North Atlantic Titanium Completes Payