Co. To Form JV To Explore for Battery Metals Using AI

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Battery X Metals (BATX:CSE; BATXF:OTCQB; R0W:FSE; A40X9W:WKN) wholly owned subsidiary Battery X Discoveries Inc. signed a memorandum of understanding (MOU) with TerraDX Technologies Inc. to collaboratively explore for battery metals in Nevada using artificial intelligence (AI)-powered mineral targeting technologies, noted a news release.

Battery X Metals is a mining explorer of domestic battery and critical metal resources in support of the clean energy transition. Tech company TerraDX specializes in machine learning applications for mineral exploration and subsurface intelligence. Its proprietary AI foundation model analyzes geological, geochemical, and geophysical data sets and identifies high-potential mineral exploration targets with unprecedented accuracy.

"This agreement represents a forward-looking step in our 360-degree strategy to build an integrated battery metals supply chain," Battery X Chief Executive Officer (CEO) Massimo Bellini Bressi said in the release. "Expanding into the U.S. aligns with our long-term vision, and Nevada, given its geological potential and strategic importance, is a natural next frontier for our exploration vertical."

Battery X and TerraDX agreed to form Battery Metals Joint Venture (JV). Battery X Metals will serve as the JV's operator, responsible for permitting, claim acquisition, exploration work, and on-site operations. TerraDX will generate mineral prospectivity maps and target areas using its proprietary AI model, specifically configured for battery metals exploration.

"By harnessing large-scale geoscience data, we aim to identify and accelerate discoveries that might otherwise remain hidden for years," TerraDX CEO Colby Mintram said in the release.

"This data-driven approach should derisk early-stage exploration, shorten discovery timelines and unlock new opportunities for lithium, cobalt, graphite, nickel and manganese deposits," the release noted.

Battery X and TerraDX each will own 50% of Battery Metals JV that will operate exclusively in Nevada unless otherwise agreed to by both companies in writing.

The MOU also contemplates the formation of a second, separate joint venture between TerraDX and MineMind Metals Inc., to explore for gold, base and other critical metals and develop related projects, also in Nevada.

Both joint ventures will be run independently and with clearly defined functions to prevent operational overlap and ensure efficient project execution.

A management committee, comprising an equal number of representatives from Battery X and TerraDX, will govern Battery Metals JV. A coordination committee, consisting of one representative each from Battery X, TerraDX and MineMind, will address matters that arise between the two JVs, such as possible overlaps and shared discoveries.

As for Nevada, this mining-friendly jurisdiction is ideal for Battery Metals JV to operate in, the release pointed out. Well-endowed with critical battery metals, especially lithium, and having favorable geology and established mining infrastructure, the U.S. state is rapidly emerging as a strategic hub for domestic battery metals supply.

As for white gold, Nevada contains 85% of the country's known lithium deposits, according to The Nevada Independent, including the largest in North America, at Thacker Pass, and has 300-plus identified lithium occurrences, noted the U.S. Geological Survey.

Advancing the Energy Transition

In addition to exploring for battery metal resources, Battery X Metals aims to accelerate North America's clean energy transition by developing technologies to diagnose and extend electric vehicle (EV) battery life and by recovering battery-grade materials from end-of-life lithium-ion batteries, according to its April 2025 Corporate Presentation.

In its efforts, this British Columbia-based company aims to address several problems related to lithium-ion batteries and critical battery metals, the presentation explained. By 2031, more than 40 million electric vehicles will have reached the end of their manufacturer warranty. Increasingly, consumers are concerned about the state of health of their EV batteries, unsure about future safety, performance loss and the future resale value of their vehicle. With roughly only 5% of lithium-ion batteries being recycled, according to Ames National Laboratory, the strain on global supply is worsening. At the same time, essential battery metals, including graphite, lithium, cobalt, nickel and copper, are growing increasingly scarce.

Battery X has a number of 100%-owned exploration projects. Y Lithium in northern Saskatchewan, prospective for lithium-cesium-tantalum (LCT) pegmatites. It encompasses 5,856 hectares (5,856 ha) in four staked claims, divided into west and north claim blocks. These claims comprise the area north, south, and west of a historical lithium discovery at Bailey Lake. The property's favorable geological features include greenstones and leucogranites, indicating the potential presence of lithium-rich pegmatites.

Belanger is the company's gold and base metals project in northwestern Ontario's Red Lake District. It boasts 105 unpatented single cell mining claims over 2,100 ha. Known mineralized zones at Belanger are Joey Prospect, Hemming Occurrence, Williamson Occurrence and King Bay Gold Corp.

The Leaf River project in Nunavik, Quebec, encompasses 83 claims over about 3,500 ha. Reservoir-Dozios is a project in Abitibi, Quebec, containing 52 claims over about 3,500 ha.

Battery Metals Face Undersupply

At least four battery metals, including lithium, nickel, manganese and cobalt, all will be in a supply deficit by 2034, according to a Jan.7 Benchmark Source report.

Of these metals, lithium is expected to have the greatest undersupply in 2034, of 572,000 tons (572 Kt). The nickel market is next, with an anticipated deficit of 839 Kt. Manganese will be short 307 Kg and cobalt, 91 Kt. These projected deficits are about seven times the current surplus of each material, the report noted.

To meet battery demand in 2030, Benchmark indicated, a total investment of US$514 billion (US$514B) is required. Of this, nickel and lithium will need the biggest capital infusion, US$66B and US$51B, respectively. Western companies need to invest more to secure supply to meet domestic demand.

"Lithium will be the bottleneck for the growth of the battery industry more than any other part of the supply chain," noted Benchmark. To meet demand, most of it coming from the electric vehicle industry, by 2034, mined supply will need to reach 2,700,000 tons, more than double the current supply, and another 52 new lithium mines must come online by year-end 2030, noted Benchmark Source in its lithium forecast.

According to Research and Markets in February, the value of the lithium market is projected to reach US$16.8B by 2030, up from US$9.2B in 2024. This reflects a 10.5% compound annual growth rate.

Market growth drivers will continue to be advancements in technology, increased adoption of electric vehicles and expansion of renewable energy projects, Benchmark wrote.

As for other battery metals, the numbers of newly built mines needed, to produce enough of each so as to meet demand by 2034, are 29 (rare earths), 28 (nickel) and 26 (cobalt), according to a Jan. 30 Benchmark Source report. Manganese will require another 21 plants, natural graphite 31 plants and synthetic graphite 12 plants. Overall, it will take an estimated 293 new mines in all to meet global battery demand by 2034.

The Catalyst: Formal Agreements

Next for Battery X, with respect to its MOU with TerraDX, is the creation and signing of definitive joint venture and intellectual property agreements, the release noted. These agreements, to align with the terms outlined in the MOU, are expected soon.

Ownership and Share Structure

According to Refinitiv, five strategic entities own 2.86% of Battery X Metals. They are Mark Brezer, Matthew Markin, CEO and Director Massimo Bellini Bressi, Director Howard Blank and Barry Wattenberg.

The rest is in retail.

The company has 45.49 million outstanding shares and 44.19M free float traded shares. Its market cap is CA$7.73 million. Its 52-week range is CA$0.05–CA$0.445 per share.