Boreal Completes the Acquisition of the Modum Cobalt Project

Boreal Metals Corp. (“Boreal” or the “Company”) (TSXV:BMX) is pleased to announce that it has completed the acquisition of the Modum Project (“Modum” or the “Project”) from EMX Royalty Corporation (“EMX”) (NYSE American:EMX; TSXV:EMX). Pursuant to the terms of the purchase and sale, Boreal has issued to EMX 1,324,181 common shares of Boreal, which brings EMX’s equity ownership in Boreal to 19.9%. EMX will have the right to participate pro-rata in future financings at its own cost to maintain its 19.9% interest in Boreal. The TSX Venture Exchange has approved the transfer of the Modum exploration licenses from EMX to Boreal, subject to customary final filings.

As quoted in the press release:

“The Modum acquisition provides Boreal’s investors with exposure to the rapidly expanding battery metals market,”stated President and CEO, Karl Antonius. “We continue our aggressive growth strategy with the Modum Project and additional regional acquisitions. Advancing high quality cobalt assets in Scandinavia is attractive in light of the recent advancement of the Northvolt battery factory in northern Sweden.”

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