NewPeak Metals completes due diligence for George River Canadian mineral properties

NewPeak Metals Ltd (ASX: $NPM) has completed the legal, financial and technical due diligence investigations for the George River tenement package, a condition precedent of the arrangement, and is satisfied with the results. The formal transaction documentation is currently being finalized to meet the expected completion either late in June or early July 2024. The remaining conditions precedent to be met are for NewPeak to convert its outstanding directors' fees and converting loans into NPM shares, and carry out a Rights Issue and Placement, all at 1.5 cents.

NewPeak Metals confident in the completion of the acquisition

The acquisition of the George River Canadian uranium, rare earth and scandium project marks a significant step for NewPeak Metals in entering the strategic critical minerals space. The company is confident that the recent Finland and New Zealand projects sales, the current Placement and Rights Issue capital raisings, and additional future assets sales will provide both immediate cash, as well as the receipt of staged cash payments and tradeable shares over the near to medium term, to support both the Company's exploration plans for these Canadian properties and its expansion plans.

Outlook for NewPeak Metals and the George River acquisition

NewPeak Metals has completed the due diligence for the acquisition of the George River Canadian uranium, rare earth and scandium project and is progressing towards finalizing the formal sale agreement. The company's establishment of a 100% owned Quebec registered company named NewPeak Metals (Canada) Ltd to be the holder of the Canada Project demonstrates its commitment to this acquisition. With the completion of the acquisition, NewPeak continues its rejuvenation plans and aims to add significant value to its shareholders through future exploration programs that will consider all minerals, including uranium, rare earth elements, scandium, lithium, and high-grade zircon. The company is optimistic about the potential of the George River area and the proximity to existing mining infrastructure, such as Vale's Voisey Bay nickel mine and Torngat Metals Inc.'s Strange Lake deposit, which may benefit NewPeak's projects in the region.