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TORONTO, ON / ACCESS Newswire / July 31, 2026 / Grid Metals Corp. (TSXV:GRDM,OTC:MSMGF)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to announce it has received conditional approval from the TSX Venture Exchange ("TSXV") for its previously announced transaction with Avenir Minerals Limited ("Avenir"), a wholly-owned subsidiary of Agnico Eagle Mines Limited, for a joint venture on the Company's Falcon West Cesium Property (the "Property") located in southeastern Manitoba, Canada as announced by the Company on July 20, 2026.
Under the joint venture agreement (the "JV Agreement") between the Company and Avenir, Avenir has acquired an initial 15% interest in the Property and resulting joint venture for C$3,750,000 in cash and will thereafter fund its pro rata share of costs. Grid has retained an initial 85% interest in the Property and will be the operator of the joint venture.
Avenir has been granted the option to subscribe for up to 19.99% of Grid's issued and outstanding common shares, including Avenir's then-current holdings, following the publication of a mineral resource estimate in respect of the Property to be prepared in compliance with NI 43-101 - Standards of Disclosure for Mineral Projects. Avenir currently holds approximately 9.9% of Grid's issued and outstanding common shares, issued in connection with Grid's October 2025 private placement.
Avenir will have an option to acquire an additional 15% interest (for a total of 30%) in the Property upon completion of a preliminary economic assessment or adoption of a mine plan in respect of the Property.
On Behalf of the Board of Grid Metals Corp.
For more information about the Company, please visit our website at www.gridmetalscorp.com
or the Company's Curation Connect showcase here or contact:
Robin Dunbar - President, CEO & Director - rd@gridmetalscorp.com, +1 (416) 955-4773
Brandon Smith - Chief Development Officer - bsmith@gridmetalscorp.com
David Black - Investor Relations - info@gridmetalscorp.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
We seek safe harbour. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements include the potential for Avenir to acquire a greater ownership stake in Grid's issued and outstanding common shares or the Property pursuant to the terms of the JV Agreement. Uncertainties and other factors may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to the Company and Avenir's ability to meet their respective obligations under the JV Agreement, the results of exploration to be undertaken pursuant to the JV Agreement, whether Avenir exercises its equity option or increased Property ownership option under the JV Agreement, whether either party's interest in the joint venture is diluted such that it is converted to a net smelter return royalty, the parties' ability to fund their respective pro rata share of joint venture costs, potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, global demand for cesium and other critical minerals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the most recent financial period filed with the Canadian Securities Administrators and available at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Grid Metals Corp.
View the original press release on ACCESS Newswire
