Wealth Minerals Enters into Option Agreement with Gelum Resources
Suite 2710 – 200 Granville Street, Vancouver, BC Canada V6E 2K3
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
NR23-09 October 6, 2023
Wealth Minerals Enters into Option Agreement with Gelum Resources
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or
“Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN) reports it has entered
into an Option Agreement with Gelum Resources Ltd. (the "Company" or "Gelum", dated August 31, 2023
whereby Wealth may earn up to a 20% interest in Gelum’s contractual interest in the Eldorado Option under
an Option Agreement which will be combined with the Robson Claims under the Shannon Option
Agreement when earned (collectively, the “GMR Interest”, please see press release of April 6, 2021).
Gelum, as optionee, is party to an option agreement dated March 24, 2021, as amended April 19, 2021,
October 18, 2021 and September 27, 2022, (the “ Original Agreement”) and the Optionor has granted to
Gelum the option to earn up to a 50% interest the “ Eldorado Option”, referred to as the “Option” under
the Original Agreement in and to the mineral claims in British Columbia called the Eldorado property the
“Eldorado Claims”.
Gelum, as optionee, is also party to an option agreement dated May 17, 2022 with Kim J. Shannon
(“Shannon”), as optionor (the “Shannon Option Agreement”) with the right to earn a 100% interest (the
“Shannon Option”) in a property described as the Robson property (“ Robson Claims”) and along with
the Eldorado Claims, is referred to in this Agreement as the “Property”.
In order to earn the interest in and to the GMR Interest, Wealth must make a $50,000 cash payment on
signing (paid) and incur a minimum $600,000 of exploration expenditures on the Property by December
31, 2023 to earn an 8% interest in the GMR Interest.
Wealth has the option to earn a further 12% interest in the GMR Interest for a total 20% interest, on notice
to Gelum, w ith escalating options which are not mandatory but proscribe further interest thresholds via
earn-in expenditure in the GMR Interest. These escalating option thresholds are:
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$900,000) to earn a further 4% interest (aggregate 12% interest);
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$1,200,000) to earn a further 4% interest (aggregate 16% interest); and
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$1,500,000) to earn a further 4% interest (aggregate 20% interest), the portion of which, at the
request of Gelum, shall be filed as assessment work with the applicable government registry to
maintain the Property in good standing.
Option Agreement Review
Wealth formed a special committee (the “Special Committee”) of two independent directors to review the
Option Agreement to ensure terms were similar to these types of transactions in the mineral exploration
industry. After review, the Special Committee determined the Wealth and Gelum Option Agreement was
indeed drafted on commercial and arm’s length terms, despite some overlap in officers between the two
companies.
Wealth Minerals Ltd. - 2 - October 6, 2023
NR23-09 – Continued
Suite 2710 – 200 Granville Street, Vancouver, BC Canada V6E 2K3
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
Background to the Option Agreement
Management and the Special Committee noted that since Q2-2023, Wealth has vigorously communicated
with British Columbia p rovincial authorities regarding drill permitting for the Company’s Kootenay
Project. Wealth raised $1.84 million in flow-through financing in October 2022 specifically for drilling on
the Kootenay Project (see press release dated October 19, 2022). Given t he special tax status of flow -
through financings, Wealth must utilize its flow-through cash by the end of this exploration season in 2023.
Given time constraints, as mineral exploration in British Columbia becomes highly inefficient after October
due to weather, Wealth decided to deploy its flow-through cash in a project which was highly prospective
and well known to management. This is the genesis of the Option Agreement described herein.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada and Chile. The Company’s focus is the
acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects where it has a peer advantage in project
selection and initial evaluation. Lithium market dynamics and a rapidly increasing metal price are the result
of profound structural issues with the industry meetin g anticipated future demand. Wealth is positioning
itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium
market dynamics, Wealth believes other battery metals will benefit from similar industry trends.
For further details on the Company readers are referred to the Company’s website
(www.wealthminerals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Marla Ritchie, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
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Wealth Minerals Ltd. - 3 - October 6, 2023
NR23-09 – Continued
Suite 2710 – 200 Granville Street, Vancouver, BC Canada V6E 2K3
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
Facebook – https://www.facebook.com/WealthMineralsLtd
Linkedin – https://www.linkedin.com/company/wealth-minerals
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Neither 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 press release, which has been prepared
by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward -looking statements and forward-looking information (collectively, “forward -
looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, state ments regarding the anticipated
content, commencement, timing and cost of exploration programs, anticipated exploration program results, the
discovery and delineation of mineral deposits/resources/reserves, the Company’s expectation that it will be able to
enter into agreements to acquire interests in additional mineral projects, and the anticipated business plans and timing
of future activities of the Company, are forward- looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by thei r nature, refer to future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking statements as a result of various factors, including, but
not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets
generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the
market price of any mineral products the Company may produce or plan to produce, the inability of the Company to
obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planne d
activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue
its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other
risks and uncertainties disclosed in the Company’s latest interim Management Discussion and Analysis and filed with
certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed
via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect
to the Company’s mineral properties.