MISSOURI COBALT HOLDINGS CHANGES NAME TO UNITED STATES STRATEGIC METALS; ANNOUNCES STRATEGIC GLOBAL MARKETING RELATIONSHIP WITH GLENCORE

ST. LOUIS, Feb. 9, 2022 /PRNewswire/ -- Missouri Cobalt, LLC announced today it has changed the name of its parent company to United States Strategic Metals, LLC ("US Strategic Metals" or the "Company") to better reflect the Company's positioning as an emerging domestic supplier of strategic metals vital to the clean energy transition. US Strategic Metals products are the foundation of lithium-ion batteries essential for the electric vehicles required to combat climate change. The name change more clearly communicates the Company's broader, long-term objective of becoming the leading domestic supplier of materials essential to decarbonizing global energy demand.

The Company also announced it has entered into a strategic global marketing relationship with Glencore. The marketing relationship includes a long-term off-take agreement for 100% of the Company's products, which include cobalt and nickel sulfates, lithium products and copper cathode, with a significant embedded pre-payment. Additionally, the Company and Glencore are exploring other commercial arrangements, including a recycling and raw materials sourcing agreement to support the ramp-up of the Company's hydrometallurgical processing facility.

Stacy W. Hastie, CEO of US Strategic Metals commented: "We are delighted to welcome Glencore, one of the world's leading producers and marketers of physical commodities, as our commercial partner. US Strategic Metals will benefit from Glencore's strong customer relationships across the electric vehicle supply chain, including global auto OEMs and battery manufacturers. Additionally, proceeds from the pre-payment will allow the Company to accelerate the construction and commissioning of our hydromet facility."

Ash Lazenby, US Cobalt Marketing at Glencore commented: "We are excited to partner with US Strategic Metals and support them in becoming a leading domestic supplier of battery metals critical to combating climate change and realizing the energy transition. We look forward to working collaboratively with the US Strategic Metals team and leveraging our complementary skill sets."

ABOUT UNITED STATES STRATEGIC METALS

US Strategic Metals is the only vertically integrated cobalt and nickel producer in North America and is strategically positioned to supply clean, domestic, and ethically sourced battery metals required to meet the unprecedented demand for electric vehicles and lithium-ion batteries. The Company is in the final stages of constructing a proprietary hydrometallurgical processing facility that will allow it to begin production of large-scale quantities of battery-grade products starting in Q3 2022, becoming North America's premier responsible source for strategic minerals. 

ABOUT GLENCORE

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding our future run-rate production, topline growth, production volumes, and possible strategic and financing transactions, are forward-looking statements. The forward-looking statements contained in this press release reflect our views as of the date of this press release about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, without limitation, changes in the demand for electric vehicles, changes in the raw materials and technology for manufacturing rechargeable batteries, and changes in mineral exploration, discoveries, and extraction methods and costs. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. All of the forward-looking statements included in this press release are based on information available to the Company on the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as otherwise required by law.

SOURCE Missouri Cobalt