Pegasus enters other business arrangement in Utah

Executive Summary

• Pegasus Resources Inc. has executed an Other Business Arrangement (OBA) with the Utah School and Institutional Trust Lands Administration to secure exclusive exploration rights for uranium and associated metalliferous minerals on approximately 640 acres in Emery County, Utah.
• The agreement grants Pegasus a five-year term to conduct exploration activities, including geophysical surveys, permitting, drilling, and technical studies, with an option to convert the lands to a mineral lease upon meeting specific exploration and payment requirements.
• The company is obligated to make annual option payments of $6 (U.S.) per acre and must adhere to standard regulatory, bonding, and reclamation requirements.

Key Details

• Counterparty: Utah School and Institutional Trust Lands Administration.
• Property Location: Emery County, Utah.
• Acreage: Approximately 640 acres.
• Agreement Type: Other Business Arrangement (OBA) granting exclusive exploration rights.
• Term: Five years from the signing date (Jan. 23, 2026).
• Financial Terms: Annual option payments of $6 (U.S.) per acre.
• Future Options: Right to convert all or portions of the lands to a mineral lease upon satisfaction of exploration and payment requirements.
• Planned Activities: Geophysical surveys, permitting, drilling, and technical studies.
• Regulatory Status: Rights are subject to standard regulatory, bonding, and reclamation requirements.

Notable Quotes

• None provided in the release.