Steadright and SilverLine Mining Sarl Signs LOI in Morocco with Existing Mining License
Executive Summary
- Steadright Critical Minerals Inc. announced a non‑binding Letter of Intent (LOI) granting it a first right of refusal to acquire up to 60 % of SilverLine Mining Sarl, the holder of Moroccan mining licence #3843117.
- The LOI provides for a three‑month due‑diligence period; upon completion Steadright will issue 5,500,000 common shares to the licence owner in exchange for the equity stake.
- An ancillary agreement engages Atrium Research Corporation to produce quarterly research reports and management interviews for a twelve‑month term at $13,500 per quarter.
Key Details
- LOI Structure:
- Non‑binding LOI signed 26 January 2026; three‑month due‑diligence window before definitive agreement.
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Upon closing, Steadright will issue 5,500,000 common shares to the owner of Mining Licence #3843117 for up to a 60 % equity interest in SilverLine Mining Sarl.
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Ownership & Cost Sharing:
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Current licence holder retains 25 % carried cost; SilverLine retains 75 % of the mining claim after transaction.
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Property Description – SilverLine:
- Located in Regional Mining Area of Errachidia, Eastern High Atlas Haute Moulouya plateau, Morocco (Licence #3843117).
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Part of the Moulouya lead metallogenic province; historic mineralization includes lead, fluorite, barite and silver as a by‑product of Pb–Zn districts.
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Geological Reference:
- Based on Feb 21 2022 report “ETUDE GEOLOGIQUE DU PROJET MINIER …” (Kharmouch Sahar).
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Mineralization structurally controlled by NE/SW‑oriented faults and fractures, creating a highly fractured zone with concentrated lead, fluorite, barite mineralization.
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Qualified Person:
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Robert Palkovits, P.Geo., VP Exploration – reviewed technical information; QP notes that some data are historical and pending verification (site visits, sampling).
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Management Quote:
“I am extremely pleased with the SilverLine Mining LOI. We think it can add a lot to our company, especially with an active Mining Licence. Our Canadian and Moroccan teams are working very hard at the needed due diligence.” – Matt Lewis, CEO & Director
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Atrium Research Engagement:
- Atrium Research Corp. will produce research reports and three recorded management interviews.
- Compensation: $13,500 per quarter for a 12‑month term starting 1 Feb 2026; thereafter on a quarter‑to‑quarter basis at the same rate unless terminated.
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Atrium and its insiders hold no shares or options in Steadright; parties are arm’s length.
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Other Corporate Context:
- Steadright also holds the TitanBeach Titanium Project (192 km²) and Copper Valley Mineral Claim, plus an MOU for historic Goundafa Mine with a current mining licence.
Notable Quotes
“I am extremely pleased with the SilverLine Mining LOI. We think it can add a lot to our company, especially with an active Mining Licence.” – Matt Lewis, CEO & Director
Materiality Assessment: Material – Positive (the LOI represents a significant prospective acquisition that could materially expand Steadright’s asset base and production potential).