PureBase Corporation Faces Uncertainty in Esmeralda Project Lease

PureBase Corporation (OTCMKTS:PUBC) recently disclosed in a current report filed with the Securities and Exchange Commission (SEC) on January 23, 2025, a complication surrounding its assignment of a lease for mineral rights. The company revealed that, as stated in its previous Annual Reports on Form 10-K, PureBase Corporation had engaged in an assignment of a lease with U.S. Mine Corporation (USMC), a significant stockholder of the company, for mining rights in the Esmeralda Project located in Nevada.

The assignment involved PureBase Ag, a wholly-owned subsidiary of PureBase Corporation, acquiring mining rights spanning approximately 2,500 acres in the Esmeralda County area of Nevada from USMC. This assignment granted by the Bureau of Land Management required PureBase Corporation to fulfill annual lease payments and other related expenses for the development of the Esmeralda Project.

However, PureBase Corporation reported that the assignment of the Lease from USMC to PureBase Ag did not take effect as anticipated. According to the company’s findings, the rights and obligations under the Lease are still with USMC, raising uncertainties regarding the status and future development of the Esmeralda Project.

PureBase Corporation, led by its Chief Executive Officer A. Scott Docktor, acknowledged this discrepancy in the recent filing with the SEC. The company’s efforts to resolve the situation and secure the necessary authorization for the assignment remain ongoing as it navigates through this complex issue concerning the Esmeralda Project lease.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PureBase’s 8K filing here.

PureBase Company Profile

PureBase Corporation, an industrial mineral and natural resource company, engages in the provision of solutions to the agriculture and construction materials markets in the United States. The company offers PureBase Shade Advantage WP, a natural mineral plant protectant that reduces sunburn damage to plant tissue exposed to UV and infrared radiation; humic acid product derived from leonardite, which can be an important medium for soil health, water retention, and positive interactions with the soil microbiome; and other specialized fertilizers, sun protectants, soil amendments, and bio-stimulants for organic and non-organic sustainable agriculture.