New Age Metals (TSX-V:NAM) has signed a definitive agreement allowing Rockport Capital (TSX-V:R.P) to earn up to 70% of the Genesis Nickel-Copper-Platinum Group Element (PGE) Project in Alaska, US.
The agreement replaces a non-binding letter of intent announced in May and is intended to serve as Rockport’s qualifying transaction under TSX Venture Exchange (TSX-V) policies.
Rockport can initially earn 50% of Genesis by paying New Age Metals C$25,000 ($25,211), issuing 1 million shares, and funding at least C$250,000 of exploration within 12 months of closing.
It can increase its interest to 70% by paying a further C$10,000, issuing another 250,000 shares, and spending an additional C$750,000 within 36 months. If Rockport does not exercise the second-stage option, the companies will form a 50:50 joint venture (JV).
New Age Metals will remain project operator throughout the earn-in and JV stages. It will receive a service fee equal to 4% of exploration expenditure during the initial earn-in and 8% of direct program costs after the JV is formed.
Under the agreement, New Age Metals will retain an interest of at least 30% while Rockport funds exploration during the earn-in period.
Rockport will also reimburse expenditure incurred by New Age Metals under the 2026 field program following completion of the transaction, with the amount credited towards the initial expenditure commitment.
Genesis comprises 64 contiguous mining claims spanning 4,144 hectares in the northeastern Chugach Mountains, about 120km by road north of Valdez. The project lies within 3km of the Richardson Highway and a high-capacity power line.
The property remains subject to an existing 3% net smelter return royalty held by privately owned Anglo Alaska Gold.
The non-arm’s-length transaction reflects overlapping directors, officers, and securityholders between the companies. Completion remains subject to TSX-V acceptance, approval from a majority of Rockport’s disinterested shareholders, a concurrent Rockport financing of at least C$750,000, and completion of a technical report.
New Age Metals is a Canadian critical minerals explorer with projects targeting PGEs, lithium, rare metals, antimony, and gold.
Write to France Pinzon at Mining.com.au
Images: New Age Metals
