Stallion Uranium has concluded the sale of its interest in Eastern Basin uranium projects in Canada to Glorious Creation.

The assets, located in the uranium-rich Eastern Athabasca Basin, Saskatchewan, span around 10,874 hectares.

This region has been a significant uranium exploration site for more than five decades and is known for the substantial Cigar Lake and McArthur River Uranium Deposits.

Under the agreement, Glorious is required to make an initial cash payment of $100,000, with $50,000 refundable if approval from the Canadian Securities Exchange is not obtained.

Upon closing, Glorious will also pay $300,000 in cash and issue 2.5 million common shares to Stallion in stages.

Stallion retains a 3% NSR royalty on minerals extracted from the property.

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Glorious has the option to buy up to 1.5% of this royalty before commercial production begins, with the purchase prices set at $500,000 for 0.5%, $750,000 for an additional 0.5% and $1m for another 0.5%.

Furthermore, Stallion and Glorious have agreed on an operating agreement. Under this agreement, Stallion will execute an exploration programme on one or more of the properties for a fee.

This collaboration ensures that Stallion remains involved in the future development of the projects.

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

“The closing of this sale will bring exploration programmes to these projects, and Stallion is aligned to benefit from that exploration success.

“Our technical and geological team will be working with Glorious to manage the exploration efforts, but the sale allows for Stallion to remain focused on our targets in the south-western Athabasca Basin, including our Appaloosa target that saw great success on our maiden drill programme, moving the company towards a discovery.”