Powermax Minerals has entered a three-year option agreement to acquire a 100% interest in the Melba North property, a 3,360-hectare rare earth element (REE) land package adjacent to its Hopkins REE property in northern Ontario. The deal includes staged cash payments totaling C$86,000, issuance of 400,000 common shares, and a 1.5% net smelter returns royalty, with an option to buy back 0.5% of the royalty. Historical drilling from 2025 shows promising REE mineralization, and Powermax plans to integrate this data with ongoing exploration to refine targets and assess further drilling. This acquisition expands Powermax's land position and exploration potential in a key REE region.
Powermax Minerals' recent option agreement for Melba North rare earth claims provides context for readers tracking Basic Materials. For readers following Basic Materials, here is Pluang's market snapshot as of Oct 15, 2026 18:11 WIB: Of 83 priced US stocks in the sector, 50 rose and 31 fell. Notable movers include Gold Fields Limited (GFI) at USD 36.66 with a 1-day change of +3.12% and Pluang order activity showing 1% Sell / 99% Buy, Rio Tinto (RIO) at USD 88.52 with a 1-day change of -2.99%, and Aya Gold & Silver Inc. (AYA) at USD 26.16 with a 1-day change of +2.91% and 0% Sell / 100% Buy order activity.
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