Nexus Uranium Options Great Divide Basin Project to Canamera Energy Metals
Executive Summary
- Nexus Uranium entered an option agreement with Canamera Energy Metals, allowing Canamera to earn up to a 90% interest in the Great Divide Basin uranium project in Wyoming.
- If all earn‑in milestones are met, Nexus will retain a 10% carried interest and receive approximately $280 k cash, $500 k of Canamera shares, and $2.75 M in funded exploration expenditures without additional capital outlay.
- The agreement outlines three staged option periods with specific cash, share, and exploration‑expenditure requirements over four years, after which a joint venture will be formed.
Key Details
- Option Structure – First Option (51% interest):
- 500,000 Canamera shares issued to Nexus within 5 days of closing.
- $30,000 cash payment within 5 days of closing.
- Additional $100,000 cash by the 18‑month anniversary.
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$250,000 in exploration expenditures by the 18‑month anniversary and an additional $500,000 by the second anniversary.
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Second Option (additional 20% for a total of 71%):
- 250,000 Canamera shares issued to Nexus.
- $75,000 cash payment.
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$1,000,000 in exploration expenditures, all due by the third anniversary.
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Third Option (additional 19% for a total of 90%):
- 250,000 Canamera shares issued to Nexus.
- $75,000 cash payment.
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$1,000,000 in exploration expenditures, all due by the fourth anniversary.
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Nexus Retained Interests if Earn‑in Completed:
- 10% carried interest in the project.
- Approx. $280,000 cash and $500,000 worth of Canamera shares.
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$2.75 M in funded exploration expenditures (no further capital required from Nexus).
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Royalty: Project remains subject to a 1.25% net smelter royalty payable to Nexus Uranium.
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Project Description: Great Divide Basin comprises 104 unpatented mining claims (~2,080 acres) in Fremont and Sweetwater counties, Wyoming; historic roll‑front uranium mineralization; adjacent to Premier American Uranium’s Cyclone property.
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Future Steps: Upon completion of the applicable option stages, parties will form a joint venture to advance the project.
Notable Quotes
“This option structure advances Great Divide Basin through a fully funded exploration program while we retain meaningful exposure to the project,” – Jeremy Poirier, Chief Executive Officer, Nexus Uranium Corp.