The TSX Venture Exchange has accepted for filing documentation with respect to the arm's-length property option agreement to acquire up to a 100-per-cent interest in the King Solomon gold project, consisting of 178 claims, located in central Nevada.

Pursuant to the property option agreement, in order to fully exercise its option and acquire the property, over a four-year period, the company will pay an aggregate of $157,500 (U.S.) and make share issuance of 75,000 shares in the company. The vendor will also retain an aggregate 3-per-cent net smelter return (NSR) royalty on any mineral products derived from the property. Phenom Resources Corp. will have the right to purchase up to a 2-per-cent NSR royalty for $3-million (U.S.) at any time, leaving the vendors with a 1-per-cent NSR royalty. Advanced royalty payments will be required thereafter under a schedule of $60,000 (U.S.) per year from years 5 to 10, $75,000 (U.S.) per year from years 11 to 15 and $100,000 (U.S.) per year thereafter until production.

Consideration:  $157,500 (U.S.) and 75,000 shares

For further details, please refer to the company's news releases dated May 22, 2024, and June 21, 2024.