CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) has provided an update on the proposed sale of its Robinson-Lasher zinc-germanium-gallium deposit to Silver Elephant Mining Corp. The company confirmed it received an initial cash payment of US$85,000 on September 17, 2026, and that 6,300,000 Silver Elephant common shares were issued to CleanTech on October 23, 2026. The transaction, which was previously approved by disinterested shareholders, remains subject to conditions including CleanTech exercising its option over the broader Fluorspar Projects package. Investors will be watching whether all closing conditions are fulfilled before title to the Robinson-Lasher Project formally transfers.

Key Points

  • CleanTech Vanadium Mining Corp. (TSXV: CTV / OTCQB: CTVFF) updated investors on the Robinson-Lasher deposit sale
  • Silver Elephant Mining Corp. is acquiring the Robinson-Lasher Project via an asset purchase agreement involving cash payments totalling US$1,255,000 and 6,300,000 Silver Elephant shares at a deemed price of $0.13 per share
  • First cash payment of US$85,000 received September 17, 2026; share consideration issued October 23, 2026; final payments extend to September 1, 2029
  • Title transfer requires CleanTech to first exercise its option over the Fluorspar Projects, with a single-group acquisition priced at US$2,250,000 less prior payments

Robinson-Lasher Sale Terms and Payments Confirmed by CleanTech

Under the asset purchase agreement, Silver Elephant is required to pay CleanTech an aggregate of US$1,255,000 in a series of cash instalments ending on or before September 1, 2029. The first payment of US$85,000 was received on September 17, 2026. In addition, 6,300,000 Silver Elephant common shares at a deemed price of $0.13 per share were issued to CleanTech on October 23, 2026. The release states that no finder's fees are payable in connection with the transaction. Silver Elephant is also required to commit a minimum of US$2,000,000 in exploration expenditures on the Robinson-Lasher Project and prepare an independent NI 43-101 technical report.

Fluorspar Option Exercise Required Before Title Can Transfer

A key closing condition requires CleanTech, through its wholly owned subsidiary U.S. Fluorspar LLC, to exercise its option under an option agreement dated August 7, 2025 to acquire approximately 7,180 acres of fluorspar mining projects in Kentucky and Illinois. The full purchase price for all Fluorspar Projects is US$4,000,000. CleanTech has the right to acquire only the group containing the Robinson-Lasher Project for a total consideration of US$2,250,000, less amounts already paid. Two payments of US$250,000 each have already been made, with remaining instalments scheduled through September 1, 2029.

Non-Arm's Length Structure and Shareholder Approval Already Obtained

The TSXV classified the transaction as a Non-Arm's Length Party transaction because several officers and directors hold roles at both CleanTech and Silver Elephant, including the Chief Executive Officer, Chief Financial Officer, and Corporate Secretary. Additionally, the disclosure identifies one insider who held 10.55% of CleanTech shares and 17.18% of Silver Elephant shares as of July 28, 2026. As a result, the TSXV required approval from a simple majority of disinterested shareholders, which the company confirms was obtained.