
BacTech Environmental Corporation (CSE: BAC) (OTC: BCCEF) (FSE: 0BT1) a commercially proven environmental technology company delivering eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, is pleased to provide the following corporate update.
Financing
The Company today announces the closing of a 3rd tranche of its recent placement for $132,000. The financing includes the issuance of 1,650,000 units consisting of one common share of BacTech and one common share purchase warrant. The warrant allows the holder to purchase an additional common share in the Company at $0.12 for a period of two years from the closing.
Green Bond Certification
Further to the Company’s selection of Moody’s to provide third-party verification of BacTech as a qualified Green Bond issuer, BacTech confirms it has tendered all necessary documentation to Moody’s with respect to the Company’s pursuits of Green Bond certification. As previously announced in its April 13, 2023 press release, the Company has started the process to obtain the appropriate certification to be able to issue Green Bonds to fund its bioleach processing facility in Tenguel, Ecuador. BacTech, in concert with Analytica Securities in Quito, Ecuador, intends to raise up to US$20M in Green Bond funding.
Community Consultation Process Update
BacTech also wishes to advise shareholders that the Company has been notified that the Government of Ecuador will officially begin the final review process on June 19, 2023. As previously communicated in its June 1, 2023 press release, this is the final major permit required to approve the Company’s planned project in Tenguel, Ecuador. Upon completion, the facility is expected to be the largest and most efficient bioleaching plant in South America using naturally occurring bacteria, harmless to both humans and the environment, to treat gold and base metal concentrates along with toxic tailings created through local mining operations. BacTech was granted its Environmental Impact Study Permit in September 2022, further illustrating the government’s commitment to the launch of this important project.
About the Tenguel – Ponce Enriquez Bioleaching Project
BacTech is planning to build a new owner-operated bioleaching facility in Tenguel, Ecuador, in a region where arsenic is associated with sulphide gold ore (Arsenopyrite). The Company’s plan is to build a 50 tpd bioleach plant capable of treating high gold/arsenic material. A 50 tpd plant, processing feed of 1.75 ounces of gold per tonne, similar to feeds available to the Company from local miners, would produce approximately 31,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production. The total concentrate market in the Ponce Enriquez area is estimated to be between 200 and 250 tonnes per day, allowing for increased throughput potential with a larger plant. BacTech has signed an agreement with the government to build a Phase 2 plant that would see the addition of 150-200 tpd of capacity capable of producing in excess of 100,000 ounces per annum.
Key economic highlights, assuming a base gold price @ $1,600 per ounce:
In total, there are over 100 small mines operating in the area. BacTech continues to investigate the prospects of establishing additional modern bioleaching facilities across other areas of Ecuador, Peru, and Colombia. Where possible, the Company will partner with national and local governments, non-governmental organizations (NGOs) and others to assist with the funding of these projects and ensure that they meet the Company’s high expectations not only for environmental standards, but also for the highest standards in all ESG considerations.
About BacTech Environmental Corporation
BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper, while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we are able to neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.
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