Stallion Uranium has agreed to divest its non-core uranium projects in the Eastern Athabasca Basin, Saskatchewan, Canada, to Glorious Creation.

The agreement grants Glorious the right to acquire a 100% interest in seven mineral claims, which cover around 10,874ha.

Under the agreed terms, Glorious will pay C$100,000 ($73,884) in cash upon signing, with half refundable if approval from the Canadian Securities Exchange is not secured.

At closing, an additional C$300,000 is due, followed by an issuance of 2.5 million common shares of Glorious distributed over two years.

Stallion Uranium will retain a 3% net smelter return royalty from the mined minerals, with Glorious having the option to buy up to 1.5% of this royalty before commercial production begins.

Furthermore, Stallion and Glorious agreed to an operating agreement for Stallion to conduct exploration programmes on the properties.

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Stallion Uranium CEO Drew Zimmerman said: “We are excited to see our three eastern basin projects move into the hands of Glorious, while still being able to benefit from their success. These projects warrant, and will now receive, a committed uranium exploration programme led by the strength of our technical and geological team.

“All three projects are located in the heart of the world-renowned Eastern Athabasca Basin and hold potential for a high-grade discovery.

“It also allows for Stallion to remain focused on progressing our projects in the south-western basin where we hold the largest exploration land package.”

The deal’s completion is contingent upon certain conditions, including clearance from the TSXV Venture Exchange, as well as Glorious’ shareholder consent and the delivery of a compliant technical report.

In December 2023, Stallion Uranium received permits to conduct geophysical surveys and diamond drilling exploration at Canada’s Coffer uranium project.