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Quebec Precious Metals Corporation (QPM) is an exploration company with a focus on advancing its Sakami gold project near Newmont Corporation's Eleonore gold mine in Quebec. The company also holds a 68% interest in the Kipawa/Zeus rare earths project. QPM recently announced positive drilling results at the La Pointe Extension gold deposit, indicating a significant increase in mineralized volume. The company's CEO, Normand Champigny, is optimistic about the future and the transformative year ahead for QPM.
Quebec Precious Metals (QPM) announced on June 27, 2024, its congratulations to Ophir Metals Corp. for discovering spodumene pegmatites (lithium) near their Elmer East Project in James Bay, Quebec. Ophir's discovery lies 3.7 km northwest of QPM's Ninaaskuwumin spodumene pegmatite, where assays from nine samples revealed lithium values ranging from 1.10% to 3.92% Li2O. These findings suggest significant potential for spodumene pegmatite resources in the region. QPM plans to sample and drill its own Ninaaskuwumin spodumene pegmatite later this summer and early fall. An updated corporate presentation is available on the QPM website.
Quebec Precious Metals (CJCFF) has received financial support up to $333,306 from Quebec's Ministry of Natural Resources and Forests (MRNF) for its Elmer Est project in Northern Quebec. The support is part of the Mineral Exploration Support Program for Critical and Strategic Minerals, aimed at enhancing mineral exploration projects in Quebec. This funding will enable QPM to conduct geometallurgical studies to design an optimal treatment process and develop lithium resources discovered at the Ninaaskumuwin site. Surface assays from the site have shown lithium oxide (Li2O) values of up to 3.92%, with potential mineralization extending along a 3.8 km trend.
Quebec Precious Metals (QPM) has completed the final tranche of its non-brokered private placement, raising $261,560. This tranche included $160,000 from 3,200,000 Hard Units at $0.05 per unit and $101,560 from 1,154,091 flow-through units at $0.088 per unit. Each unit also includes a warrant to purchase one common share at $0.10 for 36 months. The total amount raised including the first tranche is $446,560.
Proceeds from flow-through units will be used for Canadian exploration expenses, qualifying as 'flow-through critical mineral mining expenditure' under Canadian tax laws. Funds from the placement will support general corporate purposes and exploration in Quebec. Insiders participated, subscribing to 200,000 Hard Units and 240,000 FT Units.
The company also corrected details from a previous release, confirming a finders' fee of $5,600 and 112,000 warrants issued previously. QPM signed shares for services agreements with three directors, compensating them with shares to conserve cash. These transactions are exempt from formal valuation and minority shareholder approval requirements.
Quebec Precious Metals (CJCFF) announced the first closing of a non-brokered private placement, raising $185,000 through 3,700,000 Hard Units at $0.05 each. Each unit includes one common share and one warrant, allowing the purchase of a share at $0.10 within 36 months. The proceeds will fund lithium and gold exploration in James Bay and social acceptability initiatives at the Kipawa rare earths project. Additionally, a separate placement of 3,000,000 Flow-Through Units at $0.088 each is planned to fund Canadian exploration expenses. Final approval from the TSX Venture Exchange is pending.
Quebec Precious Metals (QPM) will issue 457,942 common shares to settle debts totaling $38,925.08 owed to three directors for services rendered in Q4 FY2024 and Q1 FY2025. The shares will be issued at $0.085 each, with a four-month hold period. The Debt Settlement is considered a related party transaction but is exempt from certain MI 61-101 requirements. Additionally, QPM will issue 223,530 deferred stock units (DSUs) to the CEO as part of a plan to pay 20% of his compensation in DSUs. These units will vest one year from the grant date and can be paid in shares or cash when the CEO leaves the company.
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