American Salars enters deal to acquire Petawaga project

Executive Summary

• American Salars Lithium Inc. has entered into a mineral claims option agreement to acquire up to a 100% undivided interest in the Petawaga lithium-niobium-uranium project in Quebec.
• The project comprises seven mineral claims covering approximately 411 hectares, including the historical Petawawa River showing.
• The company can earn full ownership by paying aggregate cash consideration of $120,000 over a three-year period.

Key Details

• Transaction Structure: Option agreement dated Feb. 24, 2026, to acquire up to 100% undivided interest in seven mineral claims.
• Asset Location: Approximately 45 km northwest of Mont-Laurier, Quebec, in the southwest part of the Grenville geological province.
• Property Size: Seven claims covering approximately 411 hectares.
• Historical Significance: Encompasses the entirety of the historical Petawawa River showing, including the site of a 45-kg bulk sample from a pegmatitic dike.
• Historical Assay Results: The bulk sample returned 3.4% Nb2O5 (niobium pentoxide) and 0.65% U3O8 (triuranium octoxide).
• Geological Context: Area known for uranium pegmatites; niobium and REE-bearing dikes identified nearby. Historical exploration identified samarskite, euxenite, thorianite, columbite, and lepidolite.
• Earn-In Consideration: Total cash payments of $120,000 over three years, structured as:
  • $5,000 upon signing.
  • $5,000 within 60 days.
  • $10,000 at three months.
  • $10,000 every three months thereafter until the total is paid.
• Ownership Transfer: 100% ownership transfers to American Salars Lithium upon completion of the payment schedule.
• Counterparties: Arm's-length vendors.
• Qualified Person: Isabelle Robillard, PGeo (OGQ No. 287), has reviewed and approved the technical data.
• Disclaimer: Historical results are not independently verified and should not be relied upon as current mineral resources.

Notable Quotes

• None provided in the text.