Comstock to issue 283,784 Trident shares for debt

Executive Summary

• Comstock Metals Ltd. has agreed to settle a debt of $244,055 owed to Lambent Consulting Inc. (a related party owned by CEO Steven Goldman) by transferring 283,784 common shares of Trident Resources Corp.
• The transaction is classified as a related party transaction under Multilateral Instrument 61-101, exempt from formal valuation and minority shareholder approval, but requires approval from the TSX Venture Exchange.
• Following the transfer, Comstock Metals will hold a total of 593,591 Trident shares.

Key Details

• Settlement Amount: $244,055 (representing principal and interest on a loan originally disclosed in a news release dated Aug. 31, 2023).
• Consideration: Transfer of 283,784 common shares in Trident Resources Corp.
• Valuation Basis: The number of shares was calculated based on the closing price of Trident Resources Corp. shares at 86 cents on Nov. 10, 2025.
• Post-Transaction Holdings: Comstock Metals will hold a total of 593,591 Trident shares after the completion of the settlement.
• Regulatory Status: The transaction is a related party transaction under MI 61-101. It was approved by disinterested directors and is exempt from formal valuation and minority approval requirements under sections 5.5(b) and 5.7(1)(e) of MI 61-101.
• Conditions Precedent: Completion is subject to receipt of approval from the TSX Venture Exchange.

Notable Quotes

• None provided in the source text.