Linear Minerals Corp. Advances Strategic Sale of Augustus and James Bay Lithium Claims in QuÃĐbec
Linear Minerals Corp. Advances Strategic Sale of Augustus and James Bay Lithium Claims in QuÃĐbec
VANCOUVER, British Columbia, June 2026 â Linear Minerals Corp. has entered into a term sheet with Consolidated Lithium Metals Inc. for the proposed sale of a 100% undivided interest in the Augustus Lithium Project and additional mineral claims located in QuÃĐbecâs Abitibi and James Bay regions.
The proposed transaction covers 449 mineral claims totaling about 215 square kilometers. According to the company announcement, the claims include 358 claims in the Abitibi region and 91 claims in the James Bay region. The two claim blocks are located more than 200 kilometers apart and do not form one single continuous property.
Transaction Value Estimated at C$2.75 Million
Under the term sheet dated June 4, 2026, Consolidated Lithium Metals intends to acquire the QuÃĐbec lithium-related assets through an asset purchase transaction. The total consideration is valued at approximately C$2.75 million.
The payment structure includes C$687,500 in cash payable at closing and C$2,062,500 in common shares of Consolidated Lithium Metals. The share portion will be calculated based on the 20-day moving average trading price of CLM shares on the TSX Venture Exchange from June 4, 2026.
Key Terms of the Proposed Agreement
The term sheet gives Consolidated Lithium Metals a legally binding exclusivity period until October 1, 2026. During this period, CLM will conduct due diligence while both companies work toward a definitive agreement.
Linear Minerals has also granted CLM a right to match any superior proposal, subject to certain conditions. In addition, Linear Minerals has agreed to a C$1,687,500 break fee if it terminates the term sheet to accept a superior proposal or breaches its exclusivity obligations.
Regulatory and Closing Conditions
The transaction remains subject to several closing conditions. These include completion of due diligence, execution of a definitive agreement, corporate approvals, and required regulatory approvals from the TSX Venture Exchange and the Canadian Securities Exchange.
The companies stated that the transaction is not a related-party transaction and is considered an armâs-length transaction under applicable exchange policies. If completed, closing is expected within 45 days after the definitive agreement is signed.
Strategic Importance for Linear Minerals
For Linear Minerals, the proposed sale may provide a way to unlock value from its QuÃĐbec claim portfolio while receiving both immediate cash and equity exposure through CLM shares. The cash component could support corporate flexibility, while the share component may allow Linear Minerals to benefit from future developments connected to Consolidated Lithium Metals.
The deal also reflects continued interest in lithium assets in QuÃĐbec, a province that has attracted attention because of its mineral potential, mining infrastructure, and growing role in the battery-metals supply chain.
Forward-Looking Statement
The company emphasized that there is no guarantee the proposed transaction will be completed as planned or completed at all. Final terms may still change before a definitive agreement is signed, and completion depends on approvals, due diligence, and other customary conditions.
The announcement was issued on behalf of Linear Minerals Corp. by Gurminder Sangha, CEO and Director.
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