Powermax signs option for Ontario’s Melba North rare earth claims
The three-year agreement offers a path to a 100% interest for C$86,000 and 400,000 shares, subject to approvals and a 1.5% NSR.
Event / data period:
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Powermax Minerals said it entered a three-year option agreement with Gravel Ridge Resources and 1544230 Ontario for the Melba North property. The company may earn a 100% interest in 10 mining claims comprising 160 cells over about 3,360 hectares; the option is subject to exchange approval and a 1.5% net smelter returns royalty.
The payment schedule totals C$86,000 in cash and 400,000 shares, issuable after exchange approval. This is an option, not a completed acquisition. The release also discusses historical 2025 drilling; Powermax said it has not independently verified the results, sample custody or true widths. The known Clay-Howells iron-rare-earth deposit lies outside the option claims.
Data
Three-year Melba North option: C$86,000, 400,000 shares and 1.5% NSR, subject to approval.
This record summarizes the primary announcement; it is not independent verification.
- · Occurred
Three-year Melba North option: C$86,000, 400,000 shares and 1.5% NSR, subject to approval.
The three-year agreement offers a path to a 100% interest for C$86,000 and 400,000 shares, subject to approvals and a 1.5% NSR.
Methodology
Summary of the event reported in the primary announcement; source-provided measures and qualifications are retained.
Updated:
Terms of the Melba North option
Announced total cash and share consideration for the three-year option and NSR payable upon exercise.
| Three-year option consideration | 86000 | 400000 | 1.5 |
Methodology
C$86,000 is the total across the three-year payment schedule, not an upfront or already-paid amount. The 400,000 shares were announced as issuable after exchange approval. The 1.5% NSR is payable upon exercise; this is not a completed acquisition.
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