The Venture Codex

Participated · Equity · Nov 2022

Torngat Metals is focused on developing the Strange Lake rare earth project, described as the largest project in North America containing the most important rare earths for electrification. The project targets production of high-purity rare-earth oxides used in permanent magnets for electric motors and other low-carbon technologies. The company plans to use the recent investment to complete a pre-feasibility study (PFS) and a bankable feasibility study (BFS), create a path to separation of specific rare earths by mid-decade, and then progress to mine-site construction and production. Project financing for construction and production is estimated at about US$650 million. Torngat emphasizes ESG-I engagement and says it will collaborate with local communities, governments, supply-chain partners, universities, researchers, and ESG-I organizations. The company describes Québec as a favorable mining and value-added processing jurisdiction for advancing critical and strategic minerals supply chains.