The TSX Venture Exchange has accepted for filing documentation with respect to a non-arm's-length acquisition of a 100-per-cent interest in over 74,000 acres of unpatented mining claims located in Idaho, pursuant to the option agreement between Anglo-Bomarc U.S. Inc., the company's wholly owned subsidiary, and Barrick Gold Exploration Inc., a wholly owned U.S. subsidiary of Barrick Mining Corp.

Pursuant to the terms of the agreement, the company can earn a 100-per-cent interest in the property by making the following payments to the vendor: (i) payment of $2-million in 2,681,427 common shares in the capital of the company at a deemed price of 74.587136 cents per share on closing; and (ii) payment of $2-million in common shares in the capital of the company on each of the first, second and third anniversary of the agreement. The number of common shares issuable on the first, second and third anniversaries will be based on the greater of: (i) the 10-day VWAP (volume-weighted average price) of the common shares immediately preceding the date of the applicable anniversary; and (ii) the price reflecting the maximum permitted discount for the common shares under the rules of the exchange. The company may elect to deliver cash payments to the vendor, in lieu of share issuances, for the option payments.

Pursuant to the terms of the agreement, the company will reimburse the vendor for amounts of annual claim maintenance payments estimated to be $740,000 (U.S.) per year.

Additionally, on exercise of the agreement, the company will grant the vendor a 1-per-cent net smelter return (NSR) royalty, subject to the right of the company to repurchase a 0.75-per-cent NSR royalty for $7.5-million (U.S.).

For further details, please refer to the company's news releases dated July 28, 2025, and Aug. 18, 2025.