Vancouver, British Columbia, November 4, 2024 – Inomin Mines Inc. (TSX.V: MINE) (“Inomin” or the “Company”) is pleased to announce that it has entered into a non-binding term sheet (the “Term Sheet”) with Sumitomo Metal Mining Canada Ltd. (“Sumitomo”) dated November 1, 2024 which sets forth the key terms of a proposed earn-in and joint venture agreement (“Definitive Agreement”) to be entered into on the Company’s Beaver-Lynx project in south-central British Columbia (the “Project”). The non-binding Term Sheet provides Sumitomo the right to earn up to an 80% interest in the Project’s mineral claims by incurring a minimum of $8,000,000 in exploration expenditures.
Key Term Sheet Terms
Sumitomo granted an initial option (phase 1) over two years to earn a 60% interest in the Project by incurring minimum exploration expenditures of $3,000,000;
Sumitomo granted a second option (phase 2) over a period of up to three years to earn an additional 20% interest in the Project by incurring minimum exploration expenditures of $5,000,000;
Inomin will be the operator of the Project during at least the initial earn-in period, entitling the Company to a fee equal to 10% of Project exploration expenditures; and
Inomin will be reimbursed by Sumitomo a portion of exploration expenditures the Company incurs at the Project during Term Sheet exclusivity period, provided a Definitive Agreement is entered into.
Sumitomo is conducting due diligence on the claims comprising the Project. Upon successful due diligence, the parties will work towards finalizing and executing a Definitive Agreement.
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