Mineral exploration company Troy Minerals has signed an option agreement with an arm’s length party, Wyoming Mines, to purchase a 100% undivided interest in and to certain mineral claims in Wyoming, US.
Under the deal, Troy Minerals will have the option to acquire a 100% interest in the claims, collectively called SW2 Property, by paying $500,000 in cash.
Troy Minerals will also incur $1m in expenditures before 13 February 2028.
Upon exercise of the option, the firm will grant a $0.01 production royalty per pound of vanadium produced on the property to Wyoming Mines.
In a press statement, Troy Minerals said: “The production royalty will only be in the event the mineral resource on the property, as reported in a technical report prepared in compliance with National Instrument 43-101, is no less than one billion pounds of vanadium in the resource category of measured and indicated.”
Furthermore, Troy Minerals will make $100,000 in bonus payments to Wyoming Mines, upon establishing a mineral resource on the property.
The firm will also make additional bonus payments of $250,00 once it receives a feasibility study for the property.
Troy Minerals currently holds the right to acquire a 100% interest in the Green Gold Project comprising 12 mineral claims in Cariboo Mining Division, British Columbia, Canada.
The firm also owns the 1,065ha Ticktock property within the prolific Golden Triangle region of British Columbia.