The TSX Venture Exchange has accepted the notice for filing of the company in connection with an option to joint venture agreement with an arm's-length party (RTEC) dated June 13, 2023.

The option agreement encompasses 10 properties in the James Bay area, totalling 2,009 claims and covering a surface area of more than 1,000 square kilometres. These properties include Mythril-Corvette, Mythril-East, Mythril-Chisaayuu, Galinee, Moria, Shire, Komo, Warp, Sulu and Picard.

Under the option agreement, RTEC may acquire an initial 50-per-cent interest in the properties over a period of five years. After acquiring an initial 50-per-cent interest, RTEC will have the option to increase its interest in the properties to 70 per cent over an additional period of five years. RTEC will be the operators under the option agreement during the first option and the second option periods.

The aggregate consideration payable by RTEC for the first option is $1-million, which includes $500,000 cash to be received 45 days following the lifting of wildfire restrictions in Quebec and $100,000 per year for five years. RTEC shall also spend $14.5-million on the properties, including $2-million in the first 18 months following the lifting of the wildfire restrictions in Quebec and a further 12.5 million within five years.

For the second option, RTEC shall spend a minimum of additional $50-million on the properties within five years following the exercise of the first option. If the interest of the company in the properties is diluted to less than 10 per cent, it will be converted into a 2-per-cent net smelter return (NSR) royalty, half of which redeemable for $2-million.

For further details, please refer to the company's news release dated June 14, 2023.