SLAM Accepts Conditional Ocean Partners Offer for 40,000 WMT of New Brunswick Ore
SLAM Exploration has accepted a conditional offer from Ocean Partners USA for approximately 40,000 WMT of polymetallic ore expected to come from its A'Hearn property in New Brunswick.
SLAM Exploration Ltd. has accepted a conditional offer from Ocean Partners USA, Inc. covering approximately 40,000 wet metric tonnes of polymetallic ore expected to come from northern New Brunswick. The proposed transaction is not a binding sale agreement and remains dependent on refinery testing, buyer due diligence and the completion of a definitive contract.
Ocean Partners issued the offer on October 23, 2026, and SLAM accepted it on October 27, 2026. The material is expected to be sourced from SLAM's A'Hearn property in the Bathurst Mining Camp, although it has not yet been extracted.
The offer covers 40,000 WMT, with the delivery schedule still to be agreed. The ore would be shipped in bulk vessels and is described as free-flowing, not blended with other material and sized 90% passing 15 millimeters.
The proposed delivery options are CIF to a main Chinese port or, at SLAM's request, FOB a Canadian port. Under the FOB option, actual freight costs would be deducted from the provisional payment.
Payment would relate to the copper, lead, zinc and silver contained in the material. Copper, lead and zinc would be priced against London Metal Exchange cash settlement prices, while silver would be priced against the London Bullion Market Association spot price.
The terms provide for 85% of the estimated value to be paid provisionally within five working days of the bill of lading date. The remaining balance would be settled after final weights and assays. Final weighing, sampling and moisture determination would take place at the discharge port at the Buyer's cost, with standard assay exchange and independent international umpire laboratories also included in the proposed terms.
Ocean Partners must complete satisfactory know-your-customer procedures on SLAM, and the receiving refinery must test and confirm the material. The parties must also negotiate and execute a definitive contract. These conditions mean the accepted offer does not establish that the ore will be delivered or sold.
To support the refinery review, SLAM plans to provide five individually packaged representative samples of approximately 6 kilograms each to an Ocean Partners representative. The company said it intends to report further developments as they occur.
Extraction, processing and shipment require permitting and environmental approvals from the Province of New Brunswick. SLAM said it has not yet obtained those approvals and expects to begin extraction in Spring of 2027, pending approval.
The company also stated that it has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the material or any of its projects, and has not established mineral reserves. Any decision to extract and sell the material would therefore not be based on such a study, and SLAM identified increased uncertainty and a higher risk of economic or technical failure associated with that decision.
SLAM said there is no certainty that the offer conditions will be satisfied, that a definitive agreement will be signed, or that any material will be delivered or sold on the described terms or at all.
The company also identified uncertainty concerning the material's grade, quantity and quality, as well as potential risks from refinery testing, including penalties that could make a sale uneconomic. Other risks listed by SLAM include changes in metal prices, freight costs and exchange rates, counterparty risk, regulatory and environmental matters, permitting, operating and shipping hazards, and the availability of financing on acceptable terms.
Ocean Partners USA, Inc., based in Wilton, Connecticut, is part of the Ocean Partners group, which trades base and precious metal concentrates and ores and supplies smelters and refineries worldwide. SLAM Exploration is listed on the TSX Venture Exchange under TSXV:SXL and on the OTCQB under OTCQB:SXLXF.
SLAM accepted a conditional Ocean Partners offer covering approximately 40,000 wet metric tonnes of New Brunswick polymetallic ore.
The proposed material is expected to come from the A'Hearn property but has not yet been extracted.
The offer remains subject to buyer KYC procedures, receiving-refinery testing and confirmation, and a definitive contract.
New Brunswick permitting and environmental approvals have not yet been obtained; SLAM expects extraction to start in Spring of 2027, pending approvals.
SLAM has not established mineral reserves or completed an economic study for the material.
SLAM Exploration Ltd. announced that it had accepted a conditional offer from Ocean Partners USA, Inc. to purchase approximately 40,000 WMT of polymetallic ore from New Brunswick. The offer was issued on October 23, 2026, and accepted by SLAM on October 27, 2026.
The offer is not a binding sale agreement and remains subject to satisfactory know-your-customer procedures on SLAM, testing and confirmation of the material by the receiving refinery, and negotiation and execution of a definitive contract. The company also says there is no certainty that the conditions will be satisfied or that a definitive agreement will be entered into.
The material is expected to be sourced from SLAM Exploration Ltd.'s A'Hearn property in northern New Brunswick, within the Bathurst Mining Camp. The material has not yet been extracted.
SLAM Exploration Ltd. expects to start extraction in Spring of 2027, pending approvals. Extraction, processing and shipment require the necessary permitting and environmental approvals from the Province of New Brunswick, which the company has not yet obtained.
The offer covers approximately 40,000 WMT of SLAM Exploration Ltd.'s polymetallic ore, under a delivery schedule to be agreed. The source says the material is to be shipped in bulk vessels.
Delivery may be made CIF to a main Chinese port or, at SLAM Exploration Ltd.'s request, FOB a Canadian port. If delivery is FOB a Canadian port, Ocean Partners will deduct actual freight costs from the provisional payment.
Payment is based on the copper, lead, zinc and silver contained in the material, priced against LME cash settlement prices for copper, lead and zinc and the LBMA spot price for silver. The offer provides for 85% of the estimated value to be paid provisionally within five working days of the bill of lading date, with the balance payable on final settlement following final weights and assays.
The receiving refinery must test and confirm the material, and final weighing, sampling and moisture determination will take place at the discharge port at the Buyer's cost. SLAM Exploration Ltd. plans to deliver five individually packaged representative samples of approximately 6 kilograms each to Ocean Partners' representative for refinery testing, with standard assay exchange and independent international umpire laboratories included in the offer terms.
SLAM Exploration Ltd. says its next step is to deliver representative samples for testing by the receiving refinery and to work with Ocean Partners to complete a definitive agreement. The company says it will report further developments as they occur.
President and CEO Jimmy Gravel said the offer was an important step toward turning SLAM Exploration Ltd.'s New Brunswick ore into revenue and showcasing the strength of its projects. He also said the offer provides a framework for pricing, payment and logistics, while the company still needs to complete refinery testing and work towards a definitive agreement.
SLAM Exploration Ltd. says there is no certainty that the offer's conditions will be satisfied, that a definitive agreement will be entered into, or that any material will be delivered or sold on the described terms or at all. The company also identifies risks including permitting and environmental approvals, uncertainty over the grade, quantity and quality of the material, sample testing that could result in penalties making a sale uneconomic, fluctuations in metal prices, freight costs and exchange rates, counterparty risk, operating and shipping hazards, and the availability of financing on acceptable terms.
No. SLAM Exploration Ltd. says it has not completed a preliminary economic assessment, pre-feasibility study or feasibility study, and has not established mineral reserves for the material or any of its projects. It says any decision to extract and sell the material would not be based on such a study and would involve increased uncertainty and a higher risk of economic or technical failure.
SLAM Exploration Ltd. is identified in the source as trading on the TSX Venture Exchange under TSXV:SXL and on the OTCQB under OTCQB:SXLXF.