Inomin Mines Inc. announced on November 1 that it has entered into a non-binding term sheet with Sumitomo Metal Mining Canada Ltd. It will develop its Beaver-Lynx project in south-central British Columbia. The agreement outlines the key terms for a potential earn-in and joint venture agreement.

Under the terms of the non-binding term sheet, Sumitomo has an opportunity to earn up to an 80% interest in the Beaver-Lynx project's mineral claims by funding exploration activities. This earn-in can be achieved in two phases:

• Phase 1: Over an initial two-year period, Sumitomo can earn a 60% interest by incurring a minimum of $3 million in exploration expenditures.

• Phase 2: Following successful completion of phase 1, Sumitomo has up to three years to earn an additional 20% interest by investing a further $5 million in exploration.

Inomin will act as the project operator during the initial earn-in period and will be entitled to a 10% fee on all exploration expenditures incurred by Sumitomo. Additionally, Inomin will be reimbursed for a portion of its exploration costs during the term sheet's exclusivity period, contingent upon the execution of a definitive agreement.

The Beaver-Lynx property encompasses a significant area of 25,350 hectares and is situated strategically in south-central British Columbia.

The project is 50 kms from the city of Williams Lake and borders Taseko Mines’ Gibraltar mine, one of Canada's largest open-pit copper mines. The property benefits from excellent access via all-season roads, is close to hydro-electric power, and has active railway lines nearby. Initial drilling and metallurgical tests have indicated the presence of large volumes of nickel. Combined with its district-scale size, Beaver-Lynx has the potential to be a major source of nickel in a predominantly gold-mining region.

Inomin currently holds a 100% interest in the Beaver-Lynx project with no royalties attached. It initially acquired this project back in 2019.

“We are delighted to partner with Sumitomo, a leading international resource project developer and producer, to advance Beaver-Lynx,” stated John Gomez, President of Inomin. “With Sumitomo’s involvement, we believe Beaver-Lynx’s large mineral resource potential will be realized, and the property could develop into another major mine in a mineral and infrastructure-rich district.”  

Inomin Mines – Focused on Critical Minerals

Inomin Mines is a company dedicated to identifying, acquiring, and exploring mineral properties with the potential to host significant resources. Their primary focus is on critical minerals, alongside gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE.