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Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce that, further to its press release of October 7, 2025, the Company and Rift Minerals Inc. ("Rift") have entered into an option and joint venture agreement (the "Agreement") dated October 8, 2025, pursuant to which the Company has been granted an option (the "Option") to acquire up to a 49% undivided right, title and interest in and to the in the Seagull Project, a critical minerals exploration stage property targeting platinum group elements (PGEs), nickel, copper, and helium (the "Property"). The Property is located approximately 80 kilometres northeast of Thunder Bay, Ontario.
In order to exercise the Option, the Company shall:
Underwrite the Phase 1 cost of a 1,350m borehole at the Property (the "Drilling") (estimated at a minimum of $400,000 and up to $600,000 of anticipated exploration costs) to earn a contingent 20% interest in the Property ("First Phase");
Make a one-time up-front cash payment to Rift in the amount of $50,000, such payment to be made before the Drilling is commenced; and
Complete a second phase of exploration pursuant to Phase 1 results and recommendations for a Phase 2 exploration program (the "Second Phase").
Upon completing the Second Phase, the Company and Rift will incorporate a joint venture (the "Joint Venture") which will be governed by a joint venture agreement (the "JV Agreement"). If the Company does not enter into the Joint Venture or commence the Second Phase, the Option will not vest.
Upon completion of the First Phase, the Company will own 20% of the Joint Venture and Rift will own 80%. In the event that the Company funds and completes the Second Phase, the Company will acquire an additional 29% of the Joint Venture, and the Joint Venture will be 49% the Company and 51% Rift.
ABOUT Anteros Metals Inc.
Anteros Metals Inc. is a Canadian exploration company focused on advancing a pipeline of critical minerals projects across Newfoundland and Labrador and select Canadian jurisdictions. The Company is targeting copper, nickel, zinc, and emerging strategic commodities that support the global energy transition. Immediate plans for their flagship Knob Lake Property include bringing the historical Fe-Mn Mineral Resource Estimate into current status as well as commencing baseline environmental and feasibility studies.
For further information please contact or visit:
Email: info@anterosmetals.com | Phone: +1-709-769-1151
Web: www.anterosmetals.com | Social: @anterosmetals
Web: https://www.thunderbayexecutives.com/rift-minerals-inc
On behalf of the Board of Directors,
Chris Morrison
Director
Email: chris@anterosmetals.com | Phone: +1-709-725-6520
Web: www.anterosmetals.com/contact
16 Forest Road, Suite 200, St. John's, NL, Canada A1X 2B9
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269808
