Global Energy Metals Corp (TSX-V:GEMC) (GEMC) has welcomed the acquisition of a significant stake in the company by entrepreneur Stefan Gleason.
Gleason, who owns and leads several privately held businesses in the US, including Money Metals Exchange LLC, has acquired 14.18% of GEMC's issued and outstanding shares on a partially diluted basis.
Gleason, also the managing director of Gleason & Sons LLC, which invests in mining royalty companies, expressed his strategic interest in GEMC's shift towards creating royalties and establishing joint ventures.
Commenting on the stake acquisition, Gleason said: "Global Energy Metals has strategically pivoted to diversify its battery metals exposure while reducing internal costs amid today's difficult capital market for mining equities. I believe this deeply undervalued company is also ripe for a strategic partnership or transaction."
GEMC welcomed Gleason as a significant shareholder and expressed its commitment to executing its strategy of securing exposure to the battery supply chain. The company aims to leverage its current portfolio of projects and evaluate future opportunities in line with its goals.
In other news, GEMC reported progress at its equity investee, High-Tech Metals Limited. Field work and sampling at the Werner Lake Cobalt Project in northwestern Ontario have been successfully conducted by technical and geological consultants. This follows the completion of an orientation ground geophysical program that improved understanding of the area's geological structure.
The company said it is now finalizing targeting for Phase II, which will include a second round of electromagnetic surveying and a maiden drilling program.
Additionally, GEMC highlighted the progress made by its joint venture partner, Kingsrose Mining Limited.
Kingsrose has commenced 5,000 meters of core drilling and further field and geophysical work at the Råna nickel-copper-cobalt sulphide project in Nordland County, Norway. The project, a highly prospective past-producing mining area, is receiving up to $15 million in staged exploration funding from Kingsrose.
GEMC aims to provide investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Contact the author at jon.hopkins@proactiveinvestors.com