The TSX Venture Exchange has accepted for filing documentation pertaining to an asset purchase agreement dated April 8, 2024, between the company and an arm's-length party (the vendor). Pursuant to the agreement, the company will have the option to acquire a mining lease in Northern Ontario.

As consideration, the company shall pay the vendors a one-time cash payment of $150,000 on closing and, should a feasibility study compliant with National Instrument 43-101 -- Standard of Disclosure for Mineral Projects be filed, the company will subsequently issue one million shares and provide a 1-per-cent net smelter return royalty (NSR) to the vendor. The company retains the right to buy back a 1-per-cent NSR from the vendors for $1-million.

For further details, please refer to the company's news release dated June 7, 2024.