord, up to 50% of each differed payment may be satisfied in Nord shares.

BMR is operating the Punitaqui Mining Complex, a copper-gold mine located in the Coquimbo region of Chile, which it acquired four years ago from a unit of Xiana Mining Inc. The Xiana unit, called Minera Altos de Punitaqui (MAP), held a past producing mining operation which consists of an integrated copper and gold mining complex. At the time of the acquisition, MAP was fully permitted and included a centralized process plant which is fed by four satellite copper-gold deposits: San Andres, Cinabrio, Dalmacia and Los Mantos.

The MAP process plant consists of a standard copper sulphide crush-grind-flotation circuit which can produce a marketable copper-gold concentrate for domestic and foreign smelters. The MAP plant historically operated at a permitted capacity of 3,000 tonnes per day with allowances to 3,600 tonnes, with a potential capacity of 4,000 tonnes per day to be investigated.

After acquiring the Punitaqui copper mine assets, BMR began redevelopment of the operation, and in May 2024, the company said it had launched copper concentrate production after the successful commissioning of a refurbished and upgraded processing facility.

In an update on October 16, 2025, the company said that since September 1, 2025, the project has averaged approximately 1,800 tonnes of production per day from the underground operations,

Copper concentrate production targets for full year 2025 and 2026 are 15,000-16,000 DMT and 28,000-30,000 DMT respectively, the company said.

BMR shares were unchanged at 12.5 cents Thursday and trade in a 52-week range of 18 cents and $0.06.