Linear Minerals Corp Announces Asset Sale Agreement

Linear Minerals Corp (CSE:LINE) has signed a term sheet with Consolidated Lithium Metals Inc. (CLM) for the sale of its Augustus and James Bay claims. The proposed transaction involves transferring a 100% interest in 449 mineral claims in Québec to CLM. These claims cover approximately 215 square kilometers across the Abitibi and James Bay regions.

As compensation for the sale, CLM will provide Linear Minerals with C$2.75 million. This includes C$687,500 in cash and C$2,062,500 in CLM shares. The share value will be based on the 20-day moving average on the TSX Venture Exchange as of June 4, 2026.

The agreement includes a legally binding exclusivity period until October 1, 2026, for CLM's due diligence and further negotiations. A break fee of C$1,687,500 applies if Linear Minerals terminates the agreement to accept a superior proposal. Both parties anticipate closing the transaction within 45 days following the execution of a definitive agreement, subject to regulatory approvals and due diligence.