U.S. Critical closes McDermitt interest acquisition

Executive Summary

• U.S. Critical Metals Corp. (USCM) and its subsidiary completed the acquisition of a 50 % interest in the McDermitt East lithium project and secured an exclusive option to acquire the remaining 50 % for up to $525,000 total consideration.
• Upon exercise of the option USCM will own 100 % of the project subject to a 2 % NSR royalty (with 1 % repurchasable for $1 M).
• The company will advance exploration with surface work and a maiden drill program targeting lithium‑bearing horizons.

Key Details

• Acquisition: Closed purchase of an initial 50 % interest in the McDermitt East project under an amended option agreement involving USCM, its subsidiary USEM, Live Energy Minerals Corp., and Lithium Valley Holdings Corp.
• Option Terms: Right to acquire the remaining 50 % by paying $25,000 cash within six months of amendment execution and a final payment of up to $500,000 (cash, shares or combination) on or before 24 months from amendment date.
• Royalty Structure: Post‑option, USCM will hold a 2.0 % net smelter return royalty; 1.0 % of this royalty may be repurchased for $1 million.
• Exploration Plan:
• Compile and interpret historical datasets.
• Conduct additional surface sampling and targeted mapping.
• Prioritize drill‑ready zones.
• Initiate a maiden drilling program to test lithium‑bearing horizons.
• Historical Sampling Results: Previously reported up to 2,129 ppm Li in surface samples from the project.
• Management Commentary: CEO Darren Collins highlighted strategic importance of McDermitt East within the emerging U.S. lithium district and indicated readiness to move toward drilling.
• Technical Report: Live Energy Minerals completed a NI 43‑101 technical report (effective 16 Dec 2022) indicating high potential for large lithium‑bearing sediment deposits.

Notable Quotes

“McDermitt East provides USCM with a major foothold in one of the strategically significant lithium basins in North America… Consolidating the pathway to 100‑percent interest in the project, USCM is now in an ideal position to advance exploration toward a maiden drill program.” – Darren Collins, CEO, U.S. Critical Metals Corp.