Noble Agrees to Sell Island Pond Claims to Benton Resources Inc.

On October 14, 2025, Noble Mineral Exploration Inc. ("Noble") announced it has agreed to sell its seven Island Pond claims (175 hectares) in Central Newfoundland to Benton Resources Inc. ("Benton"). In consideration for the claims, Noble will receive $30,000 in cash, 1,000,000 common shares of Benton, and will retain a 1% Net Smelter Returns (NSR) royalty on the property. Benton holds a right of first refusal on any potential sale of this royalty by Noble. The property already has a pre-existing 2% NSR. The transaction is subject to board and TSX Venture Exchange approval.

This transaction is a non-material but positive development for Noble. The company's business model is that of a project generator, and this sale of a non-core asset aligns perfectly with that strategy. It allows Noble to monetize a small part of its portfolio while retaining upside through a royalty and share ownership in the acquiring company, which is actively exploring the surrounding area.

However, the transaction's impact must be viewed in the context of Noble's precarious financial position. The interim financial statements as of May 31, 2025, reported a dangerously low cash balance of just $3,324. The company has been sustaining itself by selling marketable securities. While the $30,000 cash injection and the 1,000,000 Benton shares (which become liquid after a four-month hold period) provide a minor lifeline, they do not resolve the company's urgent need for a significant capital raise to fund its ongoing general and administrative expenses, which were $266,659 in the three months ended May 31, 2025.

Historically, Noble's primary value driver has been the ongoing exploration success at its Mann property, which is part of the East Timmins Nickel Ltd. (ETN) joint venture, 80%-owned and operated by Canada Nickel Company (CNC). Throughout 2025, news flow has been positive regarding initial resource estimates for Mann West (June 11) and Mann Central (July 16), demonstrating large-tonnage nickel potential. The current sale of the Newfoundland claims has no bearing on this flagship asset.

Therefore, while the deal is a strategically sound, minor transaction that provides a small amount of capital, it is not material. It does not alter the fundamental investment thesis, which remains almost entirely dependent on the success of its JV with Canada Nickel and the company's ability to address its severe lack of working capital.

Noble Mineral Exploration is a Canadian-based junior exploration company operating as a project generator. Its strategy involves acquiring and exploring mineral properties and then seeking joint venture partners to advance them, retaining an interest or royalty. The company holds a diverse portfolio of assets across Ontario, Quebec, and Newfoundland, focused on nickel, gold, copper, REEs, and uranium.

The company's flagship project is its 20% interest in East Timmins Nickel Ltd. (ETN), a private joint venture with Canada Nickel Company (CNC), which holds the remaining 80% and acts as the operator. ETN controls a large land package in the Timmins Nickel District, with the most advanced asset being the Mann Property. CNC has reported large-scale, low-grade nickel sulphide mineralization at Mann, similar to its flagship Crawford project, and published initial mineral resource estimates for the Mann West and Mann Central zones in mid-2025.