M&A / Property
Core Critical Metals Corp. Announces Acquisition of the Advanced Lucky Mike Silver-Copper-Tungsten Project
CCMC · Price
Executive Summary
- Core Critical Metals Corp. (CCMC) executed an arm’s‑length option agreement to acquire up to an 80% interest in the Lucky Mike Silver‑Copper‑Tungsten property from First Atlantic Nickel Corp. (FAN), subject to TSX Venture Exchange approval.
- The earn‑in schedule requires a total of $16 million in cash and/or share consideration plus $16 million of qualified exploration expenditures over ten years, with an initial 70% interest earned after meeting the first set of requirements and a further 10% after the second set.
- Lucky Mike hosts historic resources (≈73.5 Mt @ 0.27% CuEq ≈ 402 M lbs Cu) and notable tungsten drill results, is fully permitted, drill‑ready, and located adjacent to major infrastructure and Teck’s Highland Valley Copper Mine.
Key Details
- Property Description: 37 claims covering ~7,675 ha in the Nicola Mining District, BC; proximity to Coquihalla Highway, power, water, and labor.
- Historic Resource Highlights: 73.5 Mt @ 0.27% CuEq (≈402 M lbs Cu) – historic estimate, not NI 43‑101 compliant.
- Tungsten Potential: 1943 drill program intersected weighted average 0.312% WO₃ over ~25 ft width across a 100 m strike.
- High‑Grade Intercepts: Historic drilling reported up to 5.4% Cu in samples and 789 m @ 0.16% Cu, plus volcanic breccias up to 0.4% Cu.
- Earn‑In Schedule & Payments
| Milestone | Due Date (relative) | Cash Payment | Share Issuance* | Qualified Expenditure |
|---|---|---|---|---|
| Effective Date – First Option Earn‑in | Immediate | $150,000 | — | — |
| By 1st anniversary | — | $300,000 | — | — |
| By 2nd anniversary | — | — | Up to $200,000 (share election) | — |
| By 3rd anniversary | — | — | Up to $300,000 (share election) | — |
| By 5th anniversary | — | — | — | $5.7 M |
| Total for 80% interest | By 10th anniversary | $500,000 cash + $150,000 cash | Up to $500,000 shares (VWAP of prior 10 trading days) | Additional $10 M qualified expenditures |
*Share price used for share issuance will be the volume‑weighted average price of the ten trading days preceding CCMC’s notice to FAN.
- Total Consideration: $500k cash + $150k cash + $16 M qualified expenditures = $16.65 M (cash) plus up to $500 k in shares, for an 80% interest.
- Royalty & JV Terms: Existing 2% NSR royalty remains; after earn‑in, FAN and CCMC will form a joint venture with pro‑rata cost sharing, CCMC remaining operator. If FAN’s share falls ≤10%, it converts to a 3% NSR royalty with a $7.5 M buy‑back option.
- Carry End Commitment: CCMC will fund 100% of approved exploration expenditures until delivery of a Feasibility Study (the “Carry End Date”).
- No Finder’s Fees are payable on this transaction.
Notable Quotes
“The Lucky Mike property offers a compelling combination of historic copper resources, tungsten potential, and immediate drill‑ready status in a world‑class mining district,” – Deepak Varshney, CEO & Director, Core Critical Metals Corp.
Materiality Assessment: Material – Positive (the agreement secures a high‑interest stake in a strategically located, resource‑rich property with significant upside and outlines substantial future cash/expense commitments.)
More from Core Critical Metals Corp.
Oct 09, 2026 · 07:00