Collective Metals Announces Letter of Intent to Acquire the Rocas Uranium Project

Core Viewpoint - Collective Metals Inc. has signed a non-binding Letter of Intent to acquire a 75% interest in the Rocas Uranium Project, located in the eastern Athabasca Basin, which is significant for Canadian uranium exploration and production [1][3]. Project Overview - The Rocas Project spans 4,002 hectares and is situated 75 kilometers southwest of the Key Lake Mine and Mill facilities [7]. - The project features over 7.5 kilometers of exploration strike length along a magnetic low trend, with uranium mineralization identified at the surface [5][7]. - Historical mineralized outcrop grab samples along approximately 900 meters of strike length have been recorded, grading up to 0.50 wt.% U3O8, with no prior drilling conducted [5][7]. Exploration Potential - A high-resolution ground gravity survey completed in 2024 has identified potential alteration halos and high-priority exploration targets along well-defined structural corridors [5][9]. - Four new drill target zones have been established based on the confluence of low gravity anomalies, historical surface mineralization, lakebed geochemical anomalies, EM conductors, and cross-cutting fault zones [12]. Financial Terms of the Option Agreement - The proposed option agreement includes cash payments, share issuances, and exploration expenditures over three years, totaling $225,000 in payments, $725,000 in shares, and $4,500,000 in exploration expenditures [13]. - The Optionors will act as the operator of the project for the first three years, charging a fee that starts at 10% in Year 1 and increases to 12% in Years 2 and 3 [14]. Joint Venture Intent - The parties intend to form an unincorporated joint venture for the further development of the Rocas Project, with the LOI being non-binding and subject to the finalization of definitive documentation [15].