The TSX Venture Exchange has accepted for filing documentation regarding an exploration agreement between the Eabametoong First Nation (EFN) and the company. The agreement, originally dated May 16, 2024, was amended on April 29, 2025, pertains to the company's interest in exploration properties consisting of 2,013 mining claims and 52 patented claims, which are situated on land that is located in the EFN territory.

Under the terms of the agreement, the company will make a one-time cash payment of $30,000 to the EFN upon the exchange's acceptance of the amended agreement.

The company will also issue a total of $275,000 in common shares to EFN based on continuing exploration work, according to the following schedule:

• $25,000 in shares upon the exchange's acceptance of the amended agreement;
• $50,000 in shares on each of the first and second anniversaries of the amended agreement, contingent upon active exploration work on the Fort Hope projects;
• $75,000 in shares on each of the third and fourth anniversaries of the amended agreement, contingent upon active exploration work on the Fort Hope projects.

The number of shares issued will be calculated using the 30-day volume-weighted average price (VWAP) on the date five business days before the issuance date, subject to a minimum price of five cents per share. The total value of common shares to be issued, capped at $275,000, will not exceed 5.5 million shares.

In addition, the company will make annual contributions to EFN's community fund, as established by the EFN chief and council:

• 6 per cent in cash annually on March 31;
• 2 per cent of exploration costs, to be paid in common shares of the company annually on March 31, subject to prior exchange acceptance. The share price for this component will be the 30-day VWAP on the date five business days prior to the issuance date, provided that the price is not lower than the discounted market price as defined in exchange policies. If the exchange's acceptance is not received by March 31, this portion may be paid in cash.

For further details, please refer to the company's news release dated May 9, 2025.