Osisko Metals Expands Claim Near Gaspé Copper
Deal News | Dec 06, 2024 | Globenewswire
Osisko Metals Incorporated has finalized the acquisition of 199 claims near its Gaspé Copper Project. Under a sales agreement dated October 8, 2024, Osisko Metals acquired a 100% interest in these claims by issuing 5 million common shares and agreeing to a 2% net smelter return royalty, with half redeemable for $2 million. The new claims, located near Murdochville in Quebec's Gaspé Peninsula, cover potential tailings storage and exploration targets, which are instrumental to expanding the Gaspé Copper project. Osisko aims to expand resources at this site, which already hosts eastern North America's largest undeveloped copper resource. Concurrently, Osisko Metals, via a joint venture with Appian Capital Advisory LLP, is advancing the Pine Point project, one of Canada’s largest previous zinc mining operations. The article discusses forward-looking statements, highlighting the anticipated potential of these projects and the strategic positioning of Osisko Metals in the critical metals mining sector.
Sectors
- Mining
- Metals
Geography
- Canada – Osisko Metals and its projects, including the Gaspé Copper and Pine Point Project, are based in Canada, influencing local mining activities and economic impacts.
- Quebec – The Gaspé Copper Project is located in Quebec’s Gaspé Peninsula, highlighting regional mining activities and resource development.
- Northwest Territories – Osisko Metals is developing the Pine Point project in Northwest Territories, contributing to the local mining sector.
Industry
- Mining – The acquisition of additional claims for the Gaspé Copper Project involves mineral resource exploration and development, which is a key activity in the mining industry.
- Metals – Osisko Metals focuses on the development of copper and zinc resources, aligning it with the metals industry, specifically in the critical metals sector essential for industrial and technological applications.
Financials
- 5,000,000 common shares – These shares were issued by Osisko Metals to acquire 100% interest in the Claims.
- $2,000,000 – Half of the 2% net smelter return royalty is redeemable for this amount as part of the acquisition terms.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Osisko Metals Incorporated | Purchasing Company | Company | Osisko Metals is a Canadian exploration and development company focused on critical metals, specifically copper and zinc. |
| Private Holders of Claims | Sellers of the Claims | People | Two private individuals or entities with previous interest in the claims near Gaspé Copper Project, selling the rights to Osisko Metals. |
| Glencore Canada Corporation | Past-Owner of Gaspé Copper Mine | Company | Glencore Canada Corporation sold the Gaspé Copper mine to Osisko Metals in July 2023. |
| Appian Capital Advisory LLP | Joint Venture Partner | Company | Appian Capital Advisory LLP partners with Osisko Metals in the Pine Point Mining Limited venture for zinc resource development. |
| Robert Wares | Chief Executive Officer | People | Robert Wares is the CEO of Osisko Metals, leading the company's strategic initiatives in resource development. |