Appia Extends Memorandum of Understanding for the Elliot Lake Uranium Project, Ontario

Rhea-AI Summary

Appia Rare Earths & Uranium Corp. announced the extension of a non-binding memorandum of understanding (MOU) with 15997356 Canada Inc. to option up to 100% working interest in the Elliot Lake Uranium Project. Originally announced on May 15, 2024, the agreement's financing commitment deadline has been extended to August 9, 2024. All original terms remain unchanged, except Appia can now solicit and engage with new or previous interested parties for other potential deal structures. Appia retains the right to terminate the transaction by notifying the purchaser in writing.

Positive

• Extended deadline provides additional time to secure financing commitment.
• Appia can now explore offers from new or previous interested parties, potentially leading to better deal structures.

Negative

• Original financing commitment deadline was not met.
• Potential uncertainty with the current Purchaser's ability to secure financing.

Toronto, Ontario--(Newsfile Corp. - July 11, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FWB: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") stated today that it has agreed to extend the non-binding memorandum of understanding ("MOU") with 15997356 Canada Inc. (the "Purchaser") to option up to a 100% working interest in the Company's Elliot Lake Uranium Project ("Elliot Lake") located in Elliot Lake Ontario (the "Transaction") first announced on May 15^th, 2024 (See Press Release Here).

The Transaction was conditional upon the Purchaser providing a financing commitment to Appia on or before July 9, 2024, failing which Appia could terminate the Transaction. The deadline for the financing commitment has been extended to August 9, 2024. All other terms of the original MOU apply except that Appia is no longer restricted from soliciting offers from new interested parties, and/or re-engaging with previously interested parties to explore other potential deal structures. Appia can terminate the Transaction at any time on written notice to the Purchaser.

About Appia Rare Earths & Uranium Corp. (Appia)

Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project (See June 9th, 2023 Press Release - Click HERE) which is 40,963.18 ha. in size and located within the Goiás State of Brazil. (See January 11th, 2024 Press Release - Click HERE). The Company is also focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.

Appia has 136.8 million common shares outstanding, 145.5 million shares fully diluted.

Cautionary note regarding forward-looking statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For more information, visit www.appiareu.com

As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (X, Facebook, LinkedIn) please feel free to send direct messages.

To book a one-on-one 30-minute Zoom video call, please click here.

Contact:

Tom Drivas, CEO and Director 
(c) (416) 876-3957 
(e) tdrivas@appiareu.com 

Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216181

FAQ

What recent agreement extension did Appia announce for the Elliot Lake Uranium Project?

Appia announced an extension of the non-binding MOU with 15997356 Canada Inc. to option up to 100% working interest in the Elliot Lake Uranium Project until August 9, 2024.

How does the extension of the MOU affect Appia's ability to explore other offers for the Elliot Lake Uranium Project?

The extension allows Appia to solicit and engage with new or previously interested parties for other potential deal structures while retaining the right to terminate the current transaction.

What is the stock symbol for Appia Rare Earths & Uranium Corp.?

The stock symbol for Appia Rare Earths & Uranium Corp. on the OTCQX is APAAF.

When is the new deadline for the financing commitment in Appia's MOU extension?

The new deadline for the financing commitment in the MOU extension is August 9, 2024.

What can Appia do if the Purchaser fails to provide the financing commitment by the new deadline?

If the Purchaser fails to provide the financing commitment by August 9, 2024, Appia can terminate the transaction by providing written notice to the Purchaser.