The TSX Venture Exchange has accepted for filing documentation relating to an option agreement dated Jan. 31, 2024, between the company and an arm's-length party for an option to acquire a 5-per-cent undivided interest in the Tetepisca graphite project, which is located in Northern Quebec.

Under the terms of the option agreement, the company will receive 6.6 million shares of the optionor and the company will have expended $680,000 of exploration expenditures on the property before Dec. 31, 2024, and make a $1.5-million cash payment by Dec. 31, 2025, to earn a 5-per-cent interest in the property.

If, after the company exercises the option agreement, an arm's-length third party presents a bona fide offer to purchase all or substantially all of the assets of the optionor, to merge with the optionor or complete another form of business combination with the optionor, then the optionor has the option to buy back the property. Should the optionor exercise the buyback option, the optionor shall pay to the company the greater of: (i) $1.8-million; or (ii) 5 per cent of the consideration paid to the optionor pursuant to the optionor takeover transaction, in cash.

For further details, please refer to the company's news releases dated Feb. 5, 2024, and March 19, 2024.