The TSX Venture Exchange has accepted for filing an option agreement dated Nov. 7, 2023, between the company and certain arm's-length parties to acquire a 100-per-cent interest in nine mineral licences consisting of 161 mineral claims located in central Newfoundland.

Under the terms of the agreement, the company will issue a total of four million shares and pay $380,000 in cash to the optionors over a period of four years. The company must also incur an aggregate of $1.5-million in expenditures or the expenditures required to keep the property in good standing on or before the fourth anniversary of the agreement.

The property will be subject to 2-per-cent net smelter return (NSR) royalty in favour of the optionors, whereby the company retains the right to buy back half the NSR royalty (equal to a 1-per-cent NSR royalty) for $3.5-million at any time prior to the commencement of commercial production at the property.

For further details, please refer to the company's news releases dated Nov. 9, 2023, and Nov. 28, 2023.