Global Energy Metals Corporation (TSXV:GEMC) signed letter of intent to acquire 0.5% royalty on net smelter returns (the ?NSR?) in Fulcrum project from Fulcrum Metals plc (AIM:FMET) on January 30, 2024. GEMC will also be granted an option to acquire a 19.9% interest in the Projects as more particularly described below. Some of the Projects are owned 100% by Fulcrum, and others are optioned by Fulcrum, which has obtained the consent of the optionor to the assignment of the option to GEMC.

In consideration for the NSR and the two-year option, GEMC will issue, subject to Exchange approval, five million shares at a deemed price of CAD $0.06 per share to Fulcrum. In order to exercise the option, GEMC will pay to Fulcrum CAD 1M as a combination of cash and shares, as agreed to by both parties at that time, at a minimum deemed issue price equal to not less than the Discounted Market Price at the time a definitive agreement is announced by way of news release. If the Option remains unexercised on the one-year anniversary of entering into a definitive agreement, Fulcrum is entitled to CAD 50,000 in cash and CAD 125,000 in shares in GEMC at a deemed price per share equal to the Floor Price.

Once GEMC exercises the Option, for each resource delineated in accordance with NI 43-101 on a Property, GEMC will issue to Fulcrum $100,000 in GEMC Shares at a price per share equal to the greater of: (a) the Floor Price; and (b) a 20% premium to Volume Weighted Average Price of GEMC?s shares on the Exchange for a period of 5 days. Post Resource, on each project, GEMC can participate or be diluted down to 2% at which time its position will convert to another 0.5% NSR royalty.