Consolidated Lithium Metals Inc. Signs Letter of Intent with SOQUEM to Earn up to 80% Interest in the Kwyjibo Rare Earth Project, Québec

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[{"type":"text","content":"Consolidated Lithium Metals Inc. Signs Letter of Intent with SOQUEM to Earn up to 80% Interest in the Kwyjibo Rare Earth Project, Québec\n\n\n\n TORONTO, Aug. 27, 2025 (GLOBE NEWSWIRE) --\n \n Consolidated Lithium Metals Inc.\n \n (TSXV: CLM | FRA: Z36) (“\n \n CLM\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it has entered into a non-binding letter of intent (“\n \n LOI\n \n ”) effective July 31, 2025, with SOQUEM Inc. (“\n \n SOQUEM\n \n ”), a wholly owned subsidiary of Investissement Québec, pursuant to which (subject to completion of several conditions precedent) the Company may acquire an option to earn up to an 80% interest in the Kwyjibo Rare Earth Project (the “\n \n Project\n \n ”), located 125 km northeast of the city of Sept-Îles, in the Côte-Nord region of Québec (the “\n \n Proposed Transaction\n \n ”).\n \n\n\n\n Proposed Transaction Summary\n \n\n\n\n\n Phase I – CLM to acquire a 60% undivided interest in Project\n \n\n\n Pursuant to the terms of the LOI, CLM may earn a 60% interest in the Project and be appointed as its operator in exchange for payments and issuances of common shares of the Company totalling an aggregate of C$23.15m within five years following the closing date of the Proposed Transaction (the “\n \n Phase I Term\n \n ”), allocated as follows (in each case subject to and in accordance with the rules and policies of the TSX Venture Exchange (“\n \n TSXV\n \n ”)):\n \n\n\n C$5.65m in cash to SOQUEM;\n \n\n C$5.50m payable to SOQUEM in common shares of the Company, at a deemed price per share to be mutually agreed by the parties; and\n \n\n C$12.00m invested in the Project to advance the following key stages of the Project's development:\n \n\n\n\n Negotiation and ratification of an impacts and benefits agreement with the Innu of Takuaikan Uashat mak Mani-utenam;\n \n\n\n Metallurgical study to confirm environmental viability of extraction and processing of rare earth in the region of the Project;\n \n\n Environmental permitting from the\n \n Bureau d'accélération de projets\n \n ;\n \n\n Initiation of at least a 5,000m drilling campaign for potential expansion of Project’s resources; and\n \n\n Initiation of a bankable fe...

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