BY Furthers Project Generator Buiness Today, Beyond Lithium (BY.c BYDMF) announced the furthering of its project generator business with two mineral property agreements.
BY entered into a mineral property purchase agreement with Patriot Lithium for the company to transfer an undivided 100% interest in the 61 Borland mining claims
Located 60km NW of Frontier Lithium's PAK Project, the claims comprise of BY's Borland East & Borland North Projects.
For the claims, Patriot will issue 1.1M fully paid ordinary shares in the capital of Patriot and pay $2.5M to BY.
BY President & CEO Allan Frame commented:
"We are pleased to announce the first of many expected transactions to maximize the value of our large lithium exploration portfolio in Ontario for the benefit of our shareholders. When looked at a price per hectare, this transaction values Beyond Lithium's 198,000-hectare portfolio at $33 million,"
This deal is consistent with BY's priorities of partnering with reputable companies and retaining an interest in a potential lithium discovery as the claims will form a large and significant land package with better potential for development by Patriot Lithium.
Additionally, BY has entered into a mineral property option agreement with Extreme Exploration for an undivided 100% interest in its non-core Fabie Gold Project located in Quebec.
BY will in turn be issued an aggregate of 1M common shares of Extreme Exploration and be reimbursed for its costs associated with the exploration of the project in the amount of $150k cash.
"The transaction with Extreme Exploration is in line with Beyond Lithium's strategy of monetizing its non-core mineral property and developing a portfolio of marketable securities. Beyond Lithium will continue to concentrate on advancing its exploration on its lithium property portfolio in Ontario with a focus on its most advanced and promising projects. The combined cash and securities value of the two transactions announced today totals about C$575,000 in non-dilutive financing. We look forward to announcing other similar transactions,"
BY chose to adopt the project generator business model to maximize funds available for the exploration of our most advanced projects, while minimizing shareholder dilution, as detailed by Frame, saying:
"During our very successful 2023 exploration season, we generated significant amount of geological data on over 50 of our projects, making them attractive candidates for both companies which want to enter the lithium market or wish to consolidate existing land positions. These results will allow us to accelerate our deal-making activities."
Source: https://beyondlithium.ca/beyond-lithium-enters-property-sale-agreement-with-patriot-lithium-for-borland-claims