Having entered an option agreement with Germanium Mining (CNSX: GMC) to acquire its Pluto property in Quebec’s Chapais-Chibougamau region in June, XXIX Metal (TSXV: XXIX) has announced it has officially issued 287,403 common shares to Germanium. XXIX’s stock rose in early trading.
The company says shares were issued at 17.4¢ apiece. In total, the agreement is worth $50,000 (about US$35,751). The transaction is subject to an applicable statutory hold period of four months and one day from the date of issuance.
With the agreement in place, XXIX is now able to complete exploration expenditures of at least $250,000 on the Pluto property on or before Dec. 31, 2028.
The company’s shares lifted 7.69% to 21¢ apiece Thursday afternoon in Toronto.
XXIX is currently advancing its Opemiska and Thierry copper projects, two high-grade Quebec copper deposits. An Oct. 2025 preliminary economic assessment (PEA) for Opemiska generated an after-tax net present value (NPV) of $505 million with an 8% discount rate.
The Pluto property is located just 10 kilometres from Opemiska.
Comments