Nevada Sunrise signs deal to sell Gemini project

Executive Summary

• Nevada Sunrise Metals Corp. entered a purchase‑and‑sale option agreement with Dome Rock Resources LLC to sell 223 unpatented lode claims comprising the core of its Gemini lithium project for $800,000 cash.
• The transaction includes an initial non‑refundable deposit of $100,000 and a second payment of $700,000 due within 120 days (accelerable).
• Nevada Sunrise will retain a 2 % net smelter return royalty on future production, with Dome Rock having the option to purchase half of that royalty for $1 million.

Key Details

• Asset Sold: 223 unpatented lode claims covering the core Gemini lithium project in Lida Valley, Esmeralda County, Nevada.
• Retained Interests: Nevada Sunrise will keep 26 adjacent unpatented lode claims west of the sold parcel.
• Purchase Price: Total cash consideration of $800,000 (≈ US$1.1 million).
• Payment Schedule:
• $100,000 non‑refundable deposit paid within five business days of agreement execution (effective date).
• $700,000 final payment due within 120 days of the effective date; purchaser may accelerate this payment.
• Royalty Arrangement: Nevada Sunrise retains a 2 % net smelter return royalty on any metals/minerals produced from Gemini. Dome Rock can acquire 1 % (half) of this royalty for $1 million cash.
• Default Provisions: Standard industry‑standard default terms apply if Dome Rock fails to meet payment obligations.
• Regulatory Condition: Agreement subject to acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)