03:37 PM EST, 01/28/2025 (MT Newswires) -- ExGen Resources ( BXXRF ) was at last look unchanged on Tuesday after it entered into an asset purchase agreement to acquire the Spark North lithium project in Elko County, Nev. from an arm's length private company.

Under the terms of the acquisition, ExGen will provide a cash payment of C$250,000; will issue five million common shares to the vendor on closing; grant a 1.5% NSR in favour of the vendor, with a 0.75% NSR buyback (half of the NSR) at ExGen's option for $1 million.

The project consists of 111 claims totaling approximately 2,300 acres prospective for lithium. The Spark North Lithium Project is north of Surge Battery Metals' ( NILIF ) Nevada North Lithium Project.

Surge Battery Metals ( NILIF ) stated that the Nevada North Lithium Project had the highest grade lithium clay deposit in the United States (11.24 Mt LCE grading 3,010 ppm Li at a 1,250 ppm cutoff).

"We believe the lithium district in Elko County, Nev. will see increased activity in the next few years and we are excited to be acquiring this initial well positioned property in the district," said ExGen CEO Jason Riley.