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M&A / Property

Powermax to acquire Ogden Bear Lodge for 250,000 shares

By The Northwire Desk — AI Analysis Sep 30, 2025 · 02:55 PMAX · 0.59 Powermax Minerals Inc
PMAX · Price

Executive Summary

  • Powermax Minerals Inc. will acquire 100 % of the Ogden Bear Lodge REE project in Crook County, Wyoming, by issuing 250,000 Powermax common shares to 1357508 B.C. Ltd.
  • The acquisition adds a 184‑hectare property comprising 22 federal unpatented lode mining claims that borders the advanced Bear Lodge critical rare earth project owned by Rare Element Resources Ltd.
  • Closing is expected on or about October 8, 2025, subject to customary conditions and CSE approval.

Key Details

  • Transaction Structure: Share purchase agreement dated September 23, 2025; consideration = 250,000 Powermax common shares.
  • Target Property: Ogden Bear Lodge REE project – 22 unpatented lode mining claims, total area 184 ha, located in the historic Bear Lodge mining district of northeastern Wyoming.
  • Strategic Context: Property borders Rare Element Resources’ Bear Lodge critical rare earth project, which has a non‑binding $553 million debt financing letter from the Export‑Import Bank of the United States for permitting, engineering design, and construction.
  • Closing Timeline: Anticipated closing on or about October 8, 2025, subject to customary closing conditions, regulatory approvals, and Canadian Securities Exchange (CSE) approval.
  • Qualified Person: Afzaal Pirzada, BSc, PGeo, director of Powermax, reviewed and approved the scientific and technical disclosure per NI 43‑101.
  • Management Comment: CEO Paul Gorman said the acquisition “adds to our expanding portfolio of assets” and positions Powermax “in the right neighbourhood… in the shadow of a potential mine.”

Notable Quotes

“We are excited about the acquisition of the Ogden Bear Lodge REE project in Crook county, Wyoming, which adds to our expanding portfolio of assets,” – Paul Gorman, CEO, Powermax Minerals Inc.

All forward‑looking statements are subject to risks and uncertainties; actual results may differ.

Read the original news release →

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