The TSX Venture Exchange has accepted for filing documentation relating to an option and joint venture agreement dated Dec. 9, 2024, between Grid Metals Corp. and an arm's-length party, Teck Resources Ltd. Pursuant to the terms of the agreement, Teck has a two-stage option to acquire up to a 70-per-cent interest in Makwa nickel project, located in southeastern Manitoba, Canada. Teck may exercise the first option to acquire up to a 51-per-cent interest in the property by making an aggregate of $600,000 in cash payments, including a firm commitment of $400,000, and incurring an aggregate of $5.7-million in exploration expenditures on or before May 31, 2028. If Teck exercises the first option, Teck will have a further sole and exclusive option to acquire an additional 19-per-cent interest in the property by incurring a further $10-million in exploration expenditures over a period of three years commencing on the date of the first option exercise notice and making a payment of $1-million in cash or, at Teck's election and subject to TSX Venture Exchange approval, through a subscription for the company's shares.

If a party's interest in the property is diluted below 10 per cent, its interest would be converted to a 1.5-per-cent net smelter return (NSR) royalty on the property, of which a 0.75-per-cent royalty could be bought back by the royalty payor at any time for a cash payment of $2-million.

For further details, please refer to the company's news release dated Dec. 12, 2024.