Fulcrum firma carta de intención para acuerdo de opción y regalías
Fulcrum Metals plc / EPIC: FMET / Mercado: AIM / Sector: Minería
30 de enero de 2024
Fulcrum Metals plc
("Fulcrum" o la "Compañía" o el "Grupo")
Fulcrum signs Letter of Intent for Option and Royalty agreement with Global Energy Metals Corporation
over Saskatchewan uranium projects
Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce that Fulcrum Metals (Canada) Ltd, a wholly owned subsidiary of the Group, has signed a non-binding Letter of Intent (the "LOI") with TSX Venture Exchange listed Global Energy Metals Corporation ("GEMC", or "Global Energy") for an option and royalty agreement over the Company's Saskatchewan uranium properties.
Under the terms of the LOI, Fulcrum will receive, upon the entering into of a definitive agreement, 5 million common shares in GEMC. In addition, a further CAD$1million in cash and shares in GEMC would become payable to Fulcrum should the option agreement (the "Option") be exercised by GEMC in the two-year option period. In return, GEMC would receive, upon exercise of the Option, a 19.9% equity interest in both Fulcrum's owned uranium properties (the "Owned Projects") and the uranium properties for which Fulcrum has options over (the "Optioned Projects") (if and when the options are exercised), consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects (the "Properties"). In addition, GEMC will receive, upon the entering into of a definitive agreement, a 0.5% royalty on net smelter returns royalty (the "NSR") in the Properties.
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 and royalty agreement will be entered into nor that the terms will be the same as set out in the LOI and this announcement. Furthermore, there can be no guarantee that the Option will be exercised by GEMC during the two-year option period.
Mitchell Smith (Non-Executive Director of Fulcrum Metals) is the CEO of GEMC and holds c. 6.85 per cent. of the issued share capital of GEMC.
The transaction contemplated above is a "Non-Arms' Length" transaction in accordance with applicable securities legislation of the TSX Venture Exchange ("TSXV"). Mitchell Smith has declared his conflict to the boards of both companies and abstained from voting on the transaction.
LOI, option and NSR agreement highlights
· Fulcrum will grant to GEMC a 2-year option for a 19.9% interest in Fulcrum's owned and optioned uranium portfolio;
· In order to exercise the Option, GEMC shall pay to Fulcrum CAD$1million as a combination of cash and GEMC Shares, as agreed to by both parties at that time;
· Fulcrum to receive, upon signing of a definitive agreement, 5,000,000 GEMC shares at a deemed price of CAD$0.06 a share, representing a 9.9% shareholding in GEMC;
· GEMC to receive a 0.5% net smelter returns royalty in the Properties;
· If the Option remains unexercised on the one-year anniversary of entering into a definitive agreement, GEMC shall pay to Fulcrum CAD$50,000 in cash and CAD$125,000 in shares in GEMC, otherwise the Option will lapse;
· Fulcrum would retain operational control over the Properties;
· Provides an underlying valuation of the Properties;
· Provides Fulcrum with exposure to GEMC's portfolio of non-operated, joint venture funded battery metals projects and catalogue of royalties;
· Marks the collaboration of Fulcrum Metals and GEMC working to explore further monetisation of the Company's uranium properties;
· GEMC and Fulcrum will negotiate in good faith to settle the terms a definitive agreement within 45 days the signing of the LOI; and
· Fulcrum intends to retain any shares received in GEMC
Ryan Mee, director ejecutivo de Fulcrum, comentó:
"The letter of intent clearly demonstrates the underlying value Fulcrum has in its uranium portfolio and validates the company's strategy and management's approach so far.
"We have received interest from several companies about the possibility of investing in our uranium projects, either through a joint venture or acquisition. We believe that the agreement with GEMC is in the best interest of all shareholders as we seek to monetise the uranium assets without diluting shareholders and provides Fulcrum with exposure to GEMC's active battery metal and royalty portfolio. Importantly this proposed transaction with GEMC would enable Fulcrum to retain operational control of its uranium portfolio.
"I look forward to working with Global Energy to further delineate value for the uranium project portfolio at a time when demand for uranium has been picking up globally as countries focus on transitioning to cleaner sources of energy and updating the market in due course as opportunities are matured."
KEY TERMS OF ACQUISITION
On closing of the transaction, Global Energy will acquire the NSR and a two-year option from Fulcrum to acquire 19.9% of the Owned Projects and a 19.9% interest in the option agreement pertaining to the Optioned Projects. In consideration for the NSR and the two-year option, GEMC will issue, subject to TSXV Exchange approval, five million shares at a deemed price of CAD$0.06 per share to Fulcrum. In order to exercise the option, GEMC will be required to pay to Fulcrum CAD$1M as a combination of cash and shares, as agreed by both parties at the time, at a minimum deemed issue price (the "Floor Price") equal to not less than the Discounted Market Price (as defined in policies of the TSXV) at the time a definitive agreement is announced by GEMC by way of a news release.
