On November 25, 2024, Voyageur Mineral Explorers Corp. entered into an option agreement whereby Foran Mining Corporation may acquire a 100% interest in Voyageur Mineral Explorers’ Hanson Lake project, located in east-central Saskatchewan approximately 65km west of Flin Flon, Manitoba.
To exercise the option under the option agreement, Foran Mining must make the following payments: (i) $1 million, in cash or common shares of Foran Mining, 15 days after executing the option agreement; and (ii) $10 million, in cash or common shares of Foran Mining, on or before the fifth anniversary of the initial payment date.
Upon exercise of the option, Voyageur Mineral Explorers will be granted a 2% net smelter royalty, subject to a 1% buydown right upon payment of $1 million. The net smelter royalty will not be payable on the first six months of production from the Hanson Lake project. After the Hanson Lake project has been in production for a total of 54 months in aggregate, Foran Mining will have a second buy-down right to reduce the net smelter royalty by an additional 0.5% upon payment of $1 million.
Cassels acted for Voyageur Mineral Explorers.