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Kuya Silver Announces Joint Venture Agreement on Umm Hadid Silver-Gold Project, Saudi Arabia
Agreement Provides Significant Upside Participation for Kuya Silver5000 m drill program planned for JuneToronto, Ontario--(Newsfile Corp. - May 13, 2025) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to announce that it has completed a joint venture agreement with Sumou Holding Company ("Sumou"), the majority shareholder of Silver for Mining LLC ("Silver LLC"), which holds the 246-square-kilometre Umm Hadid exploration license in the
About this update from Kuya Silver Corporation
[{"type":"text","content":"Agreement Provides Significant Upside Participation for Kuya Silver","length":67,"tagName":"p","attribs":{}},{"type":"text","content":"5000 m drill program planned for June","length":37,"tagName":"p","attribs":{}},{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to announce that it has completed a joint venture agreement with Sumou Holding Company ("Sumou"), the majority shareholder of Silver for Mining LLC ("Silver LLC"), which holds the 246-square-kilometre Umm Hadid exploration license in the Kingdom of Saudia Arabia.","length":462,"tagName":"p"},{"type":"text","content":"Kuya Silver will maintain an active role in the management of the project providing technical and strategic expertise alongside its partners, Sumou, as well as the consultants and employees of Silver LLC. The joint venture agreement awards Kuya Silver a significant interest in the project in two parts: an immediate 5% non-dilutable (or carried) interest over the initial five-year work program, and a strategic option to acquire an additional 40% participating interest, for a total bring its potential ownership to 45%.","length":522,"tagName":"p"},{"type":"text","content":"Firstly, Kuya Silver will maintain a 5% carried, non-dilutable interest in the joint venture company during the initial work program phase of the project, which correlates to the 5-year work program committed in the making the winning bid awarded in January 2024 (see Kuya Silver Press Release, February 15, 2024). It is estimated to entail approximately USD $20 million in exploration expenditures over five years from the granting of the licenses (i.e. June 2029), including expenditures made to date.","length":503,"tagName":"p"},{"type":"text","content":"Secondly, Kuya Silver retains a back in right, up until April 2027, to acquire an additional 40% of Silver LLC, by reimbursing 40% of the expenditures made up to that point in time, to hold a total 45% interest in the project. From that point that the back-in right is exercised, the additional interest (ie. 40%) will be participating and subject to dilution as additional expenditures are made, while the original 5% interest remains protected from dilution until the initi...