The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated March 4, 2024, between the company and several arm's-length parties (the buyer), whereby the company sold all interest in Serra Alta Minercao Ltda., the subsidiary of the company, which holds the Monte Do Carmo project which is located in the state of Tocantins in Brazil near the town of Monte do Carmo (the subsidiary).

Under the terms of the agreement, the company has agreed to sell the subsidiary in exchange for:

• $15-million (U.S.) in the form of the loan, which was offset against the first payment of the same amount to the company on close of the disposition;
• $10-million (U.S.) once option exercise notice to acquire the subsidiary was given to the company;
• $20-million (U.S.) upon receipt of buyer shareholders' approval;
• $10-million (U.S.) on the second anniversary of the company's shareholder approval of the Subsidiary's disposition;
• $5-million (U.S.) upon the earliest of commercial production on the Monte Do Carmo project or March 31, 2027.

For further details, please refer to the company's news releases dated March 5, 2024, May 6, 2024, June 10, 2024, June 27, 2024, Oct. 30, 2024, and Nov. 6, 2024.