Impact: Slightly Positive
Tempus reported assay results from the rock sampling program completed in July (read note) and provided an update on progress for a NI 43-101/JORC-compliant resource estimate at its 11,500 ha, 100%-owned Elizabeth Au project in southern British Columbia. In a separate release, Tempus executed a binding Heads of Agreement, with an option to acquire a 100% interest in Aurora Lithium (Private), which holds applications for certain claims including the Cormorant and White Rabbit Li projects in the Flin Flon – Snow Lake greenstone belt of Manitoba. Deal consideration includes 1) the right to acquire 100% interest in Aurora for a non-refundable fee of A$25k (upon payment, Tempus may exercise the option until October 30, 2023); and 2) 37.5M fully paid ordinary shares of Tempus and 22.5M September 2025 Options (TMRO) at A$0.075/sh upon option exercise. Tempus has granted Aurora a 2% gross revenue royalty on all mineral recovered from the projects, 1% of which can be bought back for A$1M. The press release also outlined two milestone payments that are payable to Aurora.
