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Inomin and Sumitomo Metal Mining Canada Sign Definitive Agreement on Beaver-Lynx
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Inomin Mines Inc. (TSXV: MINE)
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About this update from Inomin Mines Inc
[{"type":"text","content":"Inomin and Sumitomo Metal Mining Canada Sign Definitive Agreement on Beaver-LynxVancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Inomin Mines Inc. (TSXV: MINE) (\"Inomin\" or the \"Company\") is pleased to announce, further to its news releases dated November 4, 2024 and March 6, 2025, that it has entered into a earn-in and joint venture agreement dated April 25, 2025 (\"Definitive Agreement\") with Sumitomo Metal Mining Canada Ltd. (\"Sumitomo\"), an arm's length party, pursuant to which the Company granted to Sumitomo the right to earn up to an 80% interest in the Company's Beaver-Lynx project in south-central British Columbia (the \"Project\" or \"Beaver-Lynx\"). Sumitomo was also granted with the option to acquire certain non-mineral rights, including hydrogen, by incurring minimum exploration expenditures and providing Inomin other consideration described below. Key TermsPursuant to the Definitive Agreement:Sumitomo and Inomin agreed to form a joint venture with respect to the Project;Sumitomo was granted an initial option (phase 1) to earn a 60% interest in the Project by incurring minimum exploration expenditures of $3,000,000 by the second anniversary of the Definitive Agreement;Provided that Sumitomo has exercised the initial option, Sumitomo will have a second option (phase 2) to earn an additional 20% interest in the Project by incurring minimum exploration expenditures of $5,000,000 by the third anniversary of the date on which the initial option was exercised; Provided that Sumitomo has exercised the initial option, Sumitomo will have the option to acquire certain non-mineral rights, including hydrogen, by paying Inomin $500,000 and grant to Inomin a royalty in certain circumstances as described in the Definitive Agreement;Inomin will be the operator of the Project during at least the initial option period, entitling the Company to a fee equal to 10% of Project exploration expenditures incurred by the Company on behalf of Sumitomo; andInomin will be reimbursed by Sumitomo for exploration and related expenditures the Company incurred at the Project during the term sheet exclusivity period up to $100,000, which expenditures will count towards Sumitomo's expenditure requirement under the initial option.A $1.7 million phase 1 work program is proposed in 2025 which is anticipated to include about 3,850 ...