The TSX Venture Exchange has accepted for filing documentation the option agreement dated June 9, 2023, between the company and an arm's-length vendor. Pursuant to the terms of the agreement, the company has been granted the exclusive right and option to acquire a 100-per-cent right, title and interest in and to the mineral claims forming the Eagle Lake project in British Columbia. As consideration to exercise the option, the company has provided and will provide the vendor with 400,000 common shares of the company at a deemed price of 16.5 cents per share according to the schedule shown in the attached table.

Due date                   Payment (shares) 

Upon exchange acceptance           150,000 
First anniversary                   50,000 
Second anniversary                  75,000  
Third anniversary                  125,000  

The company will have the right to accelerate the option at any time after the first anniversary.

The vendor will retain a 1-per-cent net smelter return (NSR) royalty on three certain claims of the property. The company may repurchase half of the 1-per-cent NSR royalty from the vendor for $500,000 cash on the three claims. The vendor will also retain a 2-per-cent NSR royalty on one certain additional claim of the property. The company may repurchase half of the 2-per-cent NSR royalty from the vendor for $1-million cash on the additional claim.

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

For further information, please refer to the company's news releases dated June 12, 2023, and June 22, 2023.