ACME Lithium Announces Amendment to Option Agreement with Eagle Battery Metals

Source: www.gulfoilandgas.com 6/14/2024, Location: North America

ACME Lithium Inc. announced it has signed an amendment to its option agreement dated January 23rd, 2024 with Eagle Battery Metals Corp. ("EBM"), pursuant to which ACME will grant EBM the sole exclusive option to acquire the 100% undivided interest (subject to a retained royalty) in the mineral claims held by ACME at its Fish Lake Valley lithium project, located in Esmerelda County, Nevada. In consideration for receiving $20,000, the amendment gives EBM additional time to make certain cash payments and incur exploration expenditures.

ACME's Fish Lake Valley lithium project is comprised of 207 lode mining claims totaling approximately 4,139 acres located in Esmerelda County, Nevada. To the east, the property neighbors Ioneer's Rhyolite Ridge world class Lithium-Boron Project.

EBM can exercise the option by paying a total of USD$1,495,000, issuing shares of EBM worth an aggregate of USD$3,300,000, and incurring a total of USD$500,000 in exploration and development expenditures over a 12-month period commencing from the date of the Amending Agreement.

Should EBM begin commercial production on any part of the Property, it will pay ACME a royalty calculated at 1.0% of the Net Smelter Returns (NSR). In addition, all proceeds from metals or commodities produced prior to EBM exercising the option or before commercial production commences will be paid to ACME. EBM has the right, at any time prior to commencing commercial production from the Fish Lake Valley Project, to purchase one-half of the NSR from ACME in consideration for a one-time cash payment of USD$1,000,000, or alternatively, to purchase the whole NSR from ACME in consideration for a one-time cash payment of USD$2,000,000.


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