Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins us to provide an update on the Global Uranium option to earn-in to the Northwest Athabasca Joint Venture; partnered with NexGen, Cameco, and Orano in the Athabasca Basin of Saskatchewan. We also dig into the value proposition at the Company’s 8 other uranium exploration projects around the Athabasca Basin.
The Company currently holds a 62.2% beneficial interest in the Forum NexGen JV, which in turns holds a 69.95% beneficial interest in the Northwest Athabasca Joint Venture. Accordingly, the Company holds a 43.32% beneficial interest in the Northwest Athabasca Joint Venture.
Global has an initial right to acquire 51% of the Company’s Interest by:
- making staged payments to the Company totalling $225,000 by December 31, 2027;
- making staged issuances to the Company of a total of 1,000,000 shares of Global by December 31, 2027; and
- making staged payments to the Company equal to the amounts the Company would be entitled to contribute for exploration under the Northwest Athabasca Joint Venture on account of the 2025-2028 operating years totalling a minimum of $3,900,000 and up to a maximum of $9,000,000 to be applied to the corresponding cash calls, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program.
- Forum will remain Operator of the Northwest Athabasca Joint Venture during the Initial Option period.
In addition to the work that will be going on at this project, we zoom out and give Rick the opportunity to unpack the opportunities and other JVs going on with a number of their other 8 projects around the Athabasca Basin. He highlights their 100% owned Wollaston Project, Costigan, and Maurice projects, and also a number of their JV projects like the Grease River, Fir Island Project, Highrock, Clearwater, and Henday Projects.
If you have questions for Rick on Forum Energy Metals, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.
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