St-Georges Enters Agreement with Aurania to Jointly Advance the Thor High Grade Epithermal Gold Project in Iceland

On April 28, 2026, St-Georges Eco-Mining Corp., through its subsidiary Iceland Resources EHF, entered into a definitive option agreement with Aurania Resources Ltd. regarding the Thormodsdalur Gold Project in Iceland. Under this agreement, Aurania can earn up to a 70% undivided interest by issuing shares worth US$150,000 and spending US$5,000,000 on exploration over four years. St-Georges retains a 30% participating interest or the option to convert to an NSR royalty (up to 3%). This follows a private placement in April 2026 raising $1 million at $0.05 per unit and operational updates on its EVSX battery recycling subsidiary and lithium pilot plant throughout late 2025 and early 2026.

The Aurania agreement is Material - Positive. While not a takeover or merger of the entire company, it materially alters the capital requirements for the Thor Gold Project. Previously, St-Georges needed to fund exploration (referenced in the April 1 financing as needing funds for a NI 43-101 report). This deal transfers US$5 million in exploration risk and cost to Aurania without immediate dilution of St-Georges shareholders (Aurania issues shares to St-Georges, not vice versa). - Progression: The April 1, 2026 financing explicitly allocated funds for "preliminary work for Iceland Resources' independent listing." This agreement accelerates that path by validating the asset with a partner operator. - Expectations: Market expectations for junior miners often involve self-funding exploration which drains cash reserves. Offloading $5M spend is a significant de-risking event relative to the company's size (Assets ~$29.5M per Sep 2025 financials). - Hidden Risks: St-Georges gives up majority ownership (70%) of the project. While they retain a royalty option, the primary value driver shifts to Aurania's ability to execute. If Aurania fails to spend, the deal may lapse, leaving St-Georges with an undeveloped asset again.

St-Georges Eco-Mining Corp. operates a diversified portfolio across mining, metallurgy, and recycling: - Thor Gold Project (Iceland): High-grade epithermal gold system. Flagship asset now partnered with Aurania Resources. Historical grades up to 415 g/t Au. - EVSX Corp. (Battery Recycling): Wholly-owned subsidiary operating a plant in Thorold, Ontario. Capacity ~10,000 metric tonnes/year. Recently secured JV with Voltrinov for feedstock and processing. - Lithium Pilot Plant: Partnership with Coalia and LiOH Corp. Processing Canadian spodumene concentrate. Targeting feasibility study by March 2027. - Manicouagan & Julie Projects (Quebec): Nickel-Copper-PGE exploration. Recent surface sampling identified high-grade zones (up to 2.28% Ni, PGEs present).