08:27 AM EDT, 08/27/2025 (MT Newswires) -- Consolidated Lithium Metals ( JORFF ) said Wednesday that it signed a letter of intent for an option to acquire up to 80% of the Kwyjibo rare earth project in Quebec from SOQUEM.

Under the terms, CLM can acquire a 60% stake by paying $23.15 million within five years.

The company will own an additional 20% interest by paying an additional $22.00 million within three years after the first earn-in.

CLM expects to act as project operator in collaboration with SOQUEM. A definitive agreement is expected to be signed before the end of the exclusivity period on Oct. 31.

"This LOI with SOQUEM represents a unique opportunity to potentially partner with a Quebec government-backed entity on what we believe to be one of the province's most strategically important rare earth assets," CLM CEO Richard Quesnel said.

"With a forecasted demand increase for NdPr and heavy rare earths, we anticipate that the project positions CLM as a potential key supplier to North American and European supply chains," Quesnel said.