Kivalliq Energy was the first company in Canada to sign a comprehensive agreement to explore for uranium on Inuit Owned Land in Nunavut Territory. For Kivalliq, this means the company has a 100% interest in Lac Cinquante property (IOL-RI30).
For Nunavut Tunngavik Incorporated (NTI) the agreement entails:
- One million KIV shares over 36 months (fully paid)
- Interest in adjacent Angilak Property mineral permits
- Annual advanced royalty payments of $50,000
- $1 million cash payment, upon completion of a NI 43-101 measured resource report of ≥12 million lbs of uranium
- At feasibility, NTI can participate with a 25% project interest or choose a 7.5% net profits royalty (NTI Royalty)
- In lieu of royalties to the Government of Canada, receipt of an underlying 12% net profits royalty is payable on Inuit Owned Land (IOL Royalty)