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New Age Metals Signs Binding Term Sheet to Explore and Develop McLaughlin Lake Lithium Project, Northern Manitoba
(TheNewswire) August 17, 2023 – TheNewswire - Rockport, Ontario - New Age Metals I...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Signs Binding Term Sheet to Explore and Develop McLaughlin Lake Lithium Project, Northern Manitoba\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n August 17, 2023 –\n \n TheNewswire -\n \n Rockport,\nOntario - New Age Metals Inc. (TSXV:NAM\n \n )\n \n ;\n \n (\n \n OTC:NMTLF\n \n )\n \n ;\n \n (\n \n FSE:P7J.F) (“NAM” or “Company”) is pleased to\nadvise that it has entered a binding term sheet with Australian junior\nmining company, Native Mineral Resources (NMR). Under the terms, NMR\ncan earn up to a 75% interest in NAM’s McLaughlin Lake Project.\n \n \n \n \n \n NMR has the right to acquire an initial 51% interest by\ncompleting C$500,000 of exploration and development activities within\n18 months from the Effective Date and pay C$75,000 cash payment and\nAUD$200,000 in NMR shares.\n \n \n \n \n \n \n NMR can earn an additional 9% interest (60%) by\ncompleting and additional C$500,000 (for a total of a C$1,000,000) of\nexploration and development activities within 3 years from Effective\nDate, and making an additional C$100,000 cash payment and AUD$200,000\nin NMR shares.\n \n \n \n \n \n \n NMR can earn an additional 5% interest (65%) by making\na C$100,000 cash payment and AUD$350,000 in NMR shares which will be\nescrowed for 6 months.\n \n \n \n \n \n \n NMR will pay an additional C$100,000 cash payment at\nthe end of year 4.\n \n \n \n \n \n \n NMR can earn an additional 10% interest (75%) by making\na C$100,000 cash payment and AUD$650,000 in NMR shares escrowed for 6\nmonths. NMR must also complete a JORC compliant Mineral Resource\n(Indicated) 10Mt @ minimum 1.25% Li2O in Spodumene less than 150m, NMR\nReserve the right to continue if samples are below 1.25% Li2O in\nSpodumene.\n \n \n \n \n \n \n In years 4 and 5 NMR must spend a minimum additional\nC$2,000,000 in this agreement for a total of C$3,000,000 in\nexploration dollars.\n \n \n \n \n \n \n NAM\n \n \n will be the field manager, and\na JV Committee will be formed to approve work programs. NAM will\nreceive 10% on contracts under C$100,000 and 5% on contracts over\nC$100,000.\n \n \n \n \n \n \n NAM will receive a 2% Net Smelter Royalty on the\nProject with an option to buy down 1% for $2 million CAD leaving NAM a\n1% NSR in...