Electric Metals Sells Nevada Silver Assets, Including Nye County Holdings

Electric Metals (USA) Limited has agreed to sell its Nye County silver holdings, including the Corcoran Silver-Gold Project and Belmont silver properties, collecting an initial payment of US$300,000 from Ameerex Corporation as part of a definitive purchase and sale agreement effective January 30, 2026.

The deal transfers two of Electric Metals' wholly owned subsidiaries, North American Silver Corporation and Centennial Mining, along with their respective Nevada assets, to Ameerex, a Georgia-based energy and mineral company trading under the ticker HIRU. The properties comprise unpatented federal lode mining claims and certain lease-purchase options on patented mining claims in Nye County.

The Corcoran Silver-Gold Project sits roughly 57 miles by road north-northeast of Tonopah and carries an advanced exploration-stage designation backed by a National Instrument 43-101 Technical Report. Mineralization occurs near the surface, remains open in multiple directions, and the project hosts several identified exploration targets. The Belmont silver properties are also included in the transaction.

Despite transferring operational responsibility, Electric Metals said it structured the sale to retain royalty upside on the properties. Chief Executive Brian Savage framed the move as a deliberate reallocation of capital. "This transaction is a clear, disciplined capital allocation decision," Savage said. "The Nevada silver assets are non-core to where we are taking this company. By monetizing them now and taking advantage of the rise in precious metal prices, we are strengthening our balance sheet, simplifying the business, and directing capital and management focus toward advancing our manganese strategy."

The company first signaled its intent to exit these Nevada holdings in October 2023, when it announced an option and acquisition agreement for the same assets naming Altair Resources Inc. as the counterparty. The relationship between that earlier arrangement and the definitive January 2026 agreement with Ameerex has not been publicly clarified by Electric Metals.

Electric Metals, which trades on the TSX Venture Exchange as EML and on the OTCQB as EMUSF, characterized the Nye County sale as a disposition of non-core assets fully consistent with its strategic shift toward manganese projects. The total consideration beyond the initial $300,000 payment and the specific royalty terms were not disclosed in the company's announcement.