Eureka Lithium has concluded its acquisition of a 100% stake in both the Cabin Lake Polymetallic Project in British Columbia's Omineca Mining District and the Tyee Titanium-Vanadium Project in the Havre-St-Pierre region of Quebec, Canada.
This acquisition was completed by purchasing all issued and outstanding shares of Stairway Mining, as per an amended share purchase agreement (SPA) earlier this month.
Under the terms of the SPA, Eureka exchanged 9,100,000 common shares with Stairway shareholders and agreed on a potential milestone cash payment totalling C$1,000,000 ($730,576).
This payment is contingent on accomplishments including filing technical reports for the properties on SEDAR+, disclosing a mineral resource estimate, and conducting a preliminary economic assessment within specified time frames.
The issued shares are subject to a four-month-and-one-day hold from their issuance date.
Initial negotiations had proposed 12,000,000 common shares as consideration without any milestone payment, but these terms were revised due to Canadian Securities Exchange policy restrictions.
The adjusted consideration stemmed from arm's length negotiations between Eureka and Stairway, focusing on exploration potential and industry comparables rather than original acquisition costs.
The Cabin Lake Project consists of six adjoining mineral claims covering approximately 2,363 hectares (ha) in the Omineca Mining District.
It hosts a polymetallic system with potential for zinc, lead, copper, molybdenum and silver, supported by several historic showings and a target area roughly 600m × 1,000m outlined by previous exploration.
The Tyee Project is made up of 189 adjoining mineral claims totalling around 10,136ha within Quebec’s Havre‑St‑Pierre Anorthosite Complex, a major titanium-bearing district.
The area also contains the Lac Tio Mine deposit, a high-grade, hard-rock titanium operation.
Previous surveys have indicated prospective titanium and vanadium mineralisation in the region.
Eureka Lithium CEO Dave Bowen said: “The acquisition of the Cabin Lake and Tyee Projects represents a strategic expansion of Eureka's asset base beyond lithium and into high-conviction polymetallic and titanium-vanadium prospective projects.
“Both projects are located in mining-friendly jurisdictions with strong infrastructure and district-scale geological potential. These projects give Eureka exposure to mineral projects targeting exploration for important materials necessary for defence, electrification and advanced manufacturing.”
