Apex Resources Grants Option to Fortress Strategic Metals to Explore and Mine Tungsten Zones in The Jersey-Emerald Project in BC and Appointment of Officer

On May 19 2026 Apex Resources announced a three‑phase mining option agreement with Fortress Strategic Metals Corp. Fortress can earn up to a 100 % interest in the Tungsten Zones of the Jersey‑Emerald Project in British Columbia. The deal spans: - Phase I (25 %): $1.0 M in Fortress shares / special warrants + $150 k cash. - Phase II (aggregate 75 %) by Aug 31 2027: $3.0 M in special warrants, plus Fortress must become a reporting issuer, complete 8 000 m of drilling and file a PEA. - Phase III (100 %) by Feb 28 2029: $4.0 M in Fortress shares, a feasibility study or mine‑construction decision, plus an annual $50 k payment starting Feb 2027. On commercial production, Fortress issues another $6.0 M in shares and a 2 % NSR (half repurchasable). Apex retains all rights to explore and mine non‑tungsten areas and holds a $1.00 buyback right if certain triggers occur (e.g., operations cease for three years or commercial production not achieved within 36 months of full exercise). The release also noted the appointment of Connor Malek as Vice‑President, Exploration of Canadian Projects.

The option agreement fundamentally changes how Apex advances the Jersey‑Emerald tungsten asset. Instead of diluting shareholders to fund drilling, Apex monetises a portion of the property while retaining exposure through share ownership in Fortress, a cash payment, and future milestone‑based share issuances. The total potential consideration (shares, cash, royalties) could exceed $14 M, which is several times Apex’s current market capitalisation. It validates the project’s technical merit and provides a non‑dilutive capital‑raising avenue. The appointment of a VP Exploration is minor but supports ongoing work.

The news is material and positive because it: - De‑risks the company’s balance sheet by bringing in cash and equity instruments. - Removes the immediate need for Apex to finance tungsten exploration. - Provides a potential pipeline of value‑realising events (Phase II, Phase III, commercial production). - Preserves all non‑tungsten upside (zinc, gold, silver, lithium) for Apex shareholders. The market registered the news with a rise from $0.05 to an unspecified level, but the stock remains near its 52‑week low, indicating a cautious reception. However, for a micro‑cap explorer, such a structured option deal is materially beneficial.

Apex Resources is a junior explorer with two principal projects: - Jersey‑Emerald (British Columbia): A road‑accessible critical‑minerals property hosting historical tungsten (Emerald Mine) and zinc (Jersey Mine) operations. Current resource: indicated 1.47 M t @ 0.173 % WO₃, inferred 5.13 M t @ 0.227 % WO₃. Recent 2025 drilling intersected tungsten, zinc, and gold. The property also contains bismuth, tellurium, and molybdenum. The new option deal carves out the tungsten zones for Fortress; Apex keeps the non‑tungsten areas. - Lithium Creek (Nevada, USA): An early‑stage lithium brine project with surface samples up to 393 mg/L lithium. Geophysics identified low‑resistivity anomalies; permitting for drill testing is underway. The Feb 2025 investor presentation branded it as the flagship discovery potential, but no resources exist.

The company’s strategy is to advance both projects while minimising dilution, using third‑party partnerships where possible.