Inomin enters joint venture agreement with Sumitomo Metal Mining Canada

The non-binding Term Sheet provides Sumitomo the right to earn up to an 80% interest in the Project’s mineral claims by incurring a minimum of US$8 000 000 in exploration expenditures.

Key Term Sheet Terms

• Sumitomo granted an initial option (phase 1) over two years to earn a 60% interest in the Project by incurring minimum exploration expenditures of US$3 000 000.
• Sumitomo granted a second option (phase 2) over a period of up to three years to earn an additional 20% interest in the Project by incurring minimum exploration expenditures of US$5 000 000.
• Inomin will be the operator of the Project during at least the initial earn-in period, entitling the Company to a fee equal to 10% of Project exploration expenditures.
• Inomin will be reimbursed by Sumitomo a portion of exploration expenditures the Company incurs at the Project during Term Sheet exclusivity period, provided a Definitive Agreement is entered into.
• Sumitomo is conducting due diligence on the claims comprising the Project. Upon successful due diligence, the parties will work towards finalising and executing a Definitive Agreement.

John Gomez, President of Inomin commented, “We are delighted to partner with Sumitomo, a leading international resource project developer and producer, to advance Beaver-Lynx. With Sumitomo’s involvement, we believe Beaver-Lynx’s large mineral resource potential will be realised, and the property could develop into another major mine in a mineral and infrastructure-rich district.”

Read the article online at: https://www.globalminingreview.com/mining/06112024/inomin-enters-joint-venture-agreement-with-sumitomo-metal-mining-canada/