The TSX Venture Exchange has accepted for filing documentation with respect to three tenement interest purchase and joint venture agreements dated Oct. 5, 2023, between the company and two non-arm's-length parties: Metals of Australia Pty. Ltd. (MoA) and Western Wood Capital Pty. Ltd. (WWC). Pursuant to the agreement, the company acquired an 80-per-cent interest in 12 exploration licences, comprising the Bangemall project in western Australia, the Gawler project in south Australia and the Western Wood project in New South Wales, Australia.

Under the terms of the agreement and as consideration for the acquisition, the company will issue an aggregate of 55 million common shares of the company to the vendors, whereby 40 million common shares will be issued to MoA and 15 million will be issued to WWC. Further, the vendors will retain a net smelter return royalty of between 3 per cent and 4 per cent on the properties.

On completion of the acquisition, the properties will be held in a joint venture (JV) company between the company and the vendors. In the event if either party withdraws from the JV, such interest will be converted to a 1.5-per-cent net smelter return royalty.

For further details, please refer to the company's news releases dated Oct. 10, 2023, Jan. 8, 2024, and Feb. 22, 2024.