Chilean Cobalt Locks In $28.3M Option to Consolidate Historic La Cobaltera District

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Chilean Cobalt's Baltum subsidiary signed a definitive option to acquire roughly 1,381 hectares of exploitation and 2,900 hectares of exploration concessions in Chile's San Juan district, stitching together substantially all of the past-producing La Cobaltera area next to its existing ground. Total fixed consideration is $28.3 million paid in stages: $500,000 already paid under the May 2026 terms, $300,000 at signing, $1.5 million plus patent-fee reimbursement by December 30, 2026, $6 million within 120 days of that effective date, $10 million by December 30, 2027, and a final $10 million on exercise by December 30, 2028. Sellers get a 1.5% NSR for 99 years from commercial production, half repurchasable for $10 million within three years of production, and Baltum pays $25,000 monthly rent plus patent fees until it exercises. This follows the 8-K filed November 3rd and builds on the $375 million EXIM letter of interest and Glencore offtake already in place, though EXIM remains only a letter and not a financing commitment. The near-term cash call is the $1.5 million due by December 30, 2026 — watch whether the company funds it from the balance sheet or another placement.

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