Q Precious Battery Metals Expands Natural Hydrogen Portfolio in Collaboration with QIMC
Key Ideas
  • Q Precious Battery Metals acquires Colchester Natural Hydrogen Exploration Assets, bordering QIMC's Nova Scotia Hydrogen District.
  • The acquisition strengthens collaboration with QIMC and expands QMET's natural hydrogen exploration portfolio significantly.
  • QMET to pay 25,000 CAD and transfer 8 million common shares for the project, subject to Toronto Stock Exchange approval.
  • QMET aims to replicate exploration success in the Cumberland Basin using QIMC's exploration model, targeting natural hydrogen and helium production.
Q Precious Battery Metals, a company focused on precious battery metals, has finalized an agreement to acquire the Colchester Natural Hydrogen Exploration Assets, located near QIMC's Nova Scotia Hydrogen District. This acquisition not only enhances the collaboration between Q Precious Battery Metals and Québec Innovative Materials Corp. (QIMC) but also significantly expands QMET's portfolio in natural hydrogen exploration. The newly acquired project consists of seven licenses covering 89.44 square kilometers and 559 claims. In the deal, Q Precious Battery Metals will pay 25,000 Canadian dollars and transfer 8 million common shares to the previous owners, subject to a lock-up period and Toronto Stock Exchange approval. Additionally, a two percent royalty on revenue from hydrogen or mineral sales is agreed upon, with an option for QMET to repurchase half of the royalty. The strategic location of the Colchester project provides ideal geological conditions for natural hydrogen and helium production, benefiting from deep geological structures, significant sediment depth, and strong geothermal gradients. QMET plans to utilize QIMC's successful exploration model from the St-Bruno-de-Guigues property in Québec to develop the Colchester project. QMET aims to replicate the exploration success in the Cumberland Basin by leveraging similar geological features to well-known hydrogen-rich basins. The partnership between Q Precious Battery Metals and QIMC has expanded beyond Québec to include natural hydrogen projects in Nova Scotia, aiming for improved operational processes and faster project milestones.
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