The TSX Venture Exchange has accepted for filing documentation the earn-in agreement dated Aug. 21, 2024, among the company, the company's subsidiaries and an arm's-length party. Pursuant to the terms of agreement, the company will grant the purchaser an option to acquire up to an 80-per-cent interest in the company's Selena project, in consideration of payments of cash, qualifying exploration expenditures and the entering into a debt facility according to the following details.

The purchaser has the option to earn an initial 60-per-cent ownership interest in the project by paying the company an execution payment of $100,000 (U.S.) in cash and financing a minimum of $10-million (U.S.) (of which $2-million (U.S.) is guaranteed) in expenditures on the project over an initial five-year term.

Subject to the purchaser having exercised the first option, the purchaser will have a further option to increase its ownership interest in the project to a total of 80 per cent by incurring an additional $10-million (U.S.) in expenditures over a three-year, phase 2 earn-in option period for an aggregate spend of $2-million (U.S.) over eight years. If the purchaser wishes to exercise the second option, it must within 42 months of the second option commencement date, arrange for and provide draft definitive documentation in respect of a debt facility from which (if executed) the company may draw on to sufficiently finance its share of costs associated with the development of a mine at the project through to commercial production. Execution of the facility will be subject to, among other things, approval of the TSX Venture Exchange.

For further information, please reference the company's news releases dated Aug. 22, 2024, and Sept. 6, 2024.