02:12 PM EDT, 06/06/2024 (MT Newswires) -- Phenom Resources ( PHNMF ) said Thursday it signed an additional option agreement to buy up to a 100% interest in 26 additional claims covering about 210 hectares to the King Solomon Gold Project in central Nevada.

The purchase will expand the King Solomon Project to 1,651 hectares.

The company has signed a four-year option agreement with a private vendor. Under the deal, the company may buy a 100% interest in 26 unpatented mining claims in Nevada, commonly referred to as the King Solomon Core Property.

To fully exercise its option and acquire the property, the company will pay US$105,000 over four years. The vendor will also retain a 3% net smelter return royalty on any mineral products derived from the property.

Phenom will have the right to buy up to a 2% NSR for US$3 million, leaving the vendors with a 1% NSR. Advanced Royalty payments will be required under a schedule of US$50,000 per year from years five to 10, US$75,000 per year from years 11 to 15, and US$100,000 per year after that until production.

The company's shares were last seen up $0.03 to $0.47 on the TSX Venture Exchange.

Price: 0.47, Change: +0.03, Percent Change: +6.82