The TSX Venture Exchange has accepted for filing documentation pertaining to a joint venture (JV) agreement dated July 20, 2026, between the company and Avenir Minerals Ltd., a wholly owned subsidiary of Agnico Eagle Mines Ltd., to form a joint venture for the company's Falcon West cesium property, located in southeastern Manitoba, Canada.

Pursuant to the terms of the JV agreement, Avenir will acquire an initial 15-per-cent interest in the property and resulting joint venture for $3.75-million in cash payable to the company. The company will retain an 85-per-cent interest and will continue to serve as operator of the property.

Avenir has also been granted the following options:

• An option to acquire an additional 15-per-cent interest in the property, for a total interest of 30 per cent, exercisable upon the earlier of the completion of a preliminary economic assessment or the adoption of a mine plan in respect of the property by the joint venture's management committee. The exercise price of the phase 2 option will be calculated at 40 per cent of the net present value of the property on a 100-per-cent basis, using a discount rate of 8 per cent per annum, multiplied by 15 per cent in accordance with the terms of the JV agreement. During the course of the joint venture, the company and Avenir will finance their respective pro rata share of project and development costs;
• An option to subscribe for up to 19.99 per cent of the company's issued and outstanding common shares, including Avenir's then-current holdings. This option will become exercisable by Avenir, subject to TSX Venture Exchange approval, following the company having publicly announced a mineral resource estimate in respect of the property. In connection with the exercise of the equity option, the company and Avenir will enter into an amended and restated investor rights agreement (A&R IRA).

If the company's or Avenir's interest in the property is diluted below 5.0 per cent, its interest will be converted to a 1.0-per-cent net smelter return royalty on the property, of which a 0.5-per-cent royalty may be repurchased by the royalty payor for a cash payment of $1-million.

For further details, please refer to the company's news releases dated July 20, 2026, and July 31, 2026.