If the Option remains unexercised on the one-year anniversary of entering into a definitive agreement, Fulcrum is entitled to CAD$50,000 in cash and CAD$125,000 in shares in GEMC at a deemed price per share equal to the Floor Price. Fulcrum will remain as operator of the Properties and will maintain and keep the Properties in good standing.
Should GEMC elect to exercise the Option it will be provided a carried individual interest on each project on expenditures until a NI 43-101 compliant Resource estimate (or other equivalent report) is established. Upon completion of a resource report, GEMC will be responsible pro-rata to keep the projects in good standing upon exercising the Option. Once GEMC exercises the Option, for each resource delineated in accordance with NI 43-101 on a Property, GEMC will issue to Fulcrum CAD$100,000 in GEMC Shares at a price per share equal to the greater of: (a) the Floor Price; and (b) a 20% premium to Volume Weighted Average Price of GEMC's shares on the TSX for a period of 5 days. Once a resource report is obtained on each project, GEMC can participate or be diluted down to 2% at which time its position will convert to another 0.5% NSR royalty.
Información adicional del proyecto
La cartera de proyectos totaliza más de 59 hectáreas dirigidas a importantes estructuras a lo largo de minas históricas de uranio y proyectos que han atraído importantes inversiones. Descubrimientos como el descubrimiento Arrow (4.3 millones de toneladas con 0.83% U308) y el descubrimiento Triple R (2.7 millones de toneladas con 1.94% U308) han demostrado el concepto de explorar a lo largo de la estructura fuera de la cuenca de Athabasca.
Lago Charlot-Neely
· Totalling 16,372 hectares located in Northern region of the Athabasca Basin along the Black Bay Fault.
· Covers 20km of the major Black Bay fault structure which is associated within 10km of 14 historic Uranium mines of the established Beaverlodge District.
· Includes over 16km of historical EM conductors.
· Several historical uranium showings with grab samples up to 6.22% and trenching samples up to 0.15%.
· The Property contains vein-hosted uranium mineralisation characteristics of the Beaverlodge area with potential for unconformity-style mineralisation at depth - unconformity deposits are known to be larger and contain higher uranium grades.
· Extensive radioactivity throughout the property including new radioactive hotspots identified in 2023 located along and near structural lineaments is attributed to shear-hosted and vein-type uranium mineralisation. The presence of off-scale radiation (>65,535 cps), yellow, Uranium-oxide-stained fractures with sub-one percent uranium, and strong hematite alteration is considered typical of structurally - controlled uranium mineralisation.
· Sampling in 2023 returned numerous anomalous uranium samples including over 5,510ppm Uranium and scintillometer measurements of > 65,535 cps at the historical Peacock showing.
· Sampling exhibits strong hematite alteration along fracture planes and contain alteration overprinting the original rock enriching the sample in finely disseminated uranium - visible yellow uranium oxides are present. The radioactive zone is spatially associated with a large quartz vein and paragneiss/altered pegmatite veining.
· Evidence of strong deformation, proximity to a major fault (Long Lake Fault), and strong alteration signatures make this a target location for hydrothermal, vein-type uranium mineralisation.
· Many high cps samples at locations affected by glacially polished outcrops and/or rock conditions that are not conducive to collection of the target material with hammer and chisel. Below this veneer has potential to be higher in grade.
· Additional recommended work includes prospecting, EM and Magnetic geophysical surveys, geochemical surveys and geological mapping of key showings to advance the project to drill ready stage.
Propiedad del lago Fontaine
· Covers 5,987 hectares located in the Grease River area, northeast of Lake Athabasca.
· Several historical uranium sowings of up to 1.44% uranium along with rare earth samples of up to 4,732ppm TREE, 6,940ppm Niobium and 1,170ppm Tantalum.
· 2023 sampling returned scintillometer readings up to 53,000 cps and 7,130ppm Uranium by laboratory assay.
· The Property contains known vein-hosted uranium mineralization in addition to anomalously radioactive granites (Alaskite-type) generally characteristic of low-grade high-tonnage deposits, comparable to the geological setting of the Rossing deposit in Namibia.
· Given the large volume of the radioactive granites on and near the property, these rocks are candidates to explain the strongly elevated uranium values observed in the regional lake sediment sample data.
· Further work recommendations include prospecting to follow up on unexplored radiometric highs to confirm sources of radioactivity which may be masked by radioactive granites; gridded outcrop sampling over strongly radioactive zones in the granite to determine the potential for Alaskite-type mineralization on the Property; and soil or radon geochemical surveys to help delineate prospective structures related to high grade, vein type mineralisation.
