iMetal Resources Announces Letter of Intent to Acquire 100% Interest in Central Bosnian Antimony-Silver-Zinc Mining Concession
iMetal Resources Announces Letter of Intent
to Acquire 100% Interest in Central Bosnian
Antimony-Silver-Zinc Mining Concession
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2025) -
iMetal Resources Inc. (TSXV: IMR)
(OTCQB: IMRFF) (FSE: A7VA)
("
iMetal
" or the "
Company
") is pleased to announce that it has
entered into a non-binding letter of intent, dated effective July 15th, 2025, with an arms-length third-party
(the "
Vendor
"), pursuant to which it proposes to explore a potential transaction involving the acquisition
of a mining concession covering 0.97 square kilometers in the Fojnica municipality of Bosnia and
Herzegovina (the "
Project
").
The Cemernica Mine hosts an historical estimate of 305,000 tonnes at 4.05% Sb, 6% Zn, and 112 g/t
Ag. The historic estimate was disclosed in: "Chemical and Geochemical Characteristics of the
Cemernica Antimonite Deposit in the Mid-Bosnian Schost Mountains" by I.Jurkovic, M. Ramovic and
F. Zec dated 1999; in Rudarsko-Geološko-Naftni Zbornik. 11, 1-16. [http://hrcak.srce.hr/file/20593].
There is no technical report associated with the historic estimate. iMetal considers the historic
estimate to be relevant and reliable as it was completed to the standards of the day by competent
professionals. The key assumptions, parameters, and methods used to prepare the historical
estimate are not disclosed other than they are associated with the developed areas of the mine and
below the lowest level and largely based on sampling of existing workings and some limited drilling.
The historic resource would best be comparable to an inferred resource. iMetal is not aware of more
recent data or estimates. A program of verification underground sampling and diamond drilling would
be required to bring the historic estimate current. iMetal cautions investors a qualified person has not
done sufficient work to classify the historical estimate as current mineral resources or mineral
reserves and further cautions iMetal is not treating the historical estimate as current mineral resources
or mineral reserves.
iMetal Resources President & CEO, Saf Dhillon, "We are excited to have an opportunity to potentially
acquire an international antimony project, specifically as Bosnia and Herzegovina enjoys both geological
potential and growing market support for antimony exploration. Antimony is increasingly recognized as a
critical mineral
in the EU, U.S., and Canada due to its use in military systems, flame retardants, battery
additives, and advanced technologies. A surge in demand and limited global supply outside China have
amplified its strategic value."
Readers are cautioned that the letter of intent entered into the Vendor does not set forth the final terms of
a potential transaction nor have such terms been finalized at this time.
Completion of any transaction with
the Vendor is subject to a number of conditions, including, but not limited to completion of due diligence,
negotiation of definitive agreements in respect of such a transaction, the Vendor obtaining certain
permitting in respect of the Project and the receipt of any required regulatory approvals.
A transaction
cannot be completed until these conditions are satisfied, and there can be no assurance that such a
transaction will be completed at all.
The Company will provide further information regarding a potential transaction with the Vendor as its due
diligence process is completed.
Private Placement
The Company also clarifies that in connection with the non-brokered private placement completed by the
Company on July 15, 2025, a total of 15,350,800 units were issued at a price of $0.10, and $75,835.60
was paid and 748,356 share purchase warrants were issued to certain arms-length parties who assisted
in introducing subscribers to the placement.
For further information concerning the terms of the
placement, readers are encouraged to review the news release issued by the Company on July 16,
2025.
The Company confirms that no further tranches of the placement will be completed at $0.10 per unit.
As
previously noted though, the Company is undertaking a further placement of units at a price of $0.105.
Each unit will continue to consist of one common share in the capital of the Company and one
transferable share purchase warrant of the Company.
Each warrant will entitle the holder thereof to
purchase one additional share of the Company at a price of $0.20 for a period of twenty-four months,
provided that in the event the volume-weighted average closing price of the shares on the TSX Venture
Exchange exceeds $0.50 for at least ten consecutive trading days, the Company will have the right to
accelerate the expiry of the warrants.
Completion of this further placement remains subject to the
approval of the TSX Venture Exchange.
Qualified Person
The technical content of the New Release has been reviewed and approved by R. Tim Henneberry,
P.Geo. (BC), a director of the Company and a Qualified Person under National Instrument 43-101.
About iMetal Resources Inc.
iMetal is a Canadian-based junior exploration company focused on the exploration and development of
its portfolio of resource properties in Ontario and Quebec. The flagship property Gowganda West, is an
exploration-stage gold project with a recent discovery hole of 48.5m at 0.85 g/t gold that borders the
Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi
Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 220-hectare Ghost
Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and
Holloway Mine. Carheil is an exploration stage project with multi-metal potential and previous graphite
results. The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt.
ON BEHALF OF THE BOARD OF DIRECTORS
,
Saf Dhillon
President & CEO
iMetal Resources Inc.
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This release may contain forward-looking statements or forward-looking information under applicable
Canadian securities legislation that may not be based on historical fact, including, without limitation,
statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate",
"intend", "expect", "potential", and similar expressions. Forward-looking statements involve known
and unknown risks, uncertainties, and other factors which may cause the actual results, performance,
or achievements of iMetal to be materially different from any future results, performance, or
achievements expressed or implied by the forward-looking statements. Forward-looking statements or
information in this release relates to, among other things, the potential to complete a transaction with
the Vendor and the outstanding conditions to such a transaction. These forward-looking statements
are based on management's current expectations and beliefs and assume, among other things, the
ability of the Company to successfully pursue its current development plans, that future sources of
funding will be available to the company, that relevant commodity prices will remain at levels that are
economically viable for the Company and that the Company will receive relevant permits in a timely
manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers
are cautioned not to place undue reliance on such forward-looking statements or information. The
Company disclaims any obligation to update, or to publicly announce, any such statements, events or
developments except as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/259912