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Nordique Critical Metals Secures Approval for Kwyjibo Rare Earth Option

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Nordique Critical Metals Inc. (TSXV: NQC) has received final TSX Venture Exchange approval to acquire an option to earn up to an 80% interest in the Kwyjibo Rare Earth Project in Québec. Under the deal with SOQUEM Inc., a subsidiary of Investissement Québec, Nordique can earn an initial 60% stake by investing C$23.15 million in cash, share issuances, and project funding over five years. The company can acquire an additional 20% interest for C$22.00 million over the following three years.

The agreement gives Nordique operational control over an iron oxide copper gold mineral system rich in rare earth elements, including neodymium, praseodymium, dysprosium, terbium, and yttrium. Located 125 kilometers northeast of Sept-Îles, the project benefits from nearby infrastructure, including rail links, port access, and Québec's hydroelectric grid.

Alongside the exchange approval, the company filed an amended preliminary economic assessment to address feedback from regulators. The revised report clarifies resource definitions, data verification procedures, and mine plan optimization details for the proposed 10-year underground mining project. Upcoming milestones include negotiating an agreement with the Innu of Takuaikan Uashat mak Mani-utenam, starting a 5,000-meter drilling program, and initiating a bankable feasibility study.

Key points

  • Nordique Critical Metals Inc. (TSXV: NQC) received final exchange approval for an option to earn up to an 80% interest in Québec's Kwyjibo Rare Earth Project.
  • Phase I requires C$23.15 million in cash, shares, and project spending over five years for a 60% stake.
  • Phase II permits Nordique to acquire an additional 20% interest for C$22.00 million over three years.
  • The company filed an amended preliminary economic assessment to clarify technical terminology and mine plan optimizations.

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Questions and answers

What is Nordique Critical Metals acquiring in Québec?

Nordique Critical Metals acquired an option to earn up to an 80% interest in the Kwyjibo Rare Earth Project, located 125 km northeast of Sept-Îles, Québec.

How much will Nordique invest to earn its stake in the Kwyjibo project?

Nordique will commit C$23.15 million over five years for a 60% stake, and can invest an additional C$22.00 million over three years to reach an 80% interest through cash, shares, and project spending.

What rare earth elements are present at the Kwyjibo project?

The Kwyjibo project contains significant rare earth mineralization including neodymium, praseodymium, dysprosium, terbium, and yttrium.