The TSX Venture Exchange has accepted for filing the exploration, earn-in and option agreement dated Sept. 3, 2024, among the company and an arm's-length party. Pursuant to the terms of agreement, the optionor has granted the company the option to acquire a 100-per-cent interest in the optionor's subsidiary (Subco), which indirectly holds a 100-per-cent interest in the properties comprising the Cinco de Mayo project in northern Chihuahua, Mexico.

In order for the option to become exercisable, the company must, within a five-year period:

1. Obtain all necessary social licences to safely and legally access and conduct mining exploration activities on the properties;
2. Complete at least 20,000 metres of exploratory drilling on the properties.

Upon the option becoming exercisable, the company will be entitled to exercise the option through the issuance of a number of common shares of the company equivalent to 19.9 per cent of the company's then issued and outstanding common shares to the optionor, calculated on an undiluted basis. The company has been advised that any issuance of consideration shares is subject to prior exchange approval.

For further details, please refer to the company's news release dated Sept. 23, 2024.