Project Grubstake

Who is Innovative?

Innovative Resource Partners is a private royalty company based in Northeastern Ontario.
Our focus is on purchasing royalty interests and participating in junior mine financing.
We are rolling out our program first in the Larder Lake mining division.
Lead by industry veterans, Todd Morgan, Stew Carmichael, Erik Andersen and Jim Pirie

Download the presentation

Designed to take existing programs to the next level.
A pilot project for prospectors holding mining claims in the Larder Lake Mining Division.
A three phase program in which qualifying projects may be entitled to funding up to $180,000 in approved exploration expenditures over three years.
Of those expenditures, prospectors may be entitled up to $60,000 in funding for personal use over the three year period.
In return, Innovative Resource Partners would retain up to a maximum 2% net smelter return.
Potential projects would be limited to precious and base metals exploration.

Prospectors/claim holders submit a proposed exploration program.
Exploration expenditures would include a minimum of $40,000 to be applied to the property including up to $20,000 “walking around money” for the prospector’s personal use.
Upon project approval, prospector would receive $5,000 “up front” funding. When work begins, Innovative would advance an additional $5,000. When work is completed, Innovative would advance another $5,000. When a final report is submitted and approved, Innovative would provide the balance of the initial funding ($25,000, $40,000 total). In return, Innovative would have earned a 1% net smelter royalty.
Qualifying exploration expenditures are those eligible defined as assessment work under the Ontario mining act and regulations.

Prospectors/claim holders submit a proposed exploration program to compliment the year one program.
Exploration expenditures would include a minimum of $60,000 to be applied to the property including up to $20,000 “walking money” for the prospectors personal use.
Upon project approval, prospector would receive $10,000 “up front” funding. When field work begins Innovative will advance an additional $10,000. When field work is compete, Innovative will advance a further $10,000. When a final report is submitted and approved, Innovative would provide the balance of the phase two funding ($30,000, $100,00 in total). In return, Innovative would have earned an additional 0.5% net smelter royalty. (Total 1.5% NSR after year two)
Qualifying exploration expenditures are those eligible defined as assessment work under the Ontario mining act and regulations.

Prospectors/claim holders submit a proposed exploration program to compliment the year one and two programs.
Exploration expenditures would include a minimum of $80,000 to be applied to the property including up to $20,000 “walking money” for the prospectors personal use.
Upon project approval, prospector would receive $20,000 “up front” funding. When work begins, Innovative will advance $20,000. When field work is complete, Innovative will advance the next $20,000. When a final report is submitted and approved, Innovative would provide the balance of the phase three funding ($20,000, $180,000 in total). In return, Innovative would have earned an additional 0.5% net smelter royalty. (Total 2.0% NSR after year three)
Prospector would be encouraged to have a 43-101 compliant report completed after completion of phase three.
Qualifying exploration expenditures are those eligible defined as assessment work under the Ontario mining act and regulations.

ROYALTY BUYBACK PROVISIONS

The prospector has the right to buy back all the royalty except 0.5% by repaying the funding according to the following conditions:

From year 1 to year 5 after funding – Repayment of the funding times 1.5.
- Example: If only year one is funded, the prospector may buy back 0.5% NSR for repayment of $40,000 x 1.5 = $60,000
- Example: If all three years are funded, the prospector may buy back 1.5% NSR for repayment of $180,000 x 1.5 = $270,000
From year 6 to year 10 after funding – Repayment of the funding times 2.0
- Example: If year one and two funding are advanced, buy back 1% NSR for repayment of $100,000 x 2.0 = $200,000
The Royalty may be repayable in shares or other currency at the discretion of Innovative Resource Partners.

Click here to download the text on this page.