Lux Metals to Acquire High-Grade Gold La Grande Project in Quebec

Executive Summary

• Lux Metals entered an option agreement to acquire 100% of the La Grande gold project in Québec, contingent on completing a C$2 million private placement and issuing up to ~19.9% of its shares to La Pulga Mining.
• The project hosts historic high‑grade intercepts (e.g., 83.8 m @ 7.95 g/t Au) across 15,357 ha with extensive infrastructure and significant upside potential.
• Transaction is subject to TSX Venture Exchange approval; La Pulga will obtain a board nominee and first‑refusal rights on any third‑party sale.

Key Details

• Option Agreement Date: 10 Nov 2025 (effective upon financing).
• Target Asset: La Grande Project – 15,357 ha, 40 km of Archean greenstone belt, road‑accessible year‑round via Transtaiga Road, near hydroelectric power.
• Historical Drill Highlights:
• 83.8 m @ 7.95 g/t Au (LGS97‑98)
• 38.5 m @ 4.32 g/t Au (LGS98‑125)
• 56.0 m @ 2.73 g/t Au (LGS97‑83)
• 36.0 m @ 3.37 g/t Au (LGS97‑103)
• 47.4 m @ 2.06 g/t Au (LGS01‑170)
• 37.0 m @ 1.93 g/t Au (LGS12‑224)
• Exploration History: 253 diamond holes, 52,472 m total; 235 trenches; extensive geochemical and geophysical work.
• Financing Requirement: Private placement of ≥ C$2 million (“Financing”).
• Share Issuance Mechanics:
• Upon financing completion, Lux will issue La Pulga shares equal to 19.9% of post‑financing outstanding shares (subject to a cap of 19.99%).
• Additional issuances triggered by NI 43‑101 technical reports:
  • ≥ 500,000 oz AuEq resources → 4 million shares.
  • ≥ 2,000,000 oz AuEq resources → further 4 million shares.
• Royalty: Underlying 4% royalty remains on the project.
• Governance Rights:
• La Pulga (holding ≥5% of Lux’s shares) may appoint one board nominee (Jean‑Félix Lepage).
• First‑refusal right on any third‑party sale of the project.
• Regulatory Conditions: Transaction requires final TSX Venture Exchange acceptance; classified as a “reviewable transaction” under TSXV Policy 5.3 due to overlapping director roles.
• Termination Clauses: La Pulga may terminate if TSXV approval not obtained within 60 days of the agreement or if Lux fails to exercise the option within 120 days post‑TSXV acceptance.
• Qualified Person: Jonathan Marleau, P.Geo., Senior Geologist, Dahrouge Geological Consulting Ltd. (NI 43‑101).

Notable Quotes

“La Grande represents a rare opportunity to secure a district‑scale land package in a proven gold belt… The Project offers significant discovery potential.” – Carl Ginn, President & CEO, Lux Metals Corp.