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AGREEMENT ON DEVELOPMENT OF THE MINERAL RESOURCES IN Eeyou Istchee

In July 2022, the Cree Nation Government (CNG), the Government of Québec (Ministry of Energy and Natural Resources (MENR)) and the Cree Mineral Exploration Board (CMEB) signed an agreement entitled: “Agreement on Development of the Mineral Resources of the Eeyou Istchee James Bay Territory, 2022–2025”. Section 6 of this Agreement highlights the CNG’s engagement to defray the CMEB’s administrative expenses. Accordingly, the CNG has fulfilled this engagement, as it has subsidized the CMEB’s 2022–2023 operating budget for an amount of $500,000. The MENR annual contribution consist in an amount of $350,000, the global MENR’s contribution for the 3-year term (2022–2025) is $1 050 000.

It is important to state that the MENR has increased its annual contribution of an amount of $50,000 for a total annual amount of $350,000, the global MENR’s contribution for the 3-year term (2019–2022) of this agreement consists into an amount of $1,050,000. For the same period, CNG’s contribution was for a total amount of $1,500,000. This agreement has expired as of March 31, 2022, and discussions are presently held for a 3-year term renewal for the 2022–2025 horizon.

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