Kirkstone Metals Enters Into Advanced Negotiations To Acquire Key Lake Uranium Project

Executive Summary

• Kirkstone Metals Corp. entered into a non‑binding LOI to acquire 100 % of the Key Lake Road (KLR) uranium project in Saskatchewan’s Athabasca Basin.
• Acquisition would be funded through cash payments and exploration expenditures over three years, plus a 3 % NSR royalty with a buyout option.
• The company engaged Lagace Capital Corp. for investor‑relations services on a three‑month term (USD $2,000/month).

Key Details

• Target Asset: Key Lake Road Uranium Project – ~5,521 ha located ~90 km south of Cameco’s Key Lake Mine and mill.
• Historical Highlights:
• DD Zone (2023) – six shallow holes; best intercept 642 ppm U with 0.34 % Ni.
• Highway Zone (2015) – near‑surface interval 1.9 % U₃O₈ over 0.29 m.
• LOI Terms:
• Cash payments and exploration spend over a three‑year period to earn the interest.
• Grant of a 3 % net smelter return (NSR) royalty, subject to a buyout provision.
• Due‑diligence period for full technical and legal review; transaction contingent on satisfactory results, definitive agreement, and regulatory approvals.
• Regulatory Note: Acquisition not expected to be a “fundamental acquisition” under TSX Venture Exchange policies. No securities issuance anticipated.
• Management Commentary (Clive Massey, President/CEO): Emphasized strategic fit in Athabasca Basin, existing infrastructure, and potential for higher‑grade discovery based on historical data.
• Investor Relations Engagement: Lagace Capital Corp. hired to provide IR services; $2,000 monthly cash fee; no securities compensation; initial term Oct 1–Dec 31 2025 with month‑to‑month renewal option.
• Qualified Person Review: Technical information reviewed and approved by Tim Henneberry, P.Geo., director and QP under NI 43‑101.

Notable Quotes

“The signing of this LOI represents a continued commitment to expand our uranium exploration portfolio in the Athabasca Basin… Historical results provide a strong foundation, and we believe there is significant potential to build upon these to define a higher‑grade discovery.” – Clive Massey, President & CEO

Materiality Assessment: Material – Positive (potentially value‑adding acquisition in a high‑grade uranium district).