High Tide Resources has signed an option agreement with undisclosed firms (vendors) to acquire a 100% stake in the Clearcut Lithium Project in Quebec, Canada.

Under the agreement, High Tide will have the option to pick a 100% interest in the property by making $100,000 in aggregate cash payments and issuing 1,000,000 of its common shares to the vendors.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

High Tide will also incur $1m in exploration expenditures on or before the agreement’s third-anniversary date. 

Furthermore, the vendors will retain a 2% net smelter royalty, of which 0.5% may be bought by High Tide for $1m. 

High Tide will also make additional milestone payments of $500,000 upon filing a positive feasibility study and $1m once the project starts commercial production. 

The firm said in a statement: “The milestone payments may be paid in cash or the issuance of shares at the Company’s discretion and shall be deemed to be an advance to the Vendors to be deducted against future royalty payments.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The project, which is located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region south-west of Val d’Or, comprises 249 claims covering around 14,40ha.

High Tide director, president and interim CEO Steve Roebuck said: “Adding the Clearcut Lithium Project to High Tide’s project portfolio is a low-risk and potentially high-reward opportunity for all our shareholders. 

“Lithium is in high demand making Clearcut a natural fit alongside our Lac Pegma Copper-Nickel-Cobalt Project that further diversifies our battery metals projects along with our flagship Labrador West Iron Project.”

Currently, High Tide owns a 100% interest in the Labrador West Iron Project located in Labrador City, Newfoundland and Labrador, as well as a 100% stake in the Lac Pegma copper-nickel-cobalt deposit located 50km south-east of Fermont, Quebec.