The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated May 20, 2024, as amended on July 3, 2024, between the company and an arm's-length party, whereby the company has an option to acquire up to a 100-per-cent interest in 16 patented mining claims, one leased mining claim and 109 staked mining claims in Hagey and Conacher townships of Ontario.

Under the terms of the agreement, the company agreed to purchase the property in exchange for the issuance of up to 9,333,333 common shares and an aggregate cash payment of up to $1.3-million to be issued and paid over the period of five years. Additionally, the sellers retain a 2-per-cent net smelter return royalty (NSR) and the company has the option to buy back a 1-per-cent NSR royalty at any time for $3-million and a right of first refusal on the remaining 1-per-cent NSR. Furthermore, the company shall pay the seller the cash payments as follows: (i) $500,000 for a measured, indicated or inferred mineral resource of 500,000 to one million contained gold ounces; and (ii) an additional payment of $500,000 for a measured, indicated or inferred mineral resource greater than one million contained gold ounces.

For further details, please refer to the company's news releases dated May 23, 2024, and July 4, 2024.