Wedoany.com Report-May 5, Volta Metals, a Canadian exploration company, has completed due diligence for acquiring an 80% interest in the Springer-Lavergne rare earth and gallium project near Sturgeon Falls, Ontario. The project covers 5,000 hectares and contains 4.17 million tonnes of total rare earth oxide deposits, with potential for high-grade gallium.

The company has confirmed its satisfaction with the due diligence process and has agreed to revised terms for the acquisition.

The company has finalized revised terms for the acquisition and plans to sign a definitive agreement by the end of May 2025. The updated terms include an initial payment of C$100,000 ($72,145) and the issuance of 10 million common shares to RZJ Capital Management, the vendor. Additionally, a payment of C$220,400 will be made to surface rights owners. Further payments and share issuances on anniversaries will contribute to the acquisition costs, with the vendor sharing obligations for surface rights payments.

Volta retains the option to acquire the remaining 20% interest in the project and has agreed to grant a net smelter returns royalty to the vendor. The company noted: “There is no certainty that the agreement will be concluded, and the current letter of intent is non-binding.”

Concurrently, Volta’s previously announced private placement offering, consisting of units with common shares and warrants, is expected to close alongside the definitive agreement, pending regulatory approvals and a statutory hold period. “The offering includes units comprised of common shares and warrants, subject to regulatory approvals and a statutory hold period,” the company stated.

In a separate initiative, Volta has expanded its Aki critical minerals project in northwestern Ontario by acquiring additional mineral claims along the Seymour-Caribou Lithium trend. This acquisition, pending an option agreement with the claims vendor, involves cash payments of $58,000 over four years and share issuances to the vendor, along with a net smelter returns royalty.

Last year, Volta strengthened its presence in Ontario’s lithium sector by acquiring the ZigZag Lithium property for $350,000. These efforts reflect Volta’s commitment to advancing exploration and development of critical minerals in Canada, supporting the growing demand for rare earths, gallium, and lithium.