News: Suppliers
23 July 2026
Volta to acquire remaining 20% stake of Springer Rare Earth and Gallium Deposit
Volta Metals Ltd of Toronto, Canada (which owns, has optioned and is currently exploring a critical minerals portfolio of rare-earths, gallium, lithium, cesium and tantalum projects in Ontario) has entered into a definitive purchase agreement with RZJ Capital Management LLC to acquire — for $1m in cash plus 10 million common shares at a deemed price of $0.20 per share — the remaining 20% interest in the Springer Rare Earth Element (REE) and Gallium Deposit, which spans 4750-hectares on the traditional territory of the Nipissing First Nations in Sturgeon Falls, about 70km east of Sudbury, Ontario.
Upon completion of the transaction and the transfers contemplated by the purchase agreement, Volta will have the right to acquire 100% of the registered and beneficial interest in the property (including all mining patents, mining claims, surface rights and easement rights), subject only to existing royalties and permitted encumbrances.
The acquisition establishes a 100% ownership path, up from the 80% in the initial agreement entered into in June 2025. Prior to executing the purchase agreement, Volta and the vendor jointly acquired an outstanding 5% interest in the patented claims previously held by a third party, enabling Volta to now consolidate 100% ownership in the property.
“Consolidating 100% ownership of Springer marks a major milestone for Volta and significantly strengthens our long-term growth strategy,” says the firm’s president & CEO Kerem Usenmez. “We have also structured this transaction to preserve capital for advancing the project, with cash payments staged alongside future financings and the majority of the consideration paid in shares, aligning the vendor’s interests with those of our shareholders,” he adds. “With a path to full ownership secured and Springer already ranking among the largest REE [rare-earth element] deposits in North America, we are exceptionally well positioned to accelerate exploration, expand the resource, and advance the project toward development.”
Terms of the acquisition
The $1m cash consideration consists of a signing payment of $200,000 on closing, and a deferred balance of $800,000 payable from proceeds of the future non-flow-through equity financings. If the next such financing raises less than $3m in gross proceeds, $300,000 is payable within seven days of its closing, and the remaining $500,000 is payable on the closing of the following non-flow-through financing. If the next such financing raises $3m or more in gross proceeds, the full $800,000 is payable within seven days of its closing. Any outstanding portion of the deferred balance becomes due and payable on 14 June 2027.
The consideration shares will consist of 5 million shares issuable upon the signing of the purchase agreement, and 5 million shares issuable within seven days of the close of the company’s next equity financing or 14 June 2027, whichever occurs earlier, in each case subject to receipt of any required approval of the Canadian Securities Exchange. Volta may, at its sole option, accelerate payment of the deferred balance and issuance of the consideration shares at any time.
The consideration shares will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
The vendor retains a 2.0% NSR (net smelter return) royalty on the mining claims on the property, of which 1% may be bought back by Volta at any time for $1m. The granted royalty is not payable on any claims or patents on which the existing royalty is payable. The patented claims remain subject to an existing aggregate 3% NSR royalty, of which 1% may be bought back by Volta for $1m. Volta also holds a right of first refusal over any proposed transfer of the granted royalty.
Following the $200,000 cash payment and the issuance of 5 million common shares upon signing the purchase agreement, Volta will have aggregate cash payments of $1,302,000 and a requirement to issue a total of 7.5 million common shares by June 2027 to earn a 100% interest in the property.
Volta Metals awarded up to $500,000 from Ontario’s Critical Minerals Innovation Fund
Volta Metals receives $215,000 grant from Ontario Junior Exploration Program
Volta initiates bioleaching gallium recovery study with Laurentian University
