# 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.

- Canonical URL: https://newsverum.com/en/news/powermax-melba-north-ree-option-2026
- Publisher: Newsverum
- Section: Economy
- Country: Canada
- Published: 2026-10-15T16:53:09+00:00
- Updated: 2026-10-15T16:53:09+00:00
- Event / data period: 2026-10-15
- Other editions: [Türkçe](https://newsverum.com/tr/news/powermax-melba-north-ree-option-2026.md), [العربية](https://newsverum.com/ar/news/powermax-melba-north-ree-option-2026.md), [Français](https://newsverum.com/fr/news/powermax-melba-north-ree-option-2026.md), [Español](https://newsverum.com/es/news/powermax-melba-north-ree-option-2026.md), [Deutsch](https://newsverum.com/de/news/powermax-melba-north-ree-option-2026.md), [Português](https://newsverum.com/pt/news/powermax-melba-north-ree-option-2026.md)

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.

Methodology: Summary of the event reported in the primary announcement; source-provided measures and qualifications are retained.

| date | label | description | status |
|---|---|---|---|
| 2026-10-15 | 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. | occurred |

Sources: <https://www.newsfilecorp.com/release/319018> · Download data: [JSON](https://newsverum.com/api/v1/articles/powermax-melba-north-ree-option-2026/data/reported-announcement?lang=en&format=json) · [CSV](https://newsverum.com/api/v1/articles/powermax-melba-north-ree-option-2026/data/reported-announcement?lang=en&format=csv)

### Terms of the Melba North option

Announced total cash and share consideration for the three-year option and NSR payable upon exercise.

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.

| Term | Total cash (CAD) | Shares proposed for issuance | NSR upon option exercise (%) |
|---|---|---|---|
| Three-year option consideration | 86000 | 400000 | 1.5 |

Sources: <https://www.newsfilecorp.com/release/319018> · Download data: [JSON](https://newsverum.com/api/v1/articles/powermax-melba-north-ree-option-2026/data/melba-north-option-terms?lang=en&format=json) · [CSV](https://newsverum.com/api/v1/articles/powermax-melba-north-ree-option-2026/data/melba-north-option-terms?lang=en&format=csv)

## Sources

- [Powermax Minerals Inc. (company announcement)](<https://www.newsfilecorp.com/release/319018>) (Source checked: 2026-10-15; Published: 2026-10-15)

---

Cite the canonical URL above. [Editorial standards and corrections](https://newsverum.com/en/editorial)