Update Walker Gossan Project on June 20, 2024

GPM Metals Update on Walker Gossan Project
Toronto, Ontario–(Newsfile Corp. – June 20, 2024) – GPM Metals Inc. (TSXV: GPM) (the “Company”
or “GPM”) provides an update in relation to its Walker Gossan Project, Arnhem Land, Australia, in
which GPM has been earning a majority interest pursuant to a Farm-in Agreement with Rio Tinto
Exploration Pty Limited (“RTX”).
GPM is pleased to announce that it has recently concluded a Sale and Purchase Agreement with RTX
that will replace the current Farm-in Agreement.
Pursuant to the Sale and Purchase Agreement, the existing granted exploration licences (ELs 385 and
24305) and exploration licence applications (ELAs 844, 5561, 30956, 30957) under the Farm-in
Agreement will be transferred from RTX to DPG Resources Australia Pty Ltd (“DPG”) (GPM’s Australian
subsidiary). In addition, two other exploration licence applications over adjacent ground in the
Proterozoic McArthur Basin held by RTX (ELAs 843 and 26861) and considered prospective for base
metal mineralization will also be transferred by RTX to DPG. (See attached tenement map).
Following the transfer, RTX will retain certain rights in regard to being re-issued a contributing minority
joint venture interest in the project if and when GPM achieves certain milestones. Similar to the
milestones under the existing Farm-in Agreement, RTX would have an initial option to be issued a 49%
interest (with DPG retaining 51%) after cumulative expenditure by DPG of A$20 million on the project
(since commencement of the initial farm-in) and if this is not exercised, a second option to be issued a
25% interest upon completion of a feasibility study on the project.
RTX would also retain a right to be paid A$4,000,000 upon the earlier of (i) the definition of a JORC
Code compliant measured plus indicated Mineral Resource of greater than 20 million tons at greater
than eight percent (8%) combined lead and zinc at the project, and (ii) a decision to mine being made in
relation to the project. This agreement is subject to approval from both the Northern Territory mining
authority as well as the Northern Land Council. Both authorities have been informed and they have
initiated internal processes to consider the approval of this agreement.
This agreement will provide a simpler structure for progressing access approvals, grant of the
exploration licence applications and exploration activities at the project.
GPM is grateful to RTX for their support and assistance throughout this process and we look forward to a
productive ongoing relationship.
GPM is continuing to progress exploration program plans for the existing granted tenements EL385 and
EL24305, focused on generating and testing sediment hosted zinc-lead-silver mineralization targets.
CONTACT INFORMATION
For further information contact:
GPM Metals Inc.
Suite 1101 – 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : + 416 628-5904
Email: info@gpmmetals.com