The TSX Venture Exchange has accepted for filing documentation pertaining to a property option agreement dated May 12, 2023, as amended on June 29, 2023, between the company and a subsidiary of the company, and an arm's-length party (the optionor). Pursuant to the terms of the option agreement, the optionor has granted an option to the optionee to acquire a 100-per-cent undivided interest certain unpatented mining claims or other mineral tenure in the Boston Lake area township of the province of Ontario.

Consideration is a total of $175,000 cash and the issuance of a maximum of 88,361 shares of the company to the optionor. The company must incur $350,000 exploration or other work commitments in stages. The cash payment, the shares issuance and the work commitments will be distributed over several stages, detailed as follows:

• Upon regulatory approval, $25,000 cash and 12,623 shares;
• First anniversary, $50,000 cash, up to 25,246 shares and $75,000 in exploration or work commitments;
• Second anniversary, $50,000 cash, up to 25,246 shares and $125,000 in exploration or work commitments;
• Third anniversary, $50,000 cash, up to 25,246 shares and $150,000 in exploration or work commitments.

The optionor retains a 2-per-cent net smelter return (NSR) royalty on the property. The optionee has a right to purchase a 1-per-cent NSR royalty from the optionor for $1-million.

For further details, please refer to the company's news releases dated May 25, 2023, and July 11, 2023.