Boreal Metals Corp. (TSXV:BMX) signed a definitive agreement to acquire Modum Project near Skuterud Mine from EMX Royalty Corporation (TSXV:EMX) for $0.28 million on January 16, 2018. Boreal will issue to EMX 1,324,181 common shares of Boreal, subject to receipt of TSX Venture Exchange approval, that will bring EMX's share of equity ownership in Boreal to 19.9%.

EMX will be granted a 3% net smelter return royalty of which a 1% royalty may be purchased by Boreal on or before the fifth anniversary of the closing date in 0.5% increments for a total of $2.5 million in cash and common shares of Boreal stock. EMX will receive annual advance royalty payments of $0.02 million commencing on the second anniversary of the closing, with each payment increasing by $5,000 per year until reaching $0.06 million per year after which payments will be adjusted each year according to the Consumer Price Index. The transaction is subject to regulatory approval.