Cleghorn Signs Exploration Agreement with the Matachewan First Nation and Mattagami First Nation (Wabun Tribal Council)

On November 21, 2025, Cleghorn Minerals announced it has signed an Exploration Agreement with the Matachewan First Nation and the Mattagami First Nation, represented by the Wabun Tribal Council. The agreement pertains to the company's Meech Lake - Matachewan exploration prospect in Ontario.

Key terms of the agreement, which is effective as of October 15, 2025, include: - Establishing a framework for consultation and mitigating impacts of exploration activities. - Providing financial and social benefits to the First Nations, including contracts, employment, and training. - Issuing 100,000 common shares and granting 100,000 stock options (exercisable at $0.06 for five years) to the First Nations parties. This is subject to TSX Venture Exchange approval. - The agreement will remain in effect until a more comprehensive Impact Benefit Agreement (IBA) is concluded. CEO Glenn J. Mullan noted this milestone is the result of over five years of relationship-building.

The signing of an Exploration Agreement with local First Nations is a material and positive development for Cleghorn Minerals. For a junior exploration company in Canada, securing formal support from Indigenous communities is a critical de-risking event and an essential prerequisite for advancing any project. Without such an agreement, projects can face significant delays, legal challenges, and permitting issues, effectively stranding the asset.

• Unlocks Project Potential: This agreement clears a major social and jurisdictional hurdle, allowing the company to proceed with exploration work on its flagship Meech Lake project. The CEO's comment that this took "more than five years of relationship-building" highlights the significance of this achievement.
• Minimal Dilution: The compensation for this critical milestone—100,000 shares and 100,000 options—represents very minor dilution (approximately 0.25% each on a basic and fully diluted basis) in exchange for securing the social licence to operate.
• Progression of Strategy: Reviewing the historical news, the company has spent the last year securing its financial footing through a small private placement in January 2025, appointing an IR firm in October 2025, and managing corporate governance. This agreement is the first tangible step toward value creation through exploration and demonstrates management's ability to advance the project.

While the agreement does not add any mineral resources, it removes a significant barrier to discovering them. It moves the company from a state of corporate maintenance to one of active exploration potential. However, this positive step immediately brings the company's weak financial position into sharp focus, as it now has a project it can work on but lacks the capital to fund a meaningful program.

Cleghorn Minerals Ltd. is a Canadian junior mineral exploration company listed on the TSX Venture Exchange. Its flagship asset is the Meech Lake - Matachewan Prospect in Ontario. The property is subject to two underlying royalties: 1. A 3% Net Smelter Return (NSR) royalty to the vendor, of which 1.5% can be repurchased for a total of $4,000,000. 2. A 0.5% NSR granted to the Ontario Exploration Corporation, with a buyback clause. The combined 3.5% NSR is a significant encumbrance that could affect the project's future economics.