Monumental Minerals Corp. (“Monumental” or the “Company”) (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) has amended the option agreement (the “Option Agreement”) with Lithium Chile Inc. (“Lithium Chile”) (TSXV: LITH) for the Turi property (the “Property”) located within the Lithium triangle about 120 km northwest from the Salar de Laguna Blanca and 60 km northeast from the city of Calama, Chile.
Amended Terms of the Option Agreement
Under the amended terms of the Option Agreement, in order to exercise the option to acquire a 50.01% interest in the Turi Project, Monumental must make certain staged cash payments to Lithium Chile and incur exploration expenditures on the Turi Project as follows:
(a) In the event of Monumental entering into a joint-venture agreement with a third party on the Property (the “JV Agreement”):
make cash payments to Lithium Chile of an aggregate of $700,000 according to the following schedule:
(i) $200,000 within five (5) days of the date on which the Option Agreement and the transaction contemplated herein is accepted for final approval by the TSX Venture Exchange (the “Exchange”) (the “Acceptance Date”) (Exchange approval previously obtained and cash has been paid to Lithium Chile);
(ii) $250,000 within five (5) days of the effective date of the JV Agreement; and
(iii) $250,000 on or before October 5, 2025.
Incur minimum expenditures on the Property of not less than an aggregate of $1,400,000 on or before October 5, 2025.
(b) In the event no JV Agreement is entered into by October 31, 2024:
make cash payments to Lithium Chile of an aggregate of $700,000 according to the following schedule:
(i) $200,000 within five (5) days of the Acceptance Date (paid);
(ii) $250,000 on or before October 31, 2024; and
(iii) $250,000 on or before October 5, 2025.
Incur minimum expenditures on the Property of not less than an aggregate of $1,400,000 on or before October 31, 2025.
The Company continues discussions with the representatives of the Turi community to finalize the timing, payments, and plans as it relates to drilling on the Turi project, however, there is no assurance that the Company’s efforts will be successful.
