Global Energy Metals Corp (TSX-V:GEMC) said that Metal Bank Ltd (ASX:MBK), through its wholly-owned MBK Millennium Pty Ltd unit has completed all of the Stage 1 earn-in and joint venture (JV) agreement obligations on its Millennium copper-cobalt-gold project in Queensland, Australia, which included spending in excess of $1 million in exploration on the project.
Global Energy Metals noted that Metal Bank has now elected to acquire a 51% interest in the Millennium project and assets and will move to Stage 2 of the JV to increase its interest to 80%.
“We are delighted to have reached this key stage in the JV agreement and for the vote of confidence in the potential for this strategic project,” Global Energy Metals CEO Mitchell Smith said in a statement.
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“We welcome Metal Bank’s commitment to further advance Millennium through accelerated exploration activities and realize its opportunity as an asset of significant importance in filling future demand for critical metals, such as cobalt and copper, at a time when our economy transitions to a sustainable low carbon and electrified world,” Smith added.
The company said Metal Bank will issue it with shares valued at A$350,000 to complete the 51% earn-in and will now need to spend a further $2 million in exploration expenditures to achieve an 80% stake in the project.
As well, Global Energy Metals said upon receipt and assessment of all results from the current 2022 drilling program, Metal Bank will embark on a resource update and scoping study that is expected to be completed later this year.
Global Energy Metals offers investment exposure to the growing rechargeable battery and electric vehicle (EV) market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
As demonstrated by its current copper, nickel and cobalt projects in Canada, Australia, Norway and the US, the company is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets.
Contact Sean at sean@proactiveinvestors.com