Inomin Mines, Sumitomo firm up Beaver-Lynx JV

May 9, 2025

2025-05-09 00:25 ET – News Release

Mr. John Gomez reports

INOMIN AND SUMITOMO METAL MINING CANADA SIGN DEFINITIVE AGREEMENT ON BEAVER-LYNX

Further to its news releases dated Nov. 4, 2024, and March 6, 2025, Inomin Mines Inc. has entered into an earn-in and joint venture agreement dated April 25, 2025, with Sumitomo Metal Mining Canada Ltd., an arm’s-length party, pursuant to which the company granted to Sumitomo the right to earn up to an 80-per-cent interest in the company’s Beaver-Lynx project in southern-central British Columbia. Sumitomo was also granted with the option to acquire certain non-mineral rights, including hydrogen, by incurring minimum exploration expenditures and providing Inomin other consideration described below.

Key terms

Pursuant to the definitive agreement:

Sumitomo and Inomin agreed to form a joint venture with respect to the project.
Sumitomo was granted an initial option (phase 1) to earn a 60-per-cent interest in the project by incurring minimum exploration expenditures of $3-million by the second anniversary of the definitive agreement.
Provided that Sumitomo has exercised the initial option, Sumitomo will have a second option (phase 2) to earn an additional 20-per-cent interest in the project by incurring minimum exploration expenditures of $5-million by the third anniversary of the date on which the initial option was exercised.
Provided that Sumitomo has exercised the initial option, Sumitomo will have the option to acquire certain non-mineral rights, including hydrogen, by paying Inomin $500,000 and granting to Inomin a royalty in certain circumstances as described in the definitive agreement.
Inomin will be the operator of the project during at least the initial option period, entitling the company to a fee equal to 10 per cent of project exploration expenditures incurred by the company on behalf of Sumitomo.
Inomin will be reimbursed by Sumitomo for exploration and related expenditures the company incurred at the project during the term sheet exclusivity period up to $100,000, which expenditures will count toward Sumitomo’s expenditure requirement under the initial option.

A $1.7-million phase 1 work program is proposed in 2025, which is anticipated to include about 3,850 metres of drilling. Exploration is expected to start this summer. Previous Inomin drilling results for Beaver-Lynx were announced in 2023 and 2022, available on Inomin’s website.

John Gomez, president of Inomin, commented: “We look forward to working with Sumitomo, a leading international resource project developer and producer, to test Beaver-Lynx’s large mineral resource potential. Next drilling should work towards defining a maiden mineral resource at the Beaver South zone. Drilling should also assist to assess the project’s potential for natural hydrogen.”

The definitive agreement is subject to TSX Venture Exchange acceptance. There are no finders’ fees payable in connection with the definitive agreement. In accordance with TSX-V Policy 5.3, Acquisitions and Dispositions of Non-Cash Assets, the trading of the common shares of the company on the TSX-V was halted on May 7, 2025, pending TSX-V review as the transaction with Sumitomo is expected to constitute a reviewable transaction for the company, as defined in Policy 5.3. The trading halt will be lifted by the TSX-V pending receipt and review of acceptable documentation as required under Section 5.6 of Policy 5.3.

About Beaver-Lynx

The Beaver-Lynx property comprises approximately 28,000 hectares and is ideally located in southern-central British Columbia, 50 kilometres from the city of Williams Lake and adjacent to Taseko Mines’ Gibraltar mine project, one of the largest open-pit copper mines in Canada. Beaver-Lynx is easily accessible by good all-season roads and is close to hydro-electric power as well as active railway lines.

The company currently owns a 100-per-cent interest in the project with no royalties. Exploration, including drilling, has demonstrated the project may host large volumes of nickel and other critical minerals. Given positive initial drilling and metallurgical test results — as well as district-scale size — the Beaver-Lynx project has the potential to be a major nickel source. For further information about Beaver-Lynx, visit Inomin’s website.

About Inomin Mines Inc.

Inomin Mines is focused on the identification, acquisition and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE.

Inomin Mines director L. John Peters, PGeo, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.

We seek Safe Harbor.

https://inominmines.com/