11:24 AM EDT, 09/29/2025 (MT Newswires) -- Globex Mining Enterprises ( GLBXF ) shares rose 2% Monday after it optioned its Virgin Mountain Rare Earth Property located in Mohave County, northwestern Arizona, to Arizona Mountain Pass Heavy Rare Earths, an Australia exploration company.

The company will receive $800,000 in cash and $600,000 in shares over 42 months for a 100% interest in the property, which is subject to a 3% gross metal/mineral royalty, an annual US$100,000 advance royalty, and C$2.5 million in exploration spending.

Within a 10-mile radius from the current claim boundaries any mining claims, leases, permits or other mineral interests acquired by or on behalf of Arizona Mountain Pass, shall be deemed to form part of the property and shall be subject to the terms and conditions of the agreement.

Shares of the company were last seen up $0.03 at $1.48 on the Toronto Stock Exchange.

Price: 1.48, Change: +0.03, Percent Change: +2.07