Adelayde Exploration Closes Acquisition of the Sisson NW Tungsten Project in New Brunswick

Executive Summary

• Adelayde Exploration Inc. closed an option agreement to acquire the Sisson NW Tungsten Project (≈4,890 acres) in New Brunswick, expanding its tungsten footprint to a total of ~9,780 acres.
• The consideration consists of a $5,000 cash payment plus issuance of 6,000,000 common shares at a deemed price of $0.11 per share, with an additional 1,500,000 shares payable upon incurring $200,000 of exploration expenditures within 18 months.
• Management announced plans to develop work programs for the newly‑acquired tungsten and antimony projects and to commence a maiden drill program on its Esmeralda County gold project in Nevada later in 2025.

Key Details

• Option Agreement Parties: Adelayde Exploration Inc. (the “Company”) and two arm’s‑length vendors (“Vendors”).
• Property Acquired: Sisson NW Tungsten Project – 89 claims covering ~4,890 contiguous acres of prospective tungsten land in New Brunswick, adjacent to Northcliff Resources Ltd.’s operating mine.
• Total Footprint After Acquisition: Approximately 9,780 acres prospective for tungsten (combined with existing holdings).
• Consideration Structure:
• Immediate cash payment of $5,000 and issuance of 4,500,000 common shares (at $0.11 per share) within seven business days of signing.
• Additional issuance of 1,500,000 common shares after the Company spends a minimum of $200,000 on exploration of the Property within 18 months.
• Share Hold Period: All issued shares are subject to a four‑month hold period.
• Exploration Commitment: $200,000 minimum spend required to trigger the second tranche of share issuance.
• Future Work Plans:
• Formulation of initial work plans for Sisson Tungsten and George Lake South Antimony projects.
• Commencement of maiden drill program on the Esmeralda County gold project (Nevada) in 2025.
• Management Commentary: President James Nelson highlighted strategic importance of tungsten amid global supply constraints and trade tensions, noting increased demand from electronics, defense, and energy sectors.
• Qualified Person: Technical disclosure reviewed and approved by Frank Bain, P.Geo., Director and Qualified Person under NI 43‑101.

Notable Quotes

“We are excited to now have a significant footprint of 9,780 acres prospective for tungsten at a time when critical metals are receiving increased attention due to recent escalating trade tensions between the USA and China.” – James Nelson, President & CEO

Materiality Assessment: Material – Positive (significant expansion of strategic mineral assets and commitment of cash and equity, with forward‑looking exploration plans).