Infield Minerals Announces Option Agreement for the Detroit Gold Property in Utah

• On May 6, 2026, Infield Minerals Corp. announced a definitive Option Agreement to acquire 100% of Hawk Resources Limited's interest in the Detroit Gold Property in Utah.
• This agreement formalizes the Letter of Intent (LOI) previously disclosed on February 19, 2026.
• Payment terms involve $560,000 in total cash payments over five years ($40,000 immediate, escalating annually to $150,000).
• The company may satisfy up to 50% of these option and milestone payments with common shares, subject to a maximum issuance cap.
• Milestone payments include $1.25 per ounce for Measured/Indicated resources over 250,000 ounces and a $1,000,000 production payment upon reaching 7,500 ounces cumulative production.
• Historical drilling data from the Mizpah Zone is highlighted, showing intercepts up to 10.01 g/t Au over 1.5 meters, though no NI 43-101 compliant resource exists yet.
• This acquisition follows a financing announcement on April 29, 2026, where the company raised up to $1.25 million at $0.05 per unit (share + warrant).

• The news is largely expected as it confirms terms previously outlined in the February LOI and utilizes capital raised in late April.
• There are no significant changes to the deal structure compared to the LOI; the cash commitment remains low ($40,000 immediate), which preserves liquidity but adds long-term liability.
• The ability to pay up to 50% of obligations with shares is a double-edged sword: it conserves cash but increases dilution risk if share prices remain depressed.
• The financing terms (April 29) set the unit price at $0.05, which is below the current trading price of $0.07, indicating the market has re-rated slightly higher since the raise was announced.
• From a critical perspective, this does not materially change the investment thesis immediately; it simply adds an asset to the portfolio without immediate cash flow generation or resource definition.

• Company Profile: Infield Minerals Corp. is a discovery-focused exploration company targeting near-surface oxide gold deposits in the western United States.
• Flagship Project: Kings Canyon (Utah). Historical unclassified resource of 6.8 Mt @ 1.02 g/t Au (~200,000 oz), though not NI 43-101 compliant.
• New Asset: Detroit Property (Utah). Sediment-hosted gold system with historical intercepts up to 10.01 g/t Au over short intervals. Located near the past-producing Drum mine.
• Strategy: Leverage technical experience from former B2Gold, Anglo American, and Great Bear Resources personnel to identify high-potential assets in underexplored districts.