Canadian Lithium Projects Set to Benefit from US President Biden's New Climate Bill
(TheNewswire)
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KINGSTON, ONTARIO – TheNewswire - September 8, 2022 - Stria Lithium Inc. (TSXV:SRA) (Stria or “The Company”) welcomes the signing into law of last month’s historic climate bill by US President Joe Biden that will establish preferential tax treatment for electric vehicles made anywhere in North America, potentially benefitting companies such as Stria that are developing lithium projects in Canada.
This bill, passed by US Congress in August, could have tremendous implications for Canada’s role in the production of clean transportation. The new bill allocates $US 500 million towards the development of North American projects that would lessen dependence on America’s rivals, including China, for minerals critical to the development and manufacture of electric vehicle (EV) battery components. The ripple effects of this bill will likely have a positive impact on Canadian mining companies focused on critical minerals exploration, including Stria Lithium, which is advancing its Pontax spodumene lithium project in Northern Québec in partnership with Australian-based Cygnus Gold. Stria is also exploring for PGMs (platinum group metals) at its Romer property located in the Labrador Trough sector of Nunavik in Northern Québec.
“Biden’s new climate law shows that the US is serious about finding secure, reliable, North American sources of lithium and other critical minerals,” said Stria’s CEO, Dean Hanisch. “As new battery manufacturing plants are announced and demand for EVs continues to grow, the need for the raw materials for those batteries, such as lithium, will be greater than ever before. The world is shifting to greener modes of transportation, making it essential to develop sources for these raw materials that Americans can rely on, and we are pleased to see that they are supporting Canadian critical minerals projects like ours in preparing for this shift. Stria Lithium plans to take full advantage of this support.”
The White House’s U.S. – Canada / Canada - U.S. Supply Chains Progress Report, published in June 2022, explicitly includes Canada as a domestic source under the U.S. Defense Production Act and mentions the potential for co-operation opportunities on critical minerals between the two countries.
About Stria Lithium Inc.
Stria Lithium is a Canadian junior mineral exploration company with an expanding technology focus and has a 100% interest in the Pontax spodumene lithium project in Northern Québec.
Lithium is a critical metal in the universal fight against global warming. It is a core component of Lithium-ion batteries used for powering electric vehicles and for industrial scale energy storage.
For more information about Stria Lithium and the Pontax Lithium project, please visit https://strialithium.com.
For more information on Stria Lithium Inc., please contact:
Kimberly Darlington
Communications, Stria Lithium Inc.
Dean Hanisch
CEO, Stria Lithium Inc.
(613) 612-6060
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This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the closing of the Transaction and the Offering; the approval of the TSXV relating to the Transaction and the Offering; and any other information herein that is not a historical fact may be "forward-looking information".
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Such factors include, but are not limited to, Stria’s ability to complete the Transaction and Offering; delays in obtaining or failures to obtain required governmental, shareholder, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in Stria’s public documents filed on SEDAR (www.sedar.com) under Stria's issuer profile.
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