CGrowth Capital Inc. is a public holding company that specializes in alternative and undervalued assets.
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The company is versatile across various sectors and industries, currently comprising two divisions: Mining and Sports Technology. Their primary focus is on investing in growth-oriented opportunities, leveraging capital, expertise, and capabilities to deliver substantial value to the shareholders.
CGrowth Capital, Inc. is delighted to provide an update to its shareholders regarding a significant operational milestone. The company is delighted to declare the successful consolidation of the mining licenses as part of the transition toward planning for mining operations.
Earlier, the Company acquired rights to 17 prospecting licenses and 37 primary licenses through negotiations with 54 individual mining owners, covering an expansive 435 square kilometer area. The Company is excited to share that these licenses have now been officially merged into a single comprehensive mining license and site, which has been proudly referred to as the Nkole-Hombolo Lithium project.
The company expects to receive its new consolidated license from the Ministry for Energy and Minerals of Tanzania within the next 30 days, possibly by the end of September.
Following the release of CGrowth Capital's initial high-level report earlier this year, which highlighted the presence of significant high-grade lithium deposits, the company is pleased to announce that it is nearing completion of a more comprehensive report analyzing the lithium tenements.
The upcoming report will provide a comprehensive analysis of the lithium mineralization potential within the recently consolidated license area. Stakeholders can look forward to a detailed examination of the significant lithium resources, offering a thorough insight into the substantial lithium reserves and the promising opportunities they offer.
These findings have surpassed expectations and are consistent with discoveries in neighboring mines located within the same lithium-rich geological region. The complete report is expected to be released in the coming weeks once the company receives its new consolidated license from the Tanzanian mining authorities.
As the global push for energy transition accelerates, the demand for lithium is projected to increase from $525.8 million in 2021 to an estimated $1.4 billion by 2026, indicating a Compound Annual Growth Rate (CAGR) of 20.8%.
This growth is further underscored by industry reports signaling a potential depletion of lithium supplies by 2025. CGrowth Capital Inc. is now exceptionally positioned to capitalize on the surging global demand for lithium and the growing scarcity of global lithium supply.
While things may seem quiet on the front end, there is a considerable amount of work going on behind the scenes to prepare our business for growth and expansion. This applies to both the mining and sports aspects of our business.
Mitchell Smith, CEO, CGrowth Capital Inc.
Smith adds, “We understand that a strong foundation is essential before we can move forward, and I'm confident to say that we've reached that stage, with solid foundations in place. While short-term considerations are important, our emphasis is on laying the groundwork for the future.”
The company's primary objective is to establish sustainable, medium to long-term value for our shareholders. We're pleased to share that we're nearing the completion of our initial phase and are poised to embark on a phase of growth, with exciting developments on the horizon across all aspects of our business.
Mitchell Smith, CEO, CGrowth Capital Inc.
Smith continued, “It is important for shareholders to understand that we are building a strong business for the future heavily loaded with rich assets. We remain actively engaged in seeking suitable acquisition opportunities for the benefit of our business and shareholders, however, the market is not what it was 2 years ago and strategic decisions have to be very carefully considered to ensure the access to the necessary working capital is available, a task we've effectively managed thus far.”
“I am confident that we are on a strong path, and the positive results of our efforts will become increasingly evident as we share more updates with our shareholders. I look forward to providing a series of exciting updates in the coming weeks on both our mining and sports division,” concluded Smith.
Source: https://cgrowthcapital.com/