Freeport Mac buyin at Max a--(Newsfile Corp. - May 13, 2024) - MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to announce it has entered into an Earn-In Agreement ("EIA") with Freeport-McMoRan Exploration Corporation ("Freeport"), a wholly owned-affiliate of Freeport-McMoRan Inc. relating to Max's wholly-owned Cesar Copper-Silver Project (the "Cesar Project or "Cesar") in Northwestern Colombia (refer to Figure 1).
Under the terms of the EIA, Freeport has been granted a two-stage option to acquire up to an 80% ownership interest in the Cesar Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million.
To earn an initial 51% interest, Freeport is required to fund C$20 million of exploration commitments at Cesar over five years and make staged payments to Max totalling C$0.8 million. Max will remain the operator of Cesar during this initial stage. Once Freeport earns its initial 51% interest, Freeport can increase its interest to 80% by funding a further C$30 million in exploration commitments at Cesar over five years and making staged payments totalling C$0.75 million.