Spearmint to Diversify in Crypto
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Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company” or “Spearmint”)Â wishes to announce that it has diversified the Company via an initial purchase of Solana. Spearmint plans to commit up to 20 percent of the cash on hand to this diversification.
James Nelson, President of Spearmint stated, “Spearmint management feels it is prudent to try to be as proactive as possible to build shareholder value. Management feels that diversifying into Solana specifically holds the highest potential for growth within the crypto space. We plan to continue this plan of action for the foreseeable future and will update the market regarding this strategy in the short and long term.”
Solana is a crypto-computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It seeks to improve scalability through a different approach in the blockchain industry, combining a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus. This approach has attracted interest from a diverse range of traders, from small-scale individuals to institutional entities. Solana claims it can process around 50,000 transactions per second. Solana is both a cryptocurrency and a flexible platform for developers building decentralized applications (dApps) across various industries, including DeFi, gaming, non-fungible tokens (NFTs) and financial derivatives.
On November 27, 2024, Spearmint acquired the George Lake South Antimony Project in New Brunswick, Canada. This project consists of 1,945 contiguous acres prospective for antimony. This new project is in the direct vicinity of the Lake George Antimony Mine in New Brunswick which was operated intermittently from 1876 to 1996 and was once the largest primary antimony producer in North America. Last week, China banned exports of critical minerals, including antimony, to the United States. As trade tensions escalate between the United States and China, this move clearly emphasizes the urgent need for Western nations to secure reliable long-term sources of these critical minerals, which are now at the forefront of the global supply chain crisis.
SPEARMINT COMMENTS ON CHINA’S BAN OF CRITICAL MINERAL EXPORTS TO THE USA, INCLUDING ANTIMONY
Spearmint Resources Inc. has commented on yesterday’s announcement of China banning exports of critical minerals, including antimony, to the United States. As trade tensions escalate between the United States and China, this move clearly emphasizes the urgent need for Western nations to secure reliable long-term sources of these critical minerals, which are now at the forefront of the global supply chain crisis.
Antimony is an essential component in semi-conductors and battery storage technology and has several military applications. Prices of antimony trioxide in Rotterdam had soared by 228 per cent since the beginning of the year to $39,000 a metric tonne on Nov. 28, as shown by data from information provider Argus. The move is a considerable escalation of tensions in supply chains where access to raw material units is already tight in the West.
James Nelson, president of Spearmint, stated: “This recent move by China is a clear signal of the importance for Western nations to explore for and develop a domestic supply of these critical minerals. Year to date, antimony prices have more than doubled, making it one of the best-performing commodities this year, and this recent move by China will likely further exacerbate this price surge. Management is currently formulating a plan to begin work on the George Lake South antimony project and also intends to update the market on Spearmint’s crypto diversification plan within seven to 10 days. These are truly exciting times for Spearmint shareholders.”
On Nov. 27, 2024, Spearmint acquired the George Lake South antimony project in New Brunswick, Canada. This project consists of 1,945 contiguous acres prospective for antimony. This new project is in the direct vicinity of the Lake George antimony mine in New Brunswick which was operated intermittently from 1876 to 1996 and was once the largest primary antimony producer in North America.