US STRATEGIC METALS RECEIVES FEDERAL APPROVAL OF $100.8 MILLION LOAN PROGRAM

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Nov 05, 2024, 09:00 ET

ST. LOUIS, Nov. 5, 2024 /PRNewswire/ -- U.S. Strategic Metals ("USSM" or the "Company") announced today that the United States Citizenship and Immigration Services (USCIS) has granted I-956F expedited approval for USSM's $100.8 million EB-5 program application, a key part of financing for the Company's critical minerals project. The project was granted expedited approval by USCIS because domestic production of cobalt, nickel and lithium is squarely in the national interest of the United States.

USSM is at the forefront of solving one of the most pressing challenges in the U.S. energy transition: securing a reliable, domestic supply of critical materials essential for electric vehicle batteries and other clean energy technologies. Headquartered in St. Louis, Missouri, USSM will produce cobalt sulfate, nickel sulfate and lithium carbonate from cobalt hydroxide and black mass, recycled material from spent lithium-ion batteries and battery scrap. The Missouri Project is poised to significantly bolster the US supply chain for critical battery metals to fuel the green energy revolution and advance America's economic and national security.

"This approval is a recognition of our plan to create jobs in Missouri. The Missouri Project will secure domestic supplies of essential materials, generate high-quality jobs and boost the regional economy," USSM CEO Stacy Hastie said. "We fully appreciate foreign investors who support USSM as we continue executing on our plan to be a key processor of critical minerals, supporting the manufacture of electric vehicles and batteries in the United States."

About the EB-5 Investor Program

The EB-5 Program, administered by USCIS, provides foreign investors with a pathway to U.S. permanent residency through job-creating economic investments in new commercial enterprises. To qualify, the investment must create at least ten full-time jobs for U.S. workers within two years. Established in 1990 to stimulate economic growth, the program aligns with U.S. economic priorities.

About U.S. Strategic Metals

USSM is North America's only sustainable, long-term battery metals production and processing solution. As the market leader in reliable, ethically sourced, and environmentally friendly critical minerals, USSM 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.

SOURCE US Strategic Metals