Anteros signs LOI with Rift, arranges $1M financing

Executive Summary

• Anteros Metals entered a binding Letter of Intent with Rift Minerals to obtain an option to earn up to a 49 % working interest in the Seagull critical‑minerals project in Ontario.
• The company announced a non‑brokered private placement of flow‑through (FT) and hard‑dollar (HD) units for up to $1 million at $0.05 per unit ($0.065 per FT unit).
• Proceeds will fund general working capital and eligible Canadian exploration expenses, while the LOI requires a $50,000 upfront cash payment and underwriting of a 1,350‑m borehole (minimum $400k, up to $600k) to secure a contingent 20 % interest.

Key Details

• Letter of Intent (LOI)
• Date: Oct. 6 2025; binding between Anteros Metals Inc. and Rift Minerals Inc.
• Grants Anteros an option to acquire up to a 49 % working interest in the Seagull project (targeting PGEs, nickel, copper, helium).
• To exercise the option, Anteros must:
  • Underwrite Phase 1 drilling cost of a 1,350‑m borehole ($400k–$600k minimum).
  • Pay Rift an upfront cash fee of $50,000 before drilling starts.
  • Complete Phase 2 exploration based on Phase 1 results, overseen by an independent qualified person.
• Seagull Project Background
• Located ~80 km NE of Thunder Bay, Ontario.

• Rift’s prior work includes passive seismic imaging that identified a deep low‑velocity anomaly possibly indicating a gas‑bearing zone or mineralized feeder structure.

• Private Placement Terms

• Units Offered: Flow‑through (FT) units and Hard‑Dollar (HD) units.
• Maximum Gross Proceeds: $1 million.
• Pricing: $0.05 per unit; FT units at $0.065 per FT unit.
• Composition of Each FT Unit:
  • One common share (flow‑through).
  • One‑half of a whole common‑share purchase warrant (non‑flow‑through).
• Warrant Terms: Right to purchase one common share at $0.10 per share for two years from issuance.

• Holding Period: Four months + 1 day before resale, subject to applicable securities legislation.

• Use of Proceeds

• General working capital (HD unit proceeds).

• Exploration expenses qualifying as flow‑through critical‑mineral mining expenditures under the Canadian Income Tax Act (FT unit proceeds).

• Regulatory Conditions

• Completion of LOI transactions and private placement subject to definitive agreements, regulatory approvals, and CSE (Canadian Securities Exchange) approval.

Notable Quotes

“We're pleased to partner with Rift to advance the Seagull project as a complementary addition to our Canadian exploration portfolio,” said Trumbull Fisher, CEO of Anteros Metals.

Prepared based on the disclosed material information in the release.