Quebec Precious Metals Receives $2,000,000 Payment From Sale of Royalty on Tansim Lithium Project

Rhea-AI Summary

Quebec Precious Metals Corporation (CJCFF) has received a $2,000,000 payment from the sale of a 2% Net Smelter Return royalty related to the Tansim lithium project. This transaction is part of a larger agreement involving Sayona Mining Limited and Lithium Royalty Corporation. Previously, QPM had received $250,000 from Sayona Qc for a 50% interest in the project's mining rights. CEO Normand Champigny noted that the funds will support their gold exploration initiatives in the James Bay region without needing equity financing.

Positive

• Received $2,000,000 payment improves cash flow.
• Funds support gold exploration without equity financing.
• Previous $250,000 payment indicates ongoing engagement with Sayona Qc.

Negative

• None.

MONTREAL, QC / ACCESSWIRE / October 18, 2021 / Quebec Precious Metals Corporation ("QPM" or the "Company") (TSX.V:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to report it has received a $ 2,000,000 payment in connection with the sale of a 2% Net Smelter Return royalty on all payable metals from the mining rights of the Tansim lithium project (the "Project") to Lithium Royalty Corporation ("LRC"). The sale is part of a transaction between Sayona Mining Limited and Sayona Québec Inc. (collectively, "Sayona Qc") and LRC announced on September 30, 2021.

On January 13, 2021, QPM had announced the receipt of a payment of $250,000 in reference to the exercise of the second option by Sayona Qc to acquire an additional undivided 50% interest in the Project's mining rights forming part of the Project. Sayona Qc owns 100% interest in the Project.

Normand Champigny, CEO of QPM, stated: "This payment is another step in the completion of the monetization process of our non-core assets. This allows us to better fund our gold exploration programs in the James Bay region without the need for equity financing."

About Quebec Precious Metals Corporation

QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. QPM's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM's goal is to rapidly explore the Project and to advance to the mineral resource estimate stage.

For more information please contact:

Jean-François Meilleur
President
Tel.: 514 951-2730
jfmeilleur@qpmcorp.ca

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Quebec Precious Metals Corporation

View source version on accesswire.com:
https://www.accesswire.com/668477/Quebec-Precious-Metals-Receives-2000000-Payment-From-Sale-of-Royalty-on-Tansim-Lithium-Project

FAQ

What is the significance of the $2,000,000 payment received by CJCFF?

The $2,000,000 payment reinforces the company's financial position, allowing investment in gold exploration without resorting to equity financing.

How does the royalty sale affect Quebec Precious Metals Corporation's future?

The royalty sale enhances cash flow, enabling further exploration in the James Bay region and supporting QPM's long-term goals.

What was the previous payment amount related to the Tansim lithium project?

Quebec Precious Metals Corporation previously received a $250,000 payment for a 50% interest in the project's mining rights.

What is the Tansim lithium project?

The Tansim lithium project is a mining project in which Quebec Precious Metals holds interests and has recently monetized royalties.