The TSX Venture Exchange has accepted for filing documentation the Silimanita option agreement dated Aug. 30, 2022. Pursuant to the terms of the agreement, the company has granted the option to acquire a 70-per-cent right, title and interest in and to the mineral claims comprising the Silimanita project, located in Guatemala, to an arm's-length party. In consideration of the option, the optionee shall pay to the company a combination of cash and incur exploration expenditures according to the following schedule:

• Upon signing, $50,000 cash (paid) and $60,000 in work commitments (incurred);
• First anniversary, $50,000 cash (paid) and $60,000 in work commitments;
• Second anniversary, $50,000 cash and $1.5-million in work commitments.

The optionee will have the right pay cash to the company in order to fulfill the required work commitments.

In the event that the optionee exercises the option, the company shall thereafter be entitled to a 2-per-cent net smelter return (NSR) royalty with respect to the property. The optionee will have the right to make cash payments to repurchase half of the NSR (a 1-per-cent royalty), at any time, by remitting a $1-million cash payment to the company.

Insider/pro group participation:  none

For further information, please reference the company's news releases dated April 14, 2023, and Sept. 1, 2023.