Globex Receives $3,000,000 Payment from Yamana

ROUYN-NORANDA, Quebec, July 07, 2022 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangeangels and GLBXF – OTCQX International in the United States) is pleased to inform shareholders that it has received a cash payment of three million dollars from Yamana Gold Inc. The payment is the second in a series of five payments payable to Globex over a period of 5 years from the sale of the Francoeur/Arntfield/Lac Fortune gold properties to Yamana, for a total of fifteen million dollars ($15,000,000) plus a 2% gross metal royalty (2% GMR). Three annual installments totaling eight million dollars ($8,000,000) remain unpaid. The current payment of three million dollars is not subject to tax since Globex, under Revenue Canada policies, has already paid taxes on the full fifteen million dollars receivable.

Globex also received a cash payment of $50,000 from Electro Metals for the Magusi project and $20,000 from Manganese X Energy Corp. as the first advance royalty payment.

Globex is fortunate to own over 200 assets including royalties as well as real estate in Rouyn-Noranda and Toronto, has no debt and approximately twenty million dollars in cash and stock ($20,000,000) other companies. We are currently advancing several projects through exploration including airborne magnetometer surveys, prospecting and mapping, stripping and soon diamond drilling.

This press release was prepared by Jack Stoch, P.Geo., President and Chief Executive Officer of Globex in his capacity as a qualified person (QP) under NI 43-101.

We are looking for Safe Harbour. Foreign private issuer 12g3 – 2(b)
CUSIP number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For more information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President and CEO
Globex Mining Enterprises Inc.
86, 14e Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Such. : 819.797.5242
Fax: 819.797.1470
[email protected]
www.globexmining.com

Forward-looking statements: Except for historical information, this press release may contain certain “forward-looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause actual results, level of activity and performance to differ materially from Globex Mining’s expectations and projections. Enterprises Inc. (“Globex”). No assurance can be given that the events anticipated by the forward-looking information will or will occur, or if any of them occur, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

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