The TSX Venture Exchange has accepted for filing documentation the share exchange agreement dated Nov. 29, 2023, between the company and an arm's-length party. Pursuant to the terms of agreement, the company has the right to acquire from the vendor a 100-per-cent interest in Base Metal Investment and Services, a private Mauritius-domiciled company, which holds a 70-per-cent option to acquire the Kalahari copper belt project. In consideration for the acquisition, the company has paid to the vendor $60,000 in cash to earn in an initial 25-per-cent interest in the property and has issued to the vendor 13.6 million common shares in the capital of the company. The company will be required to issue an additional 1.6 million shares to the vendor in each of the six-, 12-, 18- and 24-month anniversaries from the date of closing, for an aggregate number of 20 million shares to be issued. The company has also committed to spend an aggregate of $1-million (U.S.) in work exploration expenditures on the property within 24 months; otherwise the initial interest will be cancelled.

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

For further information, please refer to the company's news releases dated Nov. 29, 2023, and March 14, 2024.