More Progress at Globex Mont Sorcier
PRESS RELEASE
Globex Mining Enterprises Inc.
“At Home in North America”
55,318,836 shares issued and outstanding
October 23, 2023
More Progress at Globex Mont Sorcier
Iron Royalty Project
Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN –
Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTM zero, Düsseldorf and Quotrix
Düsseldorf Stock Exch anges and GLBXF – OTCQX International in the US) is ple ased to inform shareholders that
Cerrado Gold Inc. (CERT-TSXV, CRDOF-OTCQX) has announced that it has “completed the tender process for its Export
Credit Agency (ECA) Supported Non -Recourse Project Financing, and expects to complete the on -boarding and
appointment process within the next few weeks.” Cerrado has chosen an international bank to act as Mandated Lead
Arranger (MLA) for the Mont Sorcier Iron-Vanadium project in the Chibougamau area of Quebec (click to Cerrado press
release of October 18, 2023).
The appointment of the MLA is a significant milestone for the project financing requirement. The next phase will be
comprised of a formal due diligence period to be started in 6 months to ali gn closely with completion of the planned
feasibility study, before a final binding offer and documentation which is expected to be completed in 2Q of 2024.
Globex retains a one percent (1%) Gross Metal Royalty on all iron production from the Mo nt Sorci er property,
currently expected to generate US$235M per annum in free cash flow over a 21-year period and having an NPV of
US$1.6B based on Indicated Resources only which represents 25% of the total defined resource leaving room for
optimization and expansion potential (see Cerrado press release of March 7, 2023). Separately, Globex owns a large
share position in Electric Royalties (ELEC-TSXV) which has a 1% GMR on all vanadium produced from the project.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person
(Q.P.) under NI 43-101.
We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
www.globexmining.com
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve
a number of known and unkno wn risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be mater ially
different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-
looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available
in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.