- Falco Resources (FPC) has entered into an option agreement with First Quantum (FM) for its future tailings management facilities
- Pursuant to the agreement, First Quantum grants Falco the exclusive right to acquire 100 per cent ownership in the Norbec and Millenbach sites
- Falco must pay C$1 million for the option by August 20, 2021, equally divided between cash and common shares
- Falco Resources is one of the largest mineral claim holders in Québec
- Falco Resources (FPC) is up by 3.75 per cent and is currently trading at $0.415 per share
Falco Resources (FPC) has entered into an option agreement with First Quantum (FM) for its future tailings management facilities.
Pursuant to the agreement, First Quantum grants the company the exclusive right to acquire a 100-per-cent ownership interest in the Norbec and Millenbach sites located in Rouyn-Noranda.
The properties will serve as Falco’s tailings management facilities and are situated 11 km from the Horne 5 Project mining complex.
Falco will pay C$1 million to First Quantum by August 20, 2021 equally divided between cash and common shares.
Upon the exercise of the option, First Quantum will transfer the properties to the company, who will assume historical and contingent environmental liabilities related to the properties’ former mining site. First Quantum will also make cash payments to the company representing the reimbursement of the option price plus additional payments totaling $3.5 million.
First Quantum will retain a 2 per cent net smelter royalty on any production from the area represented by mining concessions 177 and 517.
The option is exercisable until December 31, 2022.
Falco Resources is one of the largest mineral claim holders in Québec.
Falco Resources (FPC) is up by 3.75 per cent and is currently trading at $0.415 per share as of 10:36 am ET.