The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Dec. 8, 2023, with an arm's-length optionor to acquire up to an undivided 70-per-cent interest in the Pilipas lithium property in the James Bay region of Quebec.

Pursuant to the terms of the agreement, after satisfying the year 2 commitments, the company shall earn a 50-per-cent interest in the property. After satisfying the year 3 commitments, the company shall earn a 70-per-cent interest in the property. If the company earns a 70-per-cent interest in the property, the parties shall form a joint venture that is 70 per cent held by the company and 30 per cent by the optionor. If the company earns a 50-per-cent interest in the property but fails to earn a 70-per-cent interest, the parties shall form a joint venture that is 50 per cent held by the company and 50 per cent by the optionor. If, after formation of the joint venture, either party's interest is diluted below 10 per cent, it shall be converted into a 2-per-cent net smelter return (NSR) royalty on the property.

Consideration:

• Closing, $20,000 cash and two million common shares;
• Year 1, $25,000 cash, one million common shares and $400,000 in work expenditures;
• Year 2, $25,000 cash, one million common shares and $1.6-million in work expenditures;
• Year 3, $30,000 cash, two million common shares and $2-million in work expenditures;
• Total, $100,000 cash, six million common shares and $4-million in work expenditures.

For further details, please refer to the company's news release dated Dec. 11, 2023.