Snowbird Project
· The project covers 32,836 hectares of the largely underexplored Cora Lake and Legs Lake Shear zones between major NE and SW Snowbird faults and the Black Lake Fault, Northern Saskatchewan.
· The Black Lake structure can be traced for at least 200km across the entire Athabasca Basin and is associated with Cameco's Centennial deposit (up to 33.9m averaging 8.78% U3O8 as reported on the Formation Metals website)
· The project is on trend with the Historic Nisto uranium Mine and notable projects Fir Island held by Forum Energy, Cree Bay held by F3 Uranium, projects held by Kobald Metals, the Black Lake project held by UEC and recent staking by Dennison Mines.
· Mining first occurred at the Nisto uranium Mine in 1950-51. In 1959, Haymac Mines restarted mining and shipped 500 tons of high-grade ore to the Lorado Mill at Uranium City, SK. One shipment of 106 tons of ore graded 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, Mineral Property #1621).
· Limited historic airborne surveys include uranium airborne anomalies that have not been followed up on.
· Limited lake sediment surveys identified a number of highly prospective REE targets and limited rock sampling identified the Bompas Lake uranium occurrence suggesting a significantly wide zone of anomalous mineralisation for which the source of the anomalies had not been identified.
South Pendleton project
· The project covers 4,115 hectares of the Needles Fall shear Zone, south of the Athabasca basin.
· Underexplored area that is sparsely mapped.
· Covers 20km of major faulting.
· Several airborne uranium squared anomalies are within the property that are yet to be followed up on.
· Radioactive boulders of upto 7.17% U308 to the North.
· In an area that is seeing substantial investment and development.
Global Energy Metals Corporation information
GEMC currently holds the following portfolio of representative security and royalty interests:
· 100% interest in Element Minerals Australia Pty Ltd ACN 138 488 909, an Australian company that is the 49% beneficial owner of the Millennium Cobalt-Copper-Gold Project and has a 20% beneficial interest in two neighbouring discovery stage exploration-stage cobalt-copper-gold assets, Mt. Dorothy and Cobalt Ridge, all located in Mount Isa, Australia. GEMC is free-carried as Metal Bank Ltd earns an 80% interest in Millennium. GEMC is also free-carried on Mt. Dorothy and Cobalt Ridge until a Feasibility Study is produced by JV partner Hammer Metals;
· 100% ownership of U.S. Battery Minerals Corp., which holds an 100% interest in two battery mineral projects, the Lovelock Mine and Treasure Box Project located in Nevada, USA;
· 10% ownership of Narvik Nikel, which holds an 100% interest in the Råna Nickel-Copper-Cobalt project, Norway. Kingsrose Mining has committed and is earning up to an 80% interest by spending $15 million in project expenditures;
· 13,541,000 common shares in Metal Bank Ltd. representing 3.8% interest in the issued and outstanding equity of Metal Bank Ltd., a publicly traded issuer on the Australian Securities Exchange;
· 2,500,000 common shares in High-Tech Metals Ltd. representing 7.6% interest in the issued and outstanding equity of High-Tech Metals Ltd., a publicly traded issuer on the Australian Securities Exchange;
· 1,350,000 common shares in Electric Royalties Ltd., a publicly traded issuer, representing a 1.4% equity interest in the issued and outstanding equity of Electric Royalties Ltd;
· 637,000 common shares in Sceptre Ventures Inc., representing 5.3% interest in the issued and outstanding equity of Sceptre Ventures Inc., a capital pool company on the TSXV.;
· 257,178 common shares in Marquee Resources Ltd. representing 0.06% interest in the issued and outstanding equity of Marquee Resources Ltd., a publicly traded issuer on the Australian Securities Exchange;
· 50% interest in the Monument Peak Copper-Silver project in Idaho, USA;
· 50% interest in the Chance Lake and Amiral projects in Quebec, Canada;
· 1% NSR royalty on the Råna Nickel-Copper-Cobalt project, Norway;
· 1% NSR royalty on the Mount Dorothy project, Australia; and
· 1% NSR royalty on the Cobalt Ridge project, Australia.
For the year ended 30 June 2023, Global Energy incurred a loss for the year of CAD$4,930,776 with net assets of CAD$4,535,354. The loss is attributed to a write down in some project acquisition costs as GEMC has taken a partner approach to project development. As such these costs are not directly incurred and therefore written down.
Glosario técnico
"cps" | Cuenta por segundo |
"EM" | Electromagnético |
"ppm" | Partes por millón |
"REE" | elemento de tierras raras |
"ÁRBOL" | Los elementos totales de tierras raras son un grupo de 17 elementos compuestos de escandio, itrio y lantánidos. |
"U308" | Octóxido de triuranio, un compuesto de uranio. |
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.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.