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GreenLight Metals Signs Binding Term Sheet with Barrick Mining for Staged Earn-In Joint Venture at Kalium Canyon Project in Nevada's Walker Lane
Medford, Wisconsin--(Newsfile Corp. - May 7, 2026) - GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) ("GreenLight" or the "Company") is pleased to announce
About this update from Greenlight Metals Inc
[{"type":"text","content":" Medford, Wisconsin--(Newsfile Corp. - May 7, 2026) - GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) (\"GreenLight\" or the \"Company\") is pleased to announce that, through its wholly owned subsidiary Green Light Wisconsin LLC, it has signed a binding term sheet (the \"Term Sheet\") with a wholly owned subsidiary of Barrick Mining Corporation (\"Barrick\"), for a proposed staged earn-in and joint venture at GreenLight's Kalium Canyon gold project in Esmeralda County, Nevada (the \"Property\" or \"Kalium Canyon\"). Pursuant to the Term Sheet, Barrick may earn an initial 60% project-level equity interest by completing US$7.5 million in Qualifying Exploration Expenditures (\"QEE\"), limited to direct project costs, and making aggregate cash payments of US$1.0 million to GreenLight over a six-year Stage 1 earn-in period. Following Stage 1 vesting, the parties expect to implement the joint venture through a project company or other mutually agreed holding structure, with Barrick as operator. After the Stage 1 earn-in, Barrick may elect to earn an additional 10% interest by funding an additional US$12.0 million of QEE over a four-year Stage 2 earn-in period, and thereafter, Barrick may elect to earn up to an 80% aggregate interest by completing a pre-feasibility study on the Property at its sole cost within 48 months under a Stage 3 earn-in period. During the Stage 1 through 3 earn-in periods, all costs, expenditures, work programs, budgets and studies required to earn the additional interests, including costs related to any pre-feasibility study, will be funded solely by Barrick. Although the Term Sheet is binding, the parties have not yet entered into a long form agreement. Completion and implementation of the long form agreement remain subject to, among other things, final documentation, applicable third-party notices, consents, waivers, and other customary conditions. Matt Filgate, President & CEO of GreenLight, commented: \"Securing a binding term sheet with Barrick is a significant validation of Kalium Canyon's geological potential. Barrick's technical team brings unmatched epithermal expertise in Nevada, and their track record of discovery and development success, including the world-class Fourmile discovery, makes them the ideal partner to advance the Property. The staged structure allows Barrick to fund exploration an...