On August 1, 2023, Perseverance Metals Inc. entered into a purchase option agreement with Altius Minerals Corp. and Bitterroot Resources Ltd. to acquire a 100% interest in the 680 km2 Voyageur nickel-copper-cobalt-PGM Project in the Upper Peninsula of Michigan, approximately 65 km west of Lundin Mining’s Eagle nickel-copper-cobalt-PGM mine – the only active primary nickel mine in the United States.
The option provides Perseverance the exclusive right until December 31, 2025 to earn a 100% interest in the Voyageur Project by: (i) issuing to Altius and Bitterroot a total of 20% ownership in the equity of Perseverance; (ii) incurring $2 million in exploration expenditures on the Voyageur Project before December 31, 2025, including $250,000 within the first 12 months; (iii) raising aggregate gross proceeds of $5 million within 18 months with Altius and Bitterroot retaining a combined 20% free-carry interest on any common shares issued pursuant to the equity financings; and (iv) Perseverance becoming a reporting issuer in Canada within 18 months, subject to a conditional six-month extension.
Cassels is acting for Altius.