Miata's Sela exploitation licence renewed for 5 years

Executive Summary

• Miata Metals Corp. has renewed its exploitation license for the Sela Creek Gold Project in Suriname for a period of five years, covering 100 square kilometers and allowing for continued exploration activities such as sampling, trenching, and drilling.
• The company has completed anniversary payments under the option agreement for Sela Creek, including issuing 592,883 shares valued at $100,000 USD, and has fulfilled all work commitments to date.
• Management issued 2.4 million stock options to employees and consultants with a $0.25 exercise price, while noting that additional milestones are required to increase the company's interest in the project from 70% to 100%.

Key Details

• License Renewal: The Geological Mining Service in Suriname (GMD) granted a five-year renewal of the exploitation license.
• License Coverage: The renewed license covers 100 square kilometers, encompassing the majority of the current artisanal mining footprint at Sela Creek, including Miata's primary zones of interest.
• Permitted Activities: The license permits sampling, trenching, and drilling.
• Option Agreement Payments:
  • Completed anniversary payments for the Sela Creek option agreement.
  • Issued 592,883 Miata shares to optionors.
  • Share issuance value: $100,000 (U.S.), calculated at the trailing-five-day volume-weighted average price.
  • All work commitments required for the length of the option agreement have been completed.
• Future Milestones: Remaining milestones are required to satisfy the option agreement and increase Miata's interest from 70% to 100% (specific terms referenced in an attached table and prior Aug. 26, 2024 release).
• Stock Option Grant:
  • Issued 2.4 million stock options to management and consultants.
  • Exercise Price: $0.25.
  • Term: Three years.
  • Vesting Schedule: 50% on grant date, 50% after 12 months.
• Current Operations: The company is currently executing a 10,000-meter drill program at Sela Creek.
• Recent Financing: The CEO references a "recently closed oversubscribed financing" as providing capital for continued systematic exploration.

Notable Quotes

• "We are pleased to have received the renewal of our exploitation licence for another five years, providing a long runway for continued exploration," stated Jaap Verbaas, chief executive officer of Miata. "We are now firmly established at Sela Creek and well into our 10,000 m drill program. With our recently closed oversubscribed financing, we are well positioned to continue systematic exploration on our flagship project."