The TSX Venture Exchange has accepted for filing documentation with respect to an agreement dated July 3, 2024, with an arm's-length vendor to acquire an undivided 100-per-cent right, title and interest in the Jupiter uranium project. The company will pay by consideration the issuance of 2.2 million common shares to the vendor and a cash payment of $25,000 (U.S.) to the vendor within 30 days of signing the agreement. Additionally, further payment of $75,000 (U.S.) will be made on or before the earlier of Nov. 1, 2024, or 10 business days following the closing of a private placement by the company.

The company commits to conducting a drilling program totalling 1,500 metres on the Jupiter uranium project within 30 days following the first anniversary of the agreement.

As the company establishes additional uranium resources on the Jupiter uranium project, the company will pay the vendor a resource bonus of $100,000 (U.S.) for every increment of 500,000 pounds of uranium up to 2.5 million pounds, as discovered on the Jupiter uranium project. The first resource bonus payment will be due within 90 days from the date the initial resource calculation exceeding 475,000 pounds of uranium is issued. The vendor will retain a 2.5-per-cent net smelter return (NSR) royalty on the resource.

For further details, please refer to the company's news release dated July 10, 2024.