Gold Runner Exploration Receives Final Payment Installment for Cimarron Sale and Joint Venture Agreement with Surface Metals Inc.

Executive Summary

• Gold Runner Exploration received the final payment from Surface Metals under their April 10, 2025 joint‑venture agreement for the Cimarron gold project.
• Total consideration amounts to US$149,000 plus 1,000,000 pre‑consolidated (333,333 post‑consolidated) Surface Metals common shares, with an additional right for Surface Metals to acquire a further 5 % interest for US$500,000.
• The release restates the historic resource context of the Cimarron property and confirms that Gold Runner’s retained 10 % carried interest remains in place pending a preliminary economic assessment.

Key Details

• Final payment received: US$25,000 cash plus 166,666 post‑consolidated Surface Metals common shares (originally 500,000 pre‑consolidation).
• Total consideration to date: US$149,000 cash + 1,000,000 pre‑consolidated (333,333 post‑consolidated) Surface Metals common shares.
• Future acquisition right: Surface Metals may purchase an additional 5 % of Gold Runner’s interest for US$500,000.
• Carried interest: Gold Runner retains a 10 % carried interest in the Cimarron project, subject to a 2.5 % net smelter royalty to Nevada Select Royalty; the interest remains carried until completion of a preliminary economic assessment, after which exploration costs will be shared pro‑rata.
• Property description: 31 unpatented lode claims covering historic San Antonio mine area; ~190 holes (≈54,000 ft) previously drilled with gold intercepts >1 opt in several holes; historic resource estimated at >50,000 oz Au (non‑NI 43‑101).
• Geology: Shallow, low‑sulphidation oxide gold system hosted in Oligocene volcanic rocks over Paleozoic strata, with Miocene intrusions.
• Location context: Situated at the intersection of the Walker‑Lane trend and a NNE‑trending gold corridor near Round Mountain (world‑class deposit).

Notable Quotes

• “We are pleased to have received the final payment from Surface Metals, completing our agreed consideration for the Cimarron joint venture and positioning us for the next phase of evaluation.” – Chris Wensley, CEO, Gold Runner Exploration Inc.