Grid Metals Announces TSX Venture Approval for Thompson East Copper/Nickel Project Earn-In Transaction

Rhea-AI Summary

Grid Metals (OTCQB:MSMGF) received conditional TSX Venture approval for its April 15, 2026 option and joint venture with Boliden Mineral Canada for the Thompson East copper/nickel project in Northern Manitoba. Boliden may acquire an 80% interest by funding cumulative expenditures of CAD$9,600,000 and making staged cash payments totaling CAD$500,000. Following TSXV approval, Grid is entitled to an immediate CAD$200,000 cash payment.

Positive

• Immediate cash injection of CAD 200,000
• Potential funding of CAD 9,600,000 in project expenditures
• Staged cash payments to Grid totaling CAD 500,000
• Option to monetize Thompson East via joint venture with Boliden

Negative

• Majority dilution risk: Grid's interest could reduce to 20%
• Project control shifts to partner if option fully exercised
• Dependence on Boliden to commit CAD 9.6M of expenditures

News Market Reaction – MSMGF

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In the May 6 session, MSMGF declined 1.02%, reflecting a mild negative market reaction.

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TORONTO, ON / ACCESS Newswire / May 5, 2026 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to announce it has received conditional approval from the TSX Venture Exchange ("TSXV") for its previously announced transaction with Boliden Mineral Canada Ltd. ("Boliden") on April 15, 2026, for the option of the Thompson East Project in Northern Manitoba.

The option and joint venture agreement grants Boliden an option to acquire an 80% interest in the Thompson East Project by funding cumulative expenditures of at least CAD$9,600,000 and making staged cash payments of CAD$500,000 to Grid. After receipt of TSXV approval, Grid is now entitled to receive an initial cash payment of CAD$200,000.

On Behalf of the Board of Grid Metals Corp.

For more information about the Company, please visit our website at www.gridmetalscorp.com or the Company's Curation Connect showcase here or contact:
Robin Dunbar - President, CEO & Director - rd@gridmetalscorp.com
Brandon Smith - Chief Development Officer - bsmith@gridmetalscorp.com
David Black - Investor Relations - info@gridmetalscorp.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

We seek safe harbour. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements include statements related to the transaction with Boliden, the Company's overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedarplus.ca.

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

SOURCE: Grid Metals Corp.

View the original press release on ACCESS Newswire

FAQ

What did Grid Metals (MSMGF) announce about the Thompson East option on May 5, 2026?

Grid announced TSXV conditional approval for an option agreement with Boliden allowing acquisition of an 80% interest. According to the company, Boliden must fund CAD$9.6M in expenditures and make staged cash payments totaling CAD$500,000.

How much cash will Grid Metals (MSMGF) receive now after TSXV approval?

Grid is entitled to an immediate CAD$200,000 cash payment following TSXV approval. According to the company, this is the initial staged payment under the option and joint venture agreement with Boliden.

What must Boliden do to earn 80% of the Thompson East project from Grid Metals (MSMGF)?

Boliden must fund cumulative expenditures of CAD$9,600,000 and make staged cash payments totalling CAD$500,000. According to the company, meeting both expenditure and cash-payment conditions grants Boliden an 80% interest.

What ownership will Grid Metals (MSMGF) retain if Boliden completes the earn-in?

If Boliden completes the earn-in, Grid would retain a 20% interest in Thompson East. According to the company, the option and JV agreement specify Boliden obtains an 80% interest upon meeting conditions.

Does the TSXV approval finalize the Boliden earn-in for Grid Metals (MSMGF)?

TSXV granted conditional approval, enabling the initial cash payment and progress toward closing. According to the company, further conditions in the option and JV must be satisfied before the earn-in is fully completed.