Canadian Chrome Appoints First Nations Members to Steering Committee for Ring of Fire Project

The Canadian Chrome Company Inc. has announced the appointment of three First Nations members to a steering committee aimed at guiding the company’s engagement with First Nations communities in the Ring of Fire region. The committee, which has not been formed by any First Nation, will advise on how any interest acquired for participating First Nations might be held and applied.

The three individuals joining the committee are Vida Baxter, a member of Marten Falls First Nation at Ogoki Post and daughter of Elijah Baxter, a former chief of Marten Falls; Lawrence Baxter, a former chief of Marten Falls First Nation; and Theresa Okimaw-Hall, a member of Attawapiskat First Nation and a former chief of that community. Membership in the committee is personal and does not represent the consent of their respective First Nations communities.

The company has also signed a non-binding memorandum of understanding with The Gitchiziibii Company Inc. The memorandum outlines potential areas of collaboration, including the possibility of a First Nations interest in transportation assets, a potential royalty if existing royalty and security holders consent, and an exchange of sale proceeds for securities of an acquiror. However, no percentage, allocation, guarantee, or sovereign support has been agreed upon, and no First Nation has agreed to the memorandum.

The Canadian Chrome Company Inc. is preparing a presentation for prospective buyers, merger partners, or funding sources, which will describe its principal Ring of Fire interests. These include a 90% joint-venture interest in the Koper Lake Project, with Bold Ventures Inc. holding the other 10% as a carried interest. A technical report from December 15, 2015, estimated an inferred mineral resource of 85.9 million tonnes grading 34.5% Cr₂O₃ at a 20% Cr₂O₃ cut-off. Additionally, the company has a 30% joint-venture interest in the Big Daddy Project, with a technical report from November 12, 2014, estimating measured and indicated mineral resources of 29.1 million tonnes grading 31.7% Cr₂O₃ and inferred mineral resources of 3.4 million tonnes grading 28.1% Cr₂O₃, both at a 20% Cr₂O₃ cut-off.

The company remains committed to seeking First Nations participation, but any participation by Webequie First Nation or Marten Falls First Nation would require their own agreement. The Canadian Chrome Company Inc. has previously announced a review of strategic alternatives, including a possible sale of the company or its assets. No assurance can be given that a sale, merger, or financing will result, and no First Nation has agreed to participate, nor has any purchaser agreed to any transaction.

The company is also facing challenges with its Corridor Claims, which were forfeited and are currently in dispute. The Canadian Chrome Company Inc. has requested and appealed relief from the forfeiture, but its request and appeal have been denied. The company continues to explore opportunities for First Nations participation and is working towards a comprehensive engagement strategy.

The Canadian Chrome Company Inc. is an exploration-stage company focused on the identification, acquisition, consolidation, exploration, development, and evaluation of mineral deposits, including chromite, in the Ring of Fire region.