Usha Resources director Navin Varshney resigns

Executive Summary

• Usha Resources Ltd. announced the resignation of Director Navin Kumar Varshney, effective immediately, while noting he will remain available in an advisory capacity.
• The company is proceeding with the sale of 489 mineral claims comprising the White Willow project to Totec Resources Ltd., following a previous announcement on October 24, 2025.
• Usha has abandoned the proposed sale of a 90% interest in the Jackpot Lake property to Stardust Power Inc. due to expired exclusivity and shifting market conditions, opting instead to advance the project independently with drilling targeted for FY2026.

Key Details

• Director Resignation: Navin Kumar Varshney resigned as a director effective immediately. He co-founded the company in 2018 and was instrumental in the development of the White Willow project and key acquisitions/financings. He will remain available to the company in an advisory capacity.
• White Willow Project Sale:
  • Transaction: Sale of 489 mineral claims to Totec Resources Ltd. as part of Totec's qualifying transaction on the TSX Venture Exchange.
  • Historical Composition: The White Willow project historically consisted of six separate option agreements totaling 1,098 claims:
    • White Willow: 712 unpatented mining claims (March 15, 2023)
    • Nym Lake: 8 unpatented mining claims (March 29, 2023)
    • Rubidium Ridge: 141 unpatented mining claims (July 31, 2023)
    • Bingo East: 21 unpatented mining claims (March 23, 2024)
    • Bingo West: 86 unpatented mining claims (March 23, 2024)
    • Abiwin: 38 unpatented mining claims (April 16, 2024)
  • Post-Transaction Portfolio: Following the sale, Usha retains ownership or option rights to four remaining properties:
    • Nym Lake (under option to earn 100%)
    • Rubidium Ridge (100% owned)
    • Bingo East (100% owned)
    • Bingo West (100% owned)
  • Abiwin Status: The Abiwin property was impaired in the second quarter and is no longer part of the project portfolio.
• Jackpot Lake Property:
  • Status Change: Usha is no longer proceeding with the proposed sale of up to a 90% interest to Stardust Power Inc.
  • Reasoning: Stardust's exclusivity expired on June 30, 2025. Due to recent activity in the lithium market, Usha elected to advance the project on its own.
  • Future Plans: The company is progressing with its plan of operations and aims to drill the Jackpot Lake property in FY2026, pending the receipt of necessary permits.

Notable Quotes

• "While Navin Varshney's day-to-day involvement will be missed, the company is grateful that he will remain available to the company in an advisory capacity."
• "Following completion of the transaction with Totec, the company will still have under ownership or option the following four properties that form part of the project..."
• "The company is progressing with its plan of operations and will aim to drill Jackpot Lake in FY2026 following the successful receipt of necessary permits."