Triple-listed uranium junior Forsys Metals Corp. has executed an earn-in agreement with B2Gold Namibia (B2Gold) whereby B2Gold can earn up to a 100% interest in the Ondundu gold project in Namibia.
The principal commercial terms of the earn-in are as follows:
- In the first 12 months B2Gold will, as project managers, have the right to acquire 25% of Ondundu for a committed spend of US$900 000;
- If B2Gold exercise their first right, in the second 12 months they will spend a further $1.1 million to acquire an additional 24% interest in Ondundu (49% in total);
- If B2Gold exercise their second right, they may spend a further $1.3 million to acquire an additional 26% interest in Ondundu (75% in total) in the third 12 months; and
- B2Gold and Forsys may separately exercise a call or put option to transfer the balance of Ondundu for $8.5 million after 24 months or 36 months respectively.
Forsys Chief Executive Marcel Hilmer says the earn-in with B2Gold will ensure that there is a strong financial commitment to develop Ondundu.
“We look forward to working with B2Gold to successfully progress the Ondundu project”.
Forsys Metals Corp owns and is focused on its Norasa uranium project that comprises the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia.