Snow Lake Energy Secures US$16 Million in Funding for Clean Energy Projects

Snow Lake Energy, a Canadian clean energy exploration company, has announced the pricing of a US$16 million offering, which will significantly bolster its financial position and future growth prospects. The company, listed on the NASDAQ under the ticker symbol LITM, is assembling a global portfolio of clean energy mineral projects to facilitate the clean energy and electric vehicle (EV) transitions.

The offering, priced at US$0.80 per share, is expected to close on December 31, 2024, subject to customary closing conditions. Snow Lake intends to use the net proceeds from the offering primarily for working capital and general corporate purposes, including funding its exploration programs and pursuing strategic acquisitions and investments in the clean energy and next-generation minerals sector.



Snow Lake's portfolio of projects includes two uranium projects and two hard rock lithium projects, strategically located in premier mining jurisdictions such as Saskatchewan, Manitoba, and Namibia. The company's focus is on advancing the exploration of its uranium projects to supply the raw materials needed for the clean energy transition and emissions-free power, while exploration activities on its lithium projects will remain limited until the lithium market recovers from its current depressed levels.

The company's exploration potential at its lithium and uranium projects contributes significantly to its overall value proposition for investors. The Snow Lake Lithium™ Project in Manitoba, Canada, has SK-1300 measured and indicated lithium mineral resources, with a Preliminary Economic Assessment (PEA) dated July 2023 projecting a base-case pre-tax NPV of USD$1.7 billion. The Shatford Lake LTC Project in Southern Manitoba has shown initial assay results that warrant further exploration, with the company planning to continue prospecting and ground geophysics to follow up on these results.

The Engo Valley Uranium Project in Namibia is considered underexplored and has historical, non-modern mining code compliant uranium resources. Modern exploration techniques and technology could lead to the discovery of new resources, enhancing the project's value. The company plans to conduct a Phase 2 drill program, downhole radiometrics, and prepare a maiden SK-1300 mineral resource estimate, all of which could unlock significant value.

The Black Lake Uranium Project in the northeastern Athabasca Basin, Saskatchewan, has historical uranium resources. The company plans to conduct additional prospecting and ground geophysics to confirm and identify drill targets, which could lead to the discovery of new resources, adding to the project's value.

In summary, the US$16 million offering by Snow Lake Energy provides the company with the financial resources needed to advance its exploration programs, pursue strategic opportunities, and strengthen its position in the clean energy and next-generation minerals sector. The company's portfolio of projects, with their significant exploration potential, contributes to its overall value proposition for investors, positioning Snow Lake as a global leader in sustainable energy solutions.