The TSX Venture Exchange has accepted for filing documentation with respect to the non-arm's-length disposition of an additional 0.5-per-cent royalty interest on the Loki diamond project to Umgeni Holdings International Ltd., pursuant to a second amended and restated royalty agreement dated March 3, 2023.

Pursuant to the terms of the agreement, Umgeni acquired the additional royalty by making a cash payment of $374,000. Umgeni is controlled by Christopher Jennings, an insider of the company. The company may issue one million shares to Umgeni upon the first public announcement of the discovery of a new kimberlite within the property. The company may issue five million shares to Umgemi upon the first public announcement of a mineral resource, in any category, with respect to any kimberlite within the property. The company may repurchase the additional royalty by making a single payment of $5-million to Umgeni at any time prior to 24 months after the first royalty payment is due and payable to Umgeni.

No finder's fee was payable.

For further details, please refer to the company's news releases dated March 6, 2023, and May 18, 2023.