Zimtu Capital sells Eagle Lake and Whitefish Lake claims to Discovery Lithium

Zimtu Capital Corp. has successfully completed the sale of two mining claim packages, Eagle Lake and Whitefish Lake, to Discovery Lithium Inc. The transaction, finalized on September 17, 2024, involves a total of 2,923 mineral claims spanning approximately 61,093 hectares in Northwestern Ontario, located about 350 km northwest of Thunder Bay. As part of the agreement, Zimtu received 2,000,000 common shares of Discovery Lithium and a 1% net smelter returns royalty on future mineral production from the claims. In addition to the share consideration, Discovery Lithium is obligated to make a cash payment of $432,778.50 to Zimtu within 180 days of closing. The purchaser has also taken on Zimtu's responsibilities regarding certain payments owed to third parties related to previous agreements concerning the claims. The shares received by Zimtu are subject to a hold period of four months and one day following the closing date. This sale is part of Zimtu's strategy to streamline its operations and focus on its core business areas. The mining claims sold are expected to provide significant value to Discovery Lithium as they pursue exploration and development activities in the region. The transaction reflects the growing interest in lithium resources, driven by the increasing demand for electric vehicle batteries and renewable energy technologies. Zimtu Capital Corp. trades on the TSX Venture Exchange and Frankfurt, and the completion of this transaction marks a significant milestone in its ongoing efforts to enhance shareholder value and capitalize on opportunities within the natural resource sector.