The TSX Venture Exchange has accepted for filing documentation the property option agreement dated March 14, 2023, between the company and an arm's-length vendor. Pursuant to the terms of agreement, the company will be granted the option to acquire a 100-per-cent interest in the Star Lake nickel-copper-cobalt-chrome-platinum-group-element property, near Thunder Bay, Ont. Consideration to exercise the option will be paid to the vendor and exploration costs committed to the property as shown in the attached table.

The company will grant a 2.0-per-cent royalty to the vendor. Advance royalty payments of $20,000 cash are due annually to the vendors between years 5 and 10 of the agreement. The company will have the right to repurchase 0.5 per cent of the royalty from the vendors before the fifth anniversary date for the cash sum of $500,00. The remaining 1.5-per-cent royalty may be repurchased from the vendors before the 10th anniversary of this agreement for the cash sum of $2.5-million.

Insider/pro group participation:  none

Finders' fees:  none

This acquisition is considered an arm's-length transaction.

For further information, please refer to the company's news releases dated March 23, 2023, and May 2, 2023.