Panther Minerals completes Rubidium Ridge acquisition

Executive Summary

• Panther Minerals Inc. has completed the acquisition of a 100 % interest in the Rubidium Ridge pegmatite project in Ontario, Canada from Usha Resources Ltd.
• The transaction consideration consists of $80,000 cash and issuance of 4.15 million Panther common shares (subject to six‑month resale restrictions).
• The property carries a 2 % net smelter return royalty; Panther retains the right to repurchase up to 50 % for $1 M and has a right of first refusal on the remaining portion, plus a $1 M bonus payable upon delineation of an inferred (or higher) resource ≥10 Mt at ≥1 % Li₂O.

Key Details

• Acquisition Target: Rubidium Ridge pegmatite project, Ontario, Canada – 100 % interest acquired from Usha Resources Ltd.
• Cash Consideration: $80,000 paid to Usha Resources Ltd. upon closing.
• Share Consideration: 4.15 million Panther common shares issued to Usha; shares subject to resale restrictions that expire six months after issuance (originally announced as 4.5 million shares).
• Royalty Structure: Existing 2.0 % net smelter return (NSR) royalty in favor of original optionors remains on the property.
• Royalty Repurchase Rights: Panther may repurchase up to 50 % of the NSR royalty for $1 million and holds a right of first refusal to acquire the remaining 50 %.
• Performance Bonus: An additional $1 million bonus is payable if Panther delineates an inferred resource (or higher) of at least 10 million tonnes with a minimum grade of 1 % Li₂O.
• Regulatory Approval: All necessary approvals from the Canadian Securities Exchange have been received, allowing the transaction to close.
• Correction Notice: The number of consideration shares has been corrected from the previously announced 4.5 million to 4.15 million; all other terms remain unchanged.

Notable Quotes

(No direct quotes were provided in the release.)