The TSX Venture Exchange has accepted for filing documentation with respect to the option agreement dated May 9, 2023, between the company and an arm's-length party. Pursuant to the agreement, the company has the option to acquire a 100-per-cent interest in the Shadow Lake property, which includes six mineral tenures located near Lepreau in New Brunswick.

As consideration, the company has agreed to issue 1.5 million common shares and pay $245,000 cash over a period of four years to the optionor.

The optionor will retain a 2.0-per-cent net smelter return (NSR) royalty on the property and the company holds the right to buy back a 1-per-cent NSR royalty for $1-million at any time and holds the right to buy back the remaining 1-per-cent NSR royalty for $2-million at any time.

For further details, please refer to the company's news releases dated May 11, 2023, and June 19, 2023.