Strategic Acquisition in the Antimony Sector
On June 9th, 2026, in Muskoka, Ontario, Steadright Critical Minerals Inc. (CSE: SCM), commonly referred to as Steadright, announced its approval to acquire an 80% stake in EXTERRA Mining & Exploration SARL. This significant move underscores Steadright's commitment to expanding its operations within the mining industry, particularly in the critical minerals sector.
The transaction involves the issuance of 12,000,000 common shares of Steadright at a deemed price of $0.25 per share, alongside a commitment to cover the initial $5,000,000 USD for exploration and production costs. As stipulated, this share issuance is subject to the regulations of the Canadian Securities Exchange (CSE), which includes a four-month hold period and the necessity for regulatory approval. Following the fulfillment of these conditions, a shareholders’ agreement will be drafted and filed on Sedar to govern the operations of EXTERRA Mining & Exploration SARL.
Prospects and Future Plans
EXTERRA Mining & Exploration holds promising antimony projects comprising three exploration licenses, which are poised for a production permit application soon. Governed by Moroccan mining law 33-3, these licenses allow for an extendable duration of ten years for production and up to seven years for exploration, with the standard size set at 16 km². Notably, nearby operations are already extracting antimony on a small scale, indicating a robust geological potential in the area.
CEO Matt Lewis expressed enthusiasm regarding the acquisition, stating that it aligns perfectly with Steadright's business model focused on identifying valuable properties, enhancing their worth, and expediting their transition into production. He emphasized the strategic advantage of being close to existing mining operations and noted that various interested parties are evaluating the potential of the Exterra acquisitions, given the global demand for antimony.
Steadright Critical Minerals Inc., founded in 2019, has concentrated its efforts on locating exploration projects and historical mining opportunities that can be developed within Morocco's critical mineral landscape. The company also holds interests through NSM Capital SARL, encompassing over 192 square kilometers of mineral exploration claims, including the TitanBeach Titanium Project and the Copper Valley Project. Furthermore, Steadright has established a binding Memorandum of Understanding for the historic Goundafa Mine and an Letter of Intent with SilverLine Mining Sarl, another Moroccan entity.
As the company progresses, it acknowledges the inherent risks associated with mineral exploration and development, including uncertainties related to financing, regulatory approvals, and market conditions. However, Steadright remains focused on its strategic vision to become a key player in the mining sector.
As reported by thenewswire.com.
