09:03 AM EDT, 04/07/2025 (MT Newswires) -- Vital Battery Metals ( VBAMF ) said Monday that it signed a non-binding letter of intent with Standard Uranium ( STTDF ) for an option to acquire a 75% percent interest in the Corvo project in the eastern Athabasca Basin region.

Under the terms, Vital will pay $225,000 cash, issue $725,000 in shares, spend $4.5 million on exploration and settle $507,500 in operator fees over a three-year period.

Prior to exercise of the option, Standard will act as project operator and will be entitled to charge a 10% fee on expenditures in the first year, increasing to 11% in the second year 2 and 12% in the third year.

Following exercise of the option, Eagle Plains Resources ( EGPLF ) will retain a 2.5% net smelter royalty on the project, of which 1.0% may be purchased back for $1 million.

"The Athabasca Basin is renowned for world-class uranium deposits, aligning with the company's goal of acquiring high-potential projects in key jurisdictions," said Mandeep Parmar, Vital Battery Metals' ( VBAMF ) interim CEO. "With the proposed addition of Corvo, we look forward to driving advancement of the Project alongside the Sting copper project, while continuing to build value for our shareholders."

Vital Battery Metals' ( VBAMF ) share price jumped 23.8% on Friday to $0.13 on the CSE.