Thistle Resources Inc. Completes Second Anniversary Option Payment at Its Flagship Brunswick Antimony Project, Bathurst, New Brunswick

Executive Summary

• Thistle Resources Inc. completed the second anniversary payment under its option agreement with Prospect 'Or Corp. to acquire a 100% interest in the Brunswick Antimony Project in New Brunswick.
• The milestone payment maintains the Company's option rights and authorizes continued evaluation and exploration of the property.
• The staged earn-in arrangement requires aggregate cash payments of $90,000 and the issuance of 1,000,000 Common Shares over the agreement's term, subject to a 2% NSR.

Key Details

• Transaction: Completion of second anniversary payment under Option Agreement dated May 12, 2024.
• Asset Details: Brunswick Antimony Project comprises four claim blocks (Pabineau River 1, Pabineau Falls Granite, Brunswick East, Knights Brook) totaling approximately 199 mineral claim units.
• 2nd Anniversary Payment Terms: $25,000 cash payment and issuance of 250,000 Common Shares to the Optionor.
• Final Payment Terms: Due prior to the third anniversary, consisting of $40,000 cash and an additional 250,000 Common Shares.
• Share Restrictions: All Common Shares issued under the agreement are subject to a statutory hold period of four months and one day from the date of issuance per Canadian securities laws.
• Total Earn-in Requirements: Aggregate cash payments of $90,000 and issuance of 1,000,000 Common Shares over the full term of the Option Agreement.
• Royalty Structure: 2% Net Smelter Return (NSR) in favor of the Optionor; Company retains the right to repurchase 1% of the NSR for a one-time cash payment of $1,000,000.

Notable Quotes

• Patrick Cruickshank, President and CEO: "We are pleased to have completed the second anniversary payment under our option agreement, advancing toward earning full ownership of the Brunswick Antimony Project. The Company will continue to carry out systematic exploration activities with a view to generating long-term value for shareholders."