Strategic Minerals Europe Corp. Enters into PPA for Penouta Project in Spain

Strategic Minerals Europe Corp. announced that it has entered into a Power Purchase Agreement (PPA) for its Penouta Project, located in the northwestern province of Ourense in Spain.

The PPA provides for the supply of seven gigawatts of electricity to the Company for five years.

A significant portion of the power will be from renewable energy sources and is expected to generate substantial cost savings.

"With the PPA, we will purchase electricity at a competitive, stable and predictable price, fixing long-term electricity supply costs and mitigating the risk of price volatility. The PPA aligns with our strategy to increase efficiency and reduce costs at Penouta as we continue to work at increasing production," said Jaime Perez Branger, CEO of Strategic Minerals. "In addition to the cost savings benefits, we will further our position as a leader in sustainability by reducing our carbon footprint through the use of renewable energy.

"To provide a model of the potential savings under the PPA, if the Company had the PPA in place in 2022, it would have achieved savings of approximately 52 percent, equivalent to a reduction in our electricity bill of about 810 thousand euros," he added.