Surface Metals Inc. Sells Remaining Interest in Manitoba Lithium Project to Earn-in Partner Snow Lake Energy

Executive Summary

• Surface Metals Inc. sold its remaining 49% interest in 37 mineral claims in southeastern Manitoba to Snow Lake Resources Ltd. for $650,000.
• The transaction completes an option agreement that allowed Snow Lake to earn up to a 90% undivided interest; Snow Lake now holds the full interest after this sale.
• The properties remain subject to a 2% gross overriding royalty in favor of Lithium Royalty Corporation.

Key Details

• Consideration: $650,000 cash paid by Snow Lake Resources Ltd. for Surface Metals’ remaining 49% ownership.
• Claims Sold: 37 mineral claims comprising:
• 21 Shatford Lake Mineral Claims – 8,883 acres (3,595 ha)
• 10 Birse Lake Mineral Claims – 5,196 acres (2,102 ha)
• 6 Cat‑Euclid Lake Mineral Claims – 2,930 acres (1,186 ha)
• Option Agreement: Originally dated January 29 2024, granting Snow Lake the right to earn up to a 90% undivided interest; Snow Lake had previously earned a 51% interest.
• Royalty: The properties are subject to a 2% gross overriding royalty held by Lithium Royalty Corporation (LRC); this royalty remains in place after the transaction.
• Resulting Ownership: Snow Lake now holds 100% of the mineral claims (subject to the LRC royalty).

Notable Quotes

(No executive quotes were included in the release.)