With the closure of the first tranche of its initial public offering (IPO), Saga Metals (TSXV:SAGA) has raised $1.8 million, which will help fund a field work program at the company’s Double Mer uranium project in East-Central Labrador.
CEO Michael Stier reiterated the company’s focus on both its uranium project in Labrador and its Legacy lithium project in James Bay, Québec, which is under a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).
With both uranium and lithium poised to see increased demand due to their roles in reducing carbon emissions and transitioning toward greener energy sources, Saga Metals’ diversified portfolio is strategically positioned to contribute to reducing the supply/demand gap, which requires more mines to come online.
“There have been a lot of recent developments in the uranium space … major banks across the globe pouring billions of dollars of investments towards uranium,” Stier explained.
Similarly, lithium’s importance in powering electric vehicles and renewable energy storage systems cannot be understated. Saga Metals’ partnership with Rio Tinto reflects confidence in the potential of the company’s lithium asset.
“For us, it’s just a massive validation in terms of not only the quality of the project that we were able to stake and acquire about a year and a half ago, but also … management’s ability to execute agreements with companies as large as Rio Tinto,” said Stier.
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