Firma carta de intención para la venta de sus activos de uranio
Fulcrum Metals plc / EPIC: FMET / Mercado: AIM / Sector: Minería
3 de abril de 2024
Fulcrum Metals plc
("Fulcrum" o la "Compañía" o el "Grupo")
Announces Letter of Intent with Terra Balcanica Resources Corp. for the sale of Fulcrum's
Saskatchewan uranium projects
Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce that it has entered into a non-binding Letter of Intent ("LOI") with Terra Balcanica Resources Corp. (CNSX: TERA) ("Terra" or the "Optionee"), a mining explorer with projects in Bosnia and Herzegovina and Serbia. Pursuant to the LOI, Terra, through an Option Agreement (the "Option Agreement"), will be granted the option to acquire a 100% interest in Fulcrum's uranium projects (the "Uranium Projects") located in Saskatchewan, Canada.
Terra will have the option to acquire the Uranium Projects, consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects by completing four years of exploration programmes and making a series of cash and equity payments as outlined below:
Cash to Fulcrum | Value of Shares in Terra to Fulcrum | Exploration Expenditures required by Terra
| |
Payment to Fulcrum for exclusivity on execution of signing the letter of intent | CA $ 7,500 |
|
|
Payment to Fulcrum on closing of Option Agreement | CA$25,000 less CA$7,500 exclusivity agreement | CA $ 250,000 |
Complete minimum work expenditures totalling CA$3,250,000 Prior to fourth anniversary of the Option Agreement |
Primer ano | CA $ 50,000 | CA $ 350,000 | |
Primer ano | CA $ 75,000 | CA $ 500,000 | |
Primer ano | CA $ 75,000 | CA $ 650,000 | |
Primer ano | CA $ 75,000 | CA $ 1,250,000 | |
Total | CA $ 300,000 | CA $ 3,000,000 | CA $ 3,250,000 |
The new shares in Terra that could be issued to Fulcrum under the terms of the Option Agreement will be issued at the 10-day Volume Weighted Average Price ("VWAP") prior to the date of issuance. The shares issued to Fulcrum on closing of the Option Agreement will be capped at CA$0.065 per share, pre-consolidation by Terra. Cash generated from the sale of the Uranium projects will be used by Fulcrum for its ongoing capital needs.
In addition, and following the exercise of the option, Fulcrum will retain a 1 per cent. Net Smelter Return ("NSR") royalty on all claims with a buydown option of 0.5 percent NSR for CA$1 million. As part of the Option Agreement, and for terminating the existing agreement (the "Prior Agreement") between Fulcrum and Global Energy Metals Corp. ("Global Energy"), details of which were announced by Fulcrum on 30 January 2024, Global Energy will be compensated with CA$150,000 to be satisfied through the issue of new shares in Terra on the closing of the Option Agreement and a 0.5 per cent. NSR on all claims.
Completion of the transaction outlined in the LOI is conditional on the completion of due diligence, Board approval by Fulcrum and Terra, receipt of all required third party consents and execution of the Definitive Option Agreement. The Company anticipates the completion of the definitive agreement to take place by 1st el Día Internacional del Trabajo.
The LOI is non-binding and sets out the intention of both parties to enter into a definitive agreement on the terms set out in the LOI, the key terms of which are summarised in this announcement. There can be no guarantee that a definitive agreement in relation to the Option Agreement will be entered into nor that the terms will be the same as set out in the LOI and this announcement.
Addition terms of the LOI
Orderly Sales Agreement | Fulcrum will agree to orderly sales provisions with respect to its equity interest in Terra |
Dunn Option* | The Option Agreement will include a covenant by Fulcrum to maintain the Dunn Option in good standing, and to exercise the Dunn Option and acquire a 100% interest in the properties included in the Uranium Projects that are subject to the Dunn Option. |
Ley que rige | The Option Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia, and the federal laws of Canada. |
* Certain claims comprising properties that are owned by Gary Clayton Dunn and Jonathan Stewart Dunn who granted an option to acquire a 100% interest in them to Fulcrum pursuant to a mining option agreement
Ryan Mee, Chief Executive Office of Fulcrum, commented:
"We have experienced significant interest from third parties over our uranium assets in Saskatchewan and are pleased to be able to announce the signing of this non-binding LOI with such a strong operational partner in Terra to apply their technical expertise to advance these Uranium projects. The completion of the option agreement will facilitate four years of exploration on these highly prospective licence areas, at a time when uranium prices, driven by the energy transition, continue to rise.
The terms outlined in the LOI, and consequent Option Agreement will enable Fulcrum shareholders to benefit from the potential upside of these projects, via the net smelter royalty and Terra shares, whilst providing Fulcrum with an injection of cash which we can use to advance other projects."
"At Fulcrum we are fortunate to have an outstanding team and this agreement not only endorses the strategy deployed by Fulcrum but is an important step for Fulcrum to execute the next stage of the strategy with a clear focus on gold, and in particular more so on gold tailings and mine waste in Ontario.
The gold tailings and mine waste in Ontario combines established mining jurisdiction with low discovery risk, and potential for earlier cash-flow opportunities. Teck-Hughes is Fulcrum's first gold tailings project, located in Kirkland Lake, Ontario for which sampling was complete in January and testing is underway at Extrakt Process Solutions testing facility. In addition to this the company is working on a framework with Extrakt Process Solutions and their alliance partners including Bechtel Corporation on licensing opportunities in Ontario.
Fulcrum has significant opportunities opening up, and I look forward to updating the market at the appropriate time as we progress these".
Additional project information
The project portfolio totals over 59k hectares targeting major structures along strike from historic Uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow discovery (4.3m tonnes at 0.83% U308) and Triple R discovery (2.7m tonnes at 1.94% U308) have proved the concept of exploring along structure outside of the Athabasca basin.
