Globex Acquires Royalties Amidst Asset Consolidation

Globex Mining Enterprises Inc. has announced the acquisition of three gold royalty rights from IAMGOLD Corporation for $349,999.65. These royalties, each representing a 1% net smelter return, cover the Porcupine West Gold, Eldrich Gold Mine, and Rouyn-Merger Gold Mine properties, all located in Quebec and fully owned by Globex. The properties have significant historical gold mineralization intersections, enhancing their prospective value. Notably, the Porcupine West Gold property is part of the Destor-Porcupine fault with significant historic drill results including 6 g/t Au over 5.3 meters and other grades. The Eldrich Gold Mine, previously in production, and the Rouyn-Merger Gold Mine also show potential for further exploration. Jack Stoch, President and CEO, expressed confidence in the strategic value of eliminating these royalties to enhance asset value. The announcement also emphasized potential exploration and partnership strategies. The deal is expected to close by May 7, 2025, representing a strategic move in Globex’s asset consolidation efforts.