Kermode Resources (TSE:KLM) has released an update.
Kermode Resources Ltd. has secured an option to lease the Rye Patch Mine project in Nevada, which includes a range of patented and unpatented mining claims. The option allows Kermode to conduct initial exploration activities and transitions into a lease with structured cash payments over a 10-year term, which can be renewed if mining activity continues. The deal also features a 5% Net Smelter Return royalty with buy-down options and inflation-adjusted payments from the fifth year onwards.
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