The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Nov. 1, 2023, between Solstice Gold Corp. and two arm's-length optionors. Pursuant to the terms of the agreement, the optionors desire to grant an option to the company to acquire a 100-per-cent interest in certain mining claims in the Long Lake region in Northwest Ontario, Canada.

As consideration for the grant of the option, the company will pay the optionors $10,000 in cash within 10 days of the effective date.

To exercise the option for the acquisition of a 100-per-cent interest in the property, the company will pay $62,000 in cash and issue up to 200,000 shares of the company to the optionors. These option payments will be distributed over a three-year period, detailed as follows:

• Make staged cash payments to the optionors totaling $62,000:
  • $14,000 on or before the first anniversary of the effective date;
  • $20,000 on or before the second anniversary of the effective date;
  • $28,000 on or before the third anniversary of the effective date;
• Issue the optionors a total of 200,000 common shares of the company upon exchange approval.

Following the exercise of the option, the optionors will reserve a 1.5-per-cent net smelter return (NSR) royalty on the property, with a buydown option for the company to reduce the rate of the NSR royalty from 1.5 per cent to 1 per cent by paying $500,000 any time after exercise of the option and prior to the commencement of commercial production on property.

For further details, please refer to the company's news release dated Nov. 2, 2023.