Usha Resources Ltd
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Company Description
- CEO
- Navin Kumar Varshney
- Full Time Employees
- 2
- Sector
- Non-energy minerals
- Industry
- Precious metals
- Address
- 1575 Kamloops Street Vancouver BC Canada V5K 3W1
- IPO Date
- Oct 12, 2018
- Website
- usharesources.com
- Similar Companies
- Business
- Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of drill-ready battery metal and precious metal properties with high-upside potential; its core assets include the Southern Arm copper-gold volcanogenic massive sulfide project in Quebec, the Jackpot Lake lithium brine project in Nevada, and the White Willow lithium pegmatite project in Ontario spanning 15,680 hectares near other regional lithium deposits such as Seymour Lake and Separation Rapids. The company explores for critical minerals including lithium, copper, gold, nickel, and cobalt, targeting battery metal supply chains for electric vehicles and renewable energy applications; operations span Canada, the United States, and Europe through listings on the TSX Venture Exchange (USHA), OTCQB (USHAF), and Frankfurt Stock Exchange (JO0). Founded in 2018 and headquartered at 1575 Kamloops Street in Vancouver, British Columbia, Canada, Usha maintains a diversified portfolio emphasizing strategic North American properties proximate to established mining districts. In May 2025, Usha executed an option agreement with Molten Metals Corp. granting the right to acquire 100% interests in the non-core Triangle Lake and Gathering Lake lithium pegmatite projects in Ontario in exchange for a 19.9% stake through 1,306,250 shares, plus staged cash payments and further share issuances totaling up to C$355,000 and 6.2 million shares, aligning with its strategy to streamline the portfolio, monetize non-core assets, and focus on drill-ready copper holdings like Southern Arm, where a fully funded maiden drill program is planned for fiscal 2025. This marks the company's second such divestment in 24 months, following the prior sale of the Nicobat nickel-copper project to Formation Metals Inc., yielding approximately C$1.14 million in shares and warrants that have appreciated significantly. Concurrently, Usha extended exclusivity until June 30, 2025, for the proposed sale of up to 90% of Jackpot Lake to Stardust Power Inc. for total consideration of up to US$26.025 million while retaining a 2% net smelter return royalty, subject to due diligence, definitive agreements, and TSX Venture Exchange approval; these transactions bolster its balance sheet to nearly $2.6 million in cash, equivalents, and equities as of May 2025.
Company News
Usha Resources Announces Share Issuance in Payment of Debenture Interest, Adopts Semi-Annual Reporting
Usha Resources Completes Extended Induced Polarization Survey at the Southern Arm Property
Panther Minerals Earns In Under Rubidium Ridge Project Option
Usha Resources Options Rubidium Ridge Project to Panther Minerals
Early Warning Report Filed Pursuant to National Instrument 62-103
Totec Resources Announces Closing of Qualifying Transaction and Anticipated Trading Date
Totec Resources Announces Closing of Qualifying Transaction and Anticipated Trading Date
Usha Resources and Totec Resources Complete Concurrent Financing for Gross Proceeds of $4,500,000
Usha Resources and Totec Resources Announce TSXV Conditional Acceptance and Filing of Filing Statement for Qualifying Transaction
Usha Resources Non-Brokered Private Placement of Convertible Debentures
Usha Resources and Totec Resources Provide Supplemental Disclosure for Qualifying Transaction
Usha Resources Provides Corporate Updates
Usha Resources and Totec Resources Enter Definitive Agreement for Qualifying Transaction
Usha Resources Ltd. and Totec Resources Ltd.
Usha Resources Sells Projects to Molten Metals for 19.9% Stake, Extends Exclusivity for the Sale of the Jackpot Lake Project for Total Consideration of up to US$26,025,000
Usha Resources Announces Induced Polarization Survey Ahead of Maiden Drill Program at the Southern Arm Copper-Gold VMS Property
Usha Resources Announces Completion of Phase 1 Fieldwork at the Southern Arm Copper-Gold VMS Property
Usha Resources Makes Discovery at the White Willow Project, Prepares for Drilling at the Southern Arm Copper-Gold VMS Property
Usha Resources Commences Fieldwork at the Drill-Ready Southern Arm Copper-Gold VMS Property
Usha Resources Congratulates Stardust Power on NASDAQ Listing, Provides Update on LOI to Sell Up to 90% of the Jackpot Lake Project for Total Consideration of up to US$26,025,000