Destacados
· Proximal to northern and southeastern edges of the Athabasca Basin ("Basin") in northern Saskatchewan, a premium mining district and leading global source of high-grade uranium;
· Charlot-Neely is located within the emerging Uranium City district on the northwestern margin of the Basin
· Historical work at the projects has demonstrated evidence of uranium mineralization along favourable structural trends with prospective target horizons based on electromagnetic conductors;
· Future exploration by Terra will see the undertaking of a modern systematic geologic fieldwork to determine the resource potential.
Background of Terra
Terra is a public company listed on the Canadian Securities Exchange. Terra has mining exploration projects in Bosnia & Herzegovina and Serbia. The Terra management team has a track record in the mineral exploration, development and mining industries as well as Canadian capital markets.
For the year ended 31 January 2023, Terra incurred a loss for the year before tax of $CAD2,013,644 with net assets of $CAD2,291,508.
Glosario técnico
"cps" | Cuenta por segundo |
"EM" | Electromagnético |
"ppm" | Partes por millón |
"REE" | elemento de tierras raras |
"ÁRBOL" | Total Rare earth elements are a group of 17 elements composed of scandium, yttrium and the lanthanides |
"U308" | Triuranium octoxide, a compound of uranium |
Declaración de persona calificada
La información técnica de este anuncio ha sido revisada por Edward (Ed) Slowey, BSc, PGeo, asesor técnico de Fulcrum Metals Plc. El Sr. Slowey es un geólogo graduado con más de 40 años de experiencia relevante en exploración y minería de minerales y miembro fundador del Instituto de Geólogos de Irlanda. El Sr. Slowey tiene suficiente experiencia relevante para el estilo de mineralización y el tipo de depósito en consideración y para la actividad que se ha llevado a cabo para calificar como una "Persona Calificada" de acuerdo con la Nota de Orientación de Reglas AIM para Empresas Mineras y de Petróleo y Gas. El Sr. Slowey consiente en la inclusión en el anuncio de los asuntos en base a su información en la forma y contexto en que aparece.
Para más información, visite https://fulcrummetals.com/ o contacte:
Fulcrum Metales PLC | |
Ryan Mee (director ejecutivo) | Vía St Brides Partners Limited |
Allenby Capital Limited (asesor designado) | |
Nick Athanas/George Payne | Tel: + 44 (0) 203 328 5656 |
Claro Capital Markets Limited (Broker) | |
Bob Roberts | Tel: + 44 (0) 203 869 6081 |
St Brides Partners Ltd (relaciones públicas financieras) | |
Ana Ribeiro / Paul Dulieu | Tel: + 44 (0) 20 7236 1177 |
Notas a los editores
METALES FULCRUM - ANTECEDENTES
Fulcrum Metals PLC (LON: FMET) es una compañía de exploración cotizada en AIM que financia y administra proyectos de exploración enfocados en Canadá, ampliamente reconocida como una jurisdicción minera de primer nivel.
Fulcrum actualmente tiene una participación beneficiosa del 100 % en proyectos de metales básicos y oro altamente prospectivos en Ontario y proyectos de uranio en Saskatchewan.
La estrategia de Fulcrum es centrarse en el descubrimiento y la comercialización de sus Proyectos a través de programas de exploración específicos. El enfoque principal es hacer un descubrimiento económico en Schreiber-Hemlo Properties y establecer la prospectividad de su cartera más amplia de Ontario y Saskatchewan con miras a asegurar una empresa conjunta potencial y/o un interés de adquisición.
Las propiedades Schreiber - Hemlo tienen un historial de prospección y extracción localizada desde finales del siglo XIX. Sin embargo, los programas coherentes de exploración a nivel de propiedad han sido limitados o inexistentes, particularmente en los últimos tiempos. Fulcrum tiene la oportunidad de llevar a cabo dicho programa y este enfoque brinda la mejor oportunidad para explorar completamente la importante prospectividad de las propiedades. Un estudio estructural reciente identificó 19 objetivos de exploración prioritarios, de los cuales 42 objetivos dentro de la propiedad Big Bear y 24 en la propiedad Jackfish, con 18 en total (14 en Big Bear y 9 en Jackfish) clasificados como de alta prioridad para el seguimiento. Las propiedades tienen el potencial de albergar una gran perspectiva de oro de formación de hierro en bandas (BIF) de estilo estratoligado, estructuralmente controlada, similar al depósito Musselwhite (McNicoll et al., 2016), además de una veta de oro de estilo orogénico de piedra verde arcaica. prospecto, que se extiende más allá de los límites de las ocurrencias minerales históricas conocidas.
La propiedad Tully, de 458 hectáreas de superficie, está ubicada a 30 kilómetros al noreste de Timmins, Ontario e incluye el depósito Tully (Timmins North), que ha sido el foco de varias campañas de perforación desde su descubrimiento en 1969. El depósito Tully está ubicado a 2 kilómetros al suroeste del Proyecto de Oro Bradshaw de Gowest Gold Ltd., actualmente en desarrollo. Se accede a la propiedad por un camino de ripio para todo clima que se extiende 15 kilómetros al este de la carretera 655.
Si bien son altamente prospectivos, los activos mineros de Fulcrum se encuentran en la fase de exploración, por lo que Fulcrum puede agregar significativamente al valor inherente a través del éxito de la exploración. Fulcrum revisará continuamente las oportunidades con potencial y con miras a aumentar el valor para los accionistas. La intención de la Junta es lograr un crecimiento a mediano y largo plazo y establecer al Grupo como una importante empresa de exploración.
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