The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated May 6, 2025, between the company and two arm's-length parties (the vendors), whereby the company may acquire a 100-per-cent interest in the Black Raven property, which comprises approximately 3,125 hectares located approximately 60 kilometres northwest of Gander, Newfoundland and Labrador, consisting of 125 mineral claims.

Under the terms of the agreement, the company may acquire the property in exchange for a $120,000 cash payment, incurring $1.2-million in exploration expenses on the property and issuance of up to 12 million common shares to the vendors over a two-year period. Additionally, the vendors are granted 2.0-per-cent net smelter returns royalty on any minerals produced from the claims comprising the property. Furthermore, if the option is exercised, the company will also make a one-time cash payment to the vendors in the amount of $100,000 on or prior to the date that is the sixth anniversary of the execution of the agreement.

For more information, please refer to the company's news release dated April 15, 2025.