Newmont Exercises Top-Up Rights to Purchase Additional Shares of Metallic Minerals

Metallic Minerals Corp., based in Vancouver, BC, announced that Newmont Corporation has opted to utilize its top-up right under the Investor Rights Agreement dated May 18, 2023. This decision allows Newmont to buy additional common shares to maintain its 9.5% ownership stake. Specifically, Newmont will acquire 342,750 shares at a price of $0.33 each to counterbalance recent non-cash transactions by Metallic Minerals.

This top-up follows Newmont’s involvement in the La Plata project, whose exploration was partly funded by Newmont through a strategic $6.3 million investment. Newmont has also contributed technical expertise and support, which is expected to continue into 2024. This includes planning for an exploration campaign that might involve resource expansion drilling at the Allard deposit and the initial drilling of new targets.

Scott Petsel, President of Metallic Minerals, expressed satisfaction with the collaborative efforts, emphasizing the promising exploration results received from the La Plata project. According to him, these results reinforce the project’s potential as a significant precious-metal-rich porphyry system in the U.S.

The share acquisition by Newmont is pending final approval by the TSXV. This strategic involvement by a major mining corporation underscores continuing confidence in Metallic Minerals’ operations and the La Plata project’s prospective value.