Canada-based EMX Royalty has signed an option agreement with Bayrock Resources subsidiary Swedish Nickel to sell five battery metals projects in Sweden.

The assets considered for sale include the Kukasjarvi, Notträsk, Vuostok, Fiskelträsk, and Skogträsk projects.

Under the agreement, Swedish Nickel will have the option to acquire 100% interests in any or all of the projects through the issuance of cash or shares to EMX.

EMX will receive $45,577 (A$62,184) in cash, up to a 6% equity interest in Bayrock, 3% net smelter return (NSR) royalty and annual advance royalty payments.

The agreement will see Bayrock raising at least A$6m ($4.5m) within one year from the signing of the agreement, and issuing 5%-6% of Bayrock shares to EMX on a fully diluted basis.

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By GlobalData

In a press statement, EMX said: “The agreement with Swedish Nickel/Bayrock represents another example of EMX’s execution of the royalty generation aspect of its business model.”

The five projects are located in the Fennoscandian Shield, which is claimed to host several nickel deposits in Sweden, Finland and western Russia.

Each of the projects contains drill-defined zones of nickel-copper sulfide mineralisation developed in and around mafic to ultramafic intrusions, known as magmatic sulfide-style mineralisation.

EMX noted that the mineralisation zones are also variably enriched in cobalt and platinum-group-elements (PGE), key metals used in current battery technologies.

Occurrences and deposits of the projects were discovered in the 1970s and 1980s, with only limited and incomplete histories of follow-up exploration.