Global Energy Metals Corp (TSX-V:GEMC) announced that Terra Balcanica Resources has entered into a definitive option agreement with Fulcrum Metals Plc to acquire a 100% interest in Fulcrum’s uranium exploration licenses in northern Saskatchewan, Canada.
Global Energy Metals will receive C$150,000 in Terra shares and a 0.5% NSR royalty over the Saskatchewan project portfolio as part of the agreement.
This follows the termination of a prior agreement between Fulcrum and Global Energy, facilitating Terra's new strategic partnership.
“We are pleased to see this arrangement between Terra Balcanica and Fulcrum executed and as a result the granting of a NSR royalty on this highly prospective Athabasca basin uranium portfolio to Global and additionally being issued shares in Terra strengthening Global’s equity holdings in public exploration, development and royalty companies,” Mitchell Smith, President and CEO of Global Energy Metals, said in a statement.
The Saskatchewan portfolio targets major NE-SW trending structures near historic uranium mines, including significant discoveries like NexGen Energy's Arrow and Fission Uranium's Triple R.
Initial exploration by Fulcrum in 2023 confirmed high-grade uranium potential. Terra plans a systematic geological evaluation to assess resource potential.