Métaux Osisko Expands Holdings With Claims Near Mines Gaspé

Deal News | Dec 06, 2024 | Globenewswire

Métaux Osisko Expands Holdings With Claims Near Mines Gaspé

Métaux Osisko Incorporate has announced the acquisition of 199 mining claims adjacent to its Mines Gaspé copper project through an agreement established on October 8, 2024, with private holders. The acquisition was made in exchange for 5 million shares of Métaux Osisko and a 2% net smelter return royalty, half of which is redeemable for $2 million within a specific timeframe. These claims are key to expanding the already substantial mining resources near Murdochville, Quebec, adding potential value to the company's copper exploration endeavors and strategic mining positions in Eastern North America. The company aims to lead the development of the largest untapped copper resource in Eastern North America and is also advancing zinc mining projects such as Pine Point, alongside Appian Capital Advisory LLP. Métaux Osisko's acquisition emphasizes its commitment to increasing liquidity and enhancing market presence, with future strategic moves guided by the company's leadership and market conditions.

Sectors

  • Mining and Metals
  • Natural Resources

Geography

  • Canada – The article focuses on Métaux Osisko's activities in Quebec and the Northwest Territories, indicating the company's strategic focus within Canada.

Industry

  • Mining and Metals – The article discusses the acquisition of mining claims and exploration projects related to copper and zinc, positioning Métaux Osisko as a key player in the mining industry.
  • Natural Resources – The focus on the strategic acquisition of natural resource assets, particularly copper and zinc, highlights the industry's relevance to Métaux Osisko's business pursuits.

Financials

  • 5,000,000 shares – Issued as partial compensation for acquiring the 199 mining claims.
  • $2,000,000 – Amount for which half of the 2% net smelter return royalty is redeemable.

Participants

NameRoleTypeDescription
Métaux Osisko IncorporéAcquirerCompanyA Canadian exploration and development company focused on creating value in critical metals, primarily copper and zinc.
Private HoldersSellerPeopleIndividuals holding the mining claims purchased by Métaux Osisko.
Glencore Canada CorporationFormer OwnerCompanyFormer owner of the Gaspé Copper Mine from which Métaux Osisko acquired full ownership.
Appian Capital Advisory LLPJV PartnerCompanyJoint venture partner with Métaux Osisko in the Pine Point Mining Limited zinc project.