Storm Enters Agreement to Sell Miminiska Project
Landore Resources Limited has announced that Storm Exploration Inc. has entered into an agreement to sell its interest in the Miminiska Project to European Electric Metals Inc. for a total consideration of C$5,812,500. As part of this transaction, Landore Resources Canada Inc. will receive C$1,312,000 in cash from Storm to satisfy the remaining option payment. Landore Resources also retains a 15.8% interest in Storm, holding 3,268,234 common shares. The company views this sale as a testament to its asset portfolio and anticipates the cash payment will provide a strong financial position for 2026.
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London, United Kingdom - 3 December 2025 - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") notes the announcement made by Storm Exploration Inc. (TSX-V: STRM) ("Storm") on 1 December 2025, that it has entered into a mineral property purchase agreement ("Definitive Agreement") with European Electric Metals Inc. (TSXV: EVX) ("European Electric"), pursuant to which Storm will sell, subject to the satisfaction of certain conditions, its interest in the Miminiska Project, located in northwestern Ontario, that Storm will acquire by exercising its option to acquire the Mininiska Project pursuant to an existing option agreement dated May 5, 2021, as amended (the "Option Agreement") between Storm and Landore Resources Canada Inc. (collectively, the "Transaction").
The total consideration to be paid by European Electric includes cash and share payments equal to an aggregate of C$5,812,500, subject to the satisfaction of certain conditions, of which Landore Resources Canada Inc. ("Landore") will receive payment of C$1,312,000 in cash from Storm upon closing of the Definitive Agreement, in satisfaction of Storm's remaining option payment under the Option Agreement.
Landore continues to hold 3,268,234 common shares in Storm, representing a 15.8% interest in the company.
Further information on the Transaction, as announced by Storm, can be found here: https://money.tmx.com/en/quote/STRM/news
Landore Resources' CEO, Alexander Shaw, commented:
"The sale of Miminiska Project to European Electric Metals, a Canadian exploration company for $5.8 million, is testament to the high quality of our asset portfolio of 52 patented mineral claims across 5,494 hectares. The expected cash payment of over C$1.3 million, following our recent oversubscribed placing, will provide Landore with a strong platform going into 2026."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.