Globex Expands Quebec Lithium Royalty Interest

ROUYN-NORANDA, Quebec, March 21, 2022 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders, that subject to exchange approval, Globex has acquired a 0.5% Gross Metal Royalty (GMR) on 417 claims in Preissac, La Motte and Fiedmont townships, Quebec (NTS 32D08 and 32C05) through a transaction involving First Energy Metals Ltd. (FE-CSE, FEMFF-OTCBB, Frankfurt, Tradegate-DFLB), Globex and a group of “Prospectors”.

As Globex’s part under the sale transaction, Globex vended 18 claims to First Energy in exchange for $30,000 and 375,000 First Energy shares payable over a 12-month period. These claims include the former Preissac Molybdenite Mine and the Moly Hill Molybdenite Deposit as well as claims directly adjoining the Authier Lithium deposit at the east and several isolated small claim blocks, both to the east and west. Globex retains a 1% GMR on these 18 claims. In addition, 417 claims in the area that are also prospective for lithium and several other elements are part of this agreement which includes the “Prospector” group. Through this transaction, Globex was able to retain a 0.5% GMR on all 417 claims as well. The total claims package equals 12,769 hectares (31,553 acres). This is in addition to 66 claims, some lithium bearing, previously sold to First Energy on strikes and west of Sayona’s North American Lithium deposit and mill (see Globex’s press release dated June 9, 2021). Globex retains a 3% GMR on these 66 claims which include occurrences of lithium both in surface showings and in drill holes.

These two transactions position Globex to have GMR interests in 501 claims held by First Energy in addition to a retained royalty of 0.5% GMR on the center of the Sayona Authier Lithium deposit (see Globex press release dated July 13, 2020) which, on March 1, 2022, Sayona announced a JORC conformable resource of 17,136,000 tonnes grading 1.01% Li₂0. Sayona’s press release has been posted on the Globex website under Partner News.

Globex is happy with its expanded Quebec holding in the lithium space. See map below which shows the Globex and “Prospectors” claims that are part of the current transaction as well as all First Energy’s total claim package.

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Note: Royalties only generate production royalty revenue upon production.

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29e3793a-21c1-4ffb-b5d3-eb41d6ccb1a6

Map of First Energy Claim Holdings After New Globex/Prospector/First Energy Agreement

Source of map MoS2 deposits tonnages and grades: Sigeom. Source of Authier and North American Lithium tonnages and grades: Sayona Press Release March 1, 2022.