Electric Metals Confirms Non-Binding MOU Regarding Corcoran Canyon Property

Rhea-AI Summary

Electric Metals (OTCQB:EMUSF, TSXV:EML) confirmed a recently publicized memorandum of understanding relating to a potential sale of its Corcoran Canyon silver-gold property in Nevada.

The MOU dated December 4 and executed December 5, 2025 is described as non-binding, non-exclusive and cancellable by either party at any time. No payments or obligations arise unless a definitive agreement is executed, and the company said there is no assurance a transaction will be completed.

The company also confirmed the MOU does not constitute a material change in its affairs.

VANCOUVER, BC / ACCESS Newswire / December 8, 2025 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) confirms that a recently publicized memorandum of understanding (the "MOU") relating to the potential sale of the Company's Corcoran Canyon silver-gold property in Nevada was announced by an unrelated third party and had not previously been disclosed by the Company. The MOU, dated December 4 and executed on December 5, 2025, is non-binding, non-exclusive, and cancellable by either party at any time, and is preliminary in nature and subject to negotiation and execution of a definitive agreement. No payments, expenditures, or other obligations are required unless such definitive agreement is executed, and there can be no assurance that the parties will enter into a definitive agreement or that any transaction will be completed. The Company confirms that the MOU does not constitute a material change in the Company's affairs.

About Electric Metals (USA) Limited
Electric Metals (USA) Limited (TSXV:EML)(OTCQB:EMUSF) is a U.S.-based critical minerals company advancing manganese and silver projects that support the electrification of everything. The Company's principal asset is the Emily manganese deposit in Minnesota, the highest-grade manganese deposit in North America. The North Star Manganese Project is a 100% U.S. domestic project, comprising a manganese mine in Emily, Minnesota, and a high-purity manganese sulfate monohydrate (HPMSM) chemical plant in the U.S. It has been the subject of extensive technical work, including a Preliminary Economic Assessment prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Electric Metals' mission is to establish an entirely domestic U.S. supply of high-purity manganese chemical and metal products for the North American electric vehicle, battery, technology, and industrial markets. With manganese playing an increasingly important role in lithium-ion battery formulations, and with no current domestic production in North America, the development of the North Star Manganese Project represents a strategic opportunity for the United States, the State of Minnesota, and the Company's shareholders.

For further information, please contact:
Electric Metals (USA) Limited
Brian Savage
CEO & Director
(303) 656-9197

Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information includes statements related to the potential sale of the Company's Corcoran Canyon silver-gold property in Nevada, the negotiation or execution of a definitive agreement, the possible terms of any such definitive agreement, and the completion of any potential transaction. Forward-looking information is based on a number of assumptions. It is subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual results and events to differ materially from those anticipated in such forward-looking information. There can be no assurance that the parties will negotiate or enter into a definitive agreement, that any transaction will occur, or that any contemplated transaction will be completed on the terms contemplated, or at all.

Forward-looking information is based on reasonable assumptions, estimates, and expectations of management at the time the information is provided. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Electric Metals (USA) Limited

View the original press release on ACCESS Newswire

FAQ

What did Electric Metals (EMUSF) announce about Corcoran Canyon on December 8, 2025?

Electric Metals confirmed a publicized MOU dated Dec 4 and executed Dec 5, 2025 regarding a potential sale of the Corcoran Canyon property and said it is non-binding and cancellable.

Does the Dec 5, 2025 MOU with Electric Metals (EMUSF) create any payment or obligation?

No — the company said no payments, expenditures, or other obligations are required unless a definitive agreement is executed.

Is the Corcoran Canyon MOU for Electric Metals (EMUSF) considered a material change?

The company confirmed the MOU does not constitute a material change in its affairs.

What is the legal status of the Corcoran Canyon MOU announced by Electric Metals (EMUSF)?

The MOU is described as non-binding, non-exclusive, and cancellable, and is preliminary and subject to negotiation of a definitive agreement.

Will Electric Metals (EMUSF) definitely sell the Corcoran Canyon property after the MOU?

No — the company stated there is no assurance the parties will enter into a definitive agreement or complete any transaction.

When was the Corcoran Canyon MOU reportedly executed for Electric Metals (EMUSF)?

The MOU is dated December 4, 2025 and was executed on December 5, 2025.