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Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the "Company" or "Traction") is pleased to announce that it has entered into an option agreement (the "Agreement") with GEOMAP Exploration Inc. (the "Optionor"). Under the Agreement, Traction has the right to earn a 100% interest (the "Option") in the Optionor's Jackson Lake Uranium Property (the "Property") located in northeastern Saskatchewan.
The Property covers approximately 2,960 hectares of Crown land in northeastern Saskatchewan, strategically located within the prospective Wollaston Domain along the eastern margin of the Athabasca Basin. This Paleoproterozoic basement terrane, part of the Trans-Hudson Orogen, is prospective for unconformity-related uranium mineralization and hosts some of the world's highest-grade uranium deposits. The Property exhibits favorable exploration characteristics, including graphitic conductor corridors, basement fault structures, and prospective unconformity settings, along with associated hydrothermal alteration signatures. Historical records also identify a documented uranium showing, further supporting its exploration potential.
Traction may exercise the Option by funding $400,000 in exploration work, making an aggregate of $100,000 in cash payments, and issuing an aggregate of 1,350,000 common shares of Traction ("Common Shares") over the next two calendar years, as shown in the table below. Traction may accelerate the exercise of the Option at any time by funding such exploration work and completing such cash payments and Common Shares issuances at such earlier times as it determines. If the Agreement is terminated prior to the exercise of the Option, all consideration paid will be forfeited and the Optionor will retain its 100% interest in the Property. During the term of the Agreement, Traction will act as operator and will have sole and exclusive right to enter on and conduct exploration operations on the Property.
Any Common Shares issued as part of the exercise of the Option will be subject to a statutory hold period of four months and one day from the date of issuance, pursuant to Canadian securities laws and to any additional hold period applicable pursuant to stock exchange policies. The transactions contemplated by the Agreement are expected to close on or about April 8, 2026 (the "Closing Date"), and remain subject to receipt of approval from the Canadian Securities Exchange.
Summary of the Agreement Terms.
| Timing | Exploration Expenditures | Cash Payments | Common Shares | ||
| Within five (5) business days of the Closing Date. | N/A | $20,000 | 1,100,000 | ||
| On or before the date that is one (1) calendar year after the Closing Date. | $150,000 | $30,000 | 100,000 | ||
| On or before the date that is two (2) calendar years after the Closing Date. | $250,000 | $50,000 | 150,000 | ||
| Total | $400,000 | $100,000 | 1,350,000 | ||
Qualified Person
Dr. Jared Suchan, CEO and Director of the Company, and a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical contents of this news release.
For a discussion of the Company's QA/QC and data verification processes and procedures, please see its most recently-filed technical report, a copy of which may be obtained under the Company's profile at www.sedarplus.ca.
About Traction Uranium Corp.
Traction is in the business of mineral exploration and the development of discovery prospects in Canada, including its uranium project in the world-renowned Athabasca Region.
We invite you to find out more about our exploration-stage activities across Canada's Western region at
https://tractionuranium.com/.
On Behalf of The Board of Directors
Jared Suchan
CEO and Director
(604) 425-2271
info@tractionuranium.com
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information including: the exercise of the Option, the issuance of Common Shares; the completion of cash payments; the funding of exploration expenditures; the future prospects of the Property; and the Company's expectations and future business plans. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: the risk that the Company does not exercise the Option or acquire any interest in the Property, risks inherent in the exploration and development of mineral projects, including risks relating to changes in project parameters as plans continue to be redefined and the risk that exploration and development activities will cost more than the amount budgeted for such activities by the Company; access and supply risks; operational risks; regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; and financing, capitalization and liquidity risks. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The CSE has neither approved nor disapproved the information contained herein.
