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Midland Exploration Inc V.MD

Alternate Symbol(s):  MIDLF

Metals & Mining Industrial Metals & Minerals
Midland Exploration Inc. is a Canada-based company, which is engaged in the mining exploration business. The Company’s operations include the acquisition and exploration of mining properties. Its projects include Corvette, Chisaayuu, Mythril East, Galinee, Komo, Mythril and Elrond, Lasalle, Tete Nord, Nunavik Nickel, La Peltrie, Patris and others. The Galinee Project is located over four kilometers (km) directly east of Adina. The Komo Project is located approximately 20 km west of the James Bay lithium deposit. The Tete Nord is located in Grenville. This program included a total of 16 drill holes totaling 3,450 meters. The Mythril East claim block is located seven km northeast and directly on strike with the Corvette pegmatite field. The Lasalle project is located in the James Bay territory and consists of 39 claims. The Casault property is located about 40 km to the east of the Detour Lake gold project located north of the city of La Sarre, Abitibi.


TSXV:MD - Post by User

Midland Exploration Inc
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Post by geolteacheron Nov 02, 2023 3:33pm
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Post# 35714342

essentials of the Rio Tinto JV that includes Galinee:

essentials of the Rio Tinto JV that includes Galinee:source: June 14, 2023 Midland news release.

The agreement (effective 13 June 2023) with Rio Tinto [RT] covers ten properties: Mythril-Corvette, Mythril-East, Mythril-Chisaayuu, Galinee, Moria, Shire, Komo, Warp, Sulu, and Picard.  (someone was a Star Trek fan...).

RT is the operator.

It looks to me like the earn-ins (50%, and optional to 70%) are for the whole of all ten properties - but I'm not an attorney. Anyone read this it differently?

RT can earn 50% over 5 years, if it:
  • expends >$2M in 1st 18 months (by 13 December, 2024).
  • expends >$14.5M in 5 years. (by  13 June 2028)
  • makes $100K cash payments per year.
After exercising the option above, RT can earn up to 70% if it expends $50M in exploration, after it exercises the first option (see bullets above).




 
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