Global Energy Metals Corp (TSX-V:GEMC) has provided updates on its portfolio of equity investments and ongoing projects.
Through monetizing non-core assets, GEMC has acquired a diverse portfolio of equity investments. Key updates include developments in Australia, Jordan, Saudi Arabia, and various corporate moves.
GEMC said that Metal Bank Ltd (ASX:MBK), in which it owns over 13.5 million shares, has started a drilling program at the Millennium project in Queensland. Drilling targets the Fountain Range-Quamby Fault Zone to increase copper and cobalt resources. Additionally, the company is reviewing gold and rare earth element potential at the Livingstone and Nanular projects in Western Australia.
In Jordan, applications for two new copper exploration areas were submitted, and initial fieldwork over a new copper porphyry target is complete.
In Saudi Arabia, MBK has engaged in licensing rounds for key exploration projects following positive meetings with government departments.
High-Tech Metals, where GEMC holds 2.5 million shares, is starting a desktop review of the Werner Lake project to compile historical and newly acquired data, preparing for future exploration. GEMC previously sold a 70% interest in Werner Lake as part of HTM’s A$4.718 million IPO on the ASX in January 2023.
Marquee Resources Ltd (ASX:MQR), in which GEMC holds just over 250,000 shares, has completed ground gravity data acquisition for the West Spargoville (WSP) and Yindi projects. This data identified new targets and paves the way for approximately 3,000 meters of reverse circulation drilling at WSP and 5,000 meters at Yindi in the first half of fiscal year 2025. Additionally, Marquee is mobilizing for a 2,000-meter drilling campaign at the Reddings REE project, following promising previous drilling results.
GEMC holds 1.15 million shares of Electric Royalties, which has a portfolio of 40 royalties in lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper as well as interests in 32 lithium properties in Ontario.
Electric Royalties recently provided updates on its royalty portfolio, including the Penouta tin-tantalum mine in Spain and the Seymour Lake lithium project in Ontario. CEO Brendan Yurik highlighted the potential revenue from the 1.5% gross revenue royalty interest and the positive impact of rising tin prices at Penouta.
Meanwhile, the Seymour Lake project, operated by Green Technology Metals, is on track with its feasibility study and permitting process, aiming to begin construction early works by year-end. Electric Royalties holds a 1.5% net smelter royalty on Seymour Lake.
Elsewhere, Terra Balcanica Resources is set to compensate GEMC with C$150,000 in shares and a 0.5% net smelter return (NSR) royalty, has entered into an agreement to acquire Fulcrum Metals' uranium portfolio in northern Saskatchewan.
The assets include a 100% optioned portfolio of uranium-prospective licenses on the outskirts of the world-renowned Athabasca Basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton.
And Sceptre Ventures, in which GEMC holds 637,000 shares, continues to identify and evaluate assets or businesses for a qualifying transaction, according to GEMC.
In addition to these equity holdings, GEMC is advancing its battery mineral project holdings in top-tier mining jurisdictions, providing investors with exposure to the global transition to clean energy.
For the full royalty update click here.
--Updated with additional information--