Linear Minerals Corp Signs Term Sheet for the Sale of Augustus and James Bay Claims

About this update from Linear Minerals Corp.

VANCOUVER, BC / ACCESS Newswire / June 8, 2026 / Linear Minerals Corp. (CSE:LINE)(OTC:LINMF)(WKN:A40 Y3E) ("LM" or the "Company") is pleased announce that it has entered into a term sheet ("Term Sheet") dated June 4, 2026, with Consolidated Lithium Metals Inc. ("CLM"), pursuant to which CLM intends to acquire a 100% undivided interest in the Augustus Lithium Project and additional LM claims, located in the Abitibi and James Bay regions of Québec (the "Project") (the "Proposed Transaction"). The Abitibi and James Bay claim block are located over 200km apart and do not form the same claim block. Proposed Transaction Summary Pursuant to the terms of the Term Sheet, LM, as the recorded and beneficial owner of the Project, will transfer to CLM a 100% undivided interest in 449 mineral claims, totaling approximately 215 square kilometers, located within the Abitibi region (358 claims) and James Bay region (91 claims) of Québec, through an asset purchase transaction. As consideration for the Proposed Transaction, CLM has agreed to pay LM aggregate consideration valued at approximately C$2.75 million, consisting of: The Consideration Shares will be subject to applicable statutory hold periods and any escrow provisions required by the TSXV and the definitive agreement between the parties (the "Definitive Agreement"). Additional commercial terms, including any net smelter return royalty provisions, escrow arrangements, and other customary transaction terms, are expected to be finalized in the Definitive Agreement. The Term Sheet contemplates the following: The Proposed Transaction is not a related party transaction and is an arm's length transaction for the purposes of the policies of the Canadian Securities Exchange ("CSE") and remains subject to certain closing conditions including, without limitation, (a) completion to the satisfaction of CLM of its due diligence, (b) execution of the Definitive Agreement between the parties, (c) the receipt by CLM and LM of all necessary corporate and regulatory approvals and consents, including the approval of the TSXV (in respect of CLM) and the CSE (in respect of LM), (d) each party's representations and warranties in the Definitive Agreement being true and correct in all material respects as of the closing date, and (e) each party satisfy...

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