Hammer Metals Signs Term Sheet for Millennium Project with Global Energy Metals

Hammer Metals Ltd. (ASX:HMX) announced that it has signed a term sheet that allows Global Energy Metals Corp. (TSXV:GEMC) to earn an interest in its Millennium project. The agreement includes the company’s five granted Millennium mining leases in Northwest Queensland.
Other highlights of the agreement include:

• Staged earn-in with GEMC having the right to earn 75% by spending a minimum of CAD$2,700,000 (A$2,700,000) including CAD$250,000 in cash payments.
• Hammer to manage the project for the first two stages of the JV until GEMC earns a 65% interest.
• Agreement subject to completion of due diligence and signing of a Definitive Agreement within 90 days.

Alex Hewlett, CEO of Hammer Metals, commented:

We are thrilled to have GEMC as a strategic partner and combine efforts to develop Millennium. GEMC’s strong track record, deep cobalt sector knowledge and key partnerships in Asian battery markets were key to our wanting to partner with them. This transaction provides our shareholders with immediate upside in partnering with a cobalt focused leader in the industry while retaining exposure to longer term value creation that the Millennium Project will offer.

Click here to read the full Hammer Metals Ltd. (ASX:HMX) press release.