Vancouver, BC / TheNewswire / April 3, 2024 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a multi-jurisdictional, multi-commodity critical mineral exploration, development and project generating company focused on growth-oriented projects supporting the global transition to clean energy announces that, has terminated its agreement with Fulcrum Metals Plc and struck a new deal with Terra Balcanica Resources Corp, securing compensation and a royalty over highly prospective uranium projects in Saskatchewan.
Full details of the transaction can be found on the Company’s website in a news release issued earlier in the day.
Highlights:
- Exposure to uranium, a new commodity to Global Energy’s existing project, equity and royalty portfolio;
- Strategic equity position in Terra Balcanica, a publicly listed multi-commodity company with a new focus on uranium exploration in the Athabasca Basin (“Basin”);
- Historical work at the Projects has demonstrated evidence of uranium mineralization along favourable structural trends with prospective target horizons based on electromagnetic conductors;
- Proximal to northern and southeastern edges of the 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;
- Exploration expenditures by Terra totalling $3,250,000 prior to the fourth anniversary of the Option Agreement will aim to determine the resource potential for the Projects.
The agreement's termination marks a strategic move for Global Energy Metals, as it facilitated a new partnership between Fulcrum and Terra Balcanica Resources.
Under the option agreement between Terra and Fulcrum, Terra intends to acquire a 100% interest in Fulcrum's uranium projects.
In exchange for terminating the prior agreement with Fulcrum, Global Energy Metals will receive compensation equivalent to C$150,000 in shares in Terra upon the option agreement's closing.
Additionally, Global Energy Metals will be granted a 0.5% NSR over the Saskatchewan-based project portfolio, covering 596.71 square kilometres of highly prospective ground for uranium discovery.
The project portfolio targets major NE-SW trending structures along strike from historic uranium mines and projects.
GEMC CEO Mitchell Smith commented:
“We are excited to have attracted such a strong operational partner in Terra Balcanica to apply their technical and jurisdictional expertise to advance these North American uranium projects at such a pivotal time in this new nuclear era,” Mitchell Smith, GEMC’s CEO said in a statement.
“Through this arrangement, we’re excited to maintain exposure to these high-quality uranium assets through both the equity position in Terra and the NSR royalty over the portfolio.
"This will bolster Global Energy’s existing project, royalty and equity portfolio to now include uranium and further demonstrates the company’s ability to monetize assets for the benefit of shareholders.”
Future exploration efforts, spearheaded by Terra, aim to assess the resource potential of the projects, building on initial exploration and evaluation conducted by Fulcrum in 2023.
Qualified Person
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. He is a shareholder and Director of the Company.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a ‘consolidate, partner and invest’ approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believes Now is the Time to be part of this electrification movement.
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
GEMC’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.