Osiris One Metals Executes Definitive Agreement to Divest the Urgakh Naran Project

Osiris One Metals Ltd. has entered a definitive agreement to fully divest its Urgakh Naran Project in Mongolia by selling all outstanding shares of its wholly owned subsidiary, ION Energy LLC. The company will receive a lump sum of US$200,000, net of liabilities, from the purchaser.

Osiris One retains its 20% free carried interest in the Victory Copper Gold Project in Mongolia, which is being advanced by Trinity One Metals Ltd. The divestiture is part of a broader corporate refocusing strategy to concentrate on the Western Range Silver-Copper Project in Western Australia. Closing is subject to the satisfaction of customary closing conditions.

Osiris One Metals Ltd. (OSM) has completed a transaction to clean up legacy assets after joint venture partner SureFQ Hong Kong withdrew in February 2026. The company received US$200,000 in cash consideration, an amount immaterial to its approximately $4.16 million market capitalization and operating budget. This move aligns with management’s stated pivot away from Mongolian lithium brine exploration toward the Western Range project, which closed in June 2026. The transaction is expected to streamline the balance sheet, with the market likely having already priced in the exit following the prior partner withdrawal and the company's strategic shift.

Osiris One Metals Ltd. (formerly Lithium Ion Energy Ltd.) is an exploration-stage company focused on base metals and lithium. Its flagship asset is the Western Range Silver-Copper Project in Western Australia, which the company acquired an 80% interest in June 2026 for $30,000 USD, 9,000,000 shares, and a free carry to a Bankable Feasibility Study. The project spans over 19,000 hectares near the producing Abra Mine and features historical data from BHP and Rio Tinto.

The company also holds a 20% free carried interest in the Victory Copper Gold Project in Mongolia, which is being advanced by Trinity One Metals Ltd. Previously, Osiris One Metals held lithium brine assets in Mongolia, including Urgakh Naran and Baavhai Uul, but is divesting them to focus on the Western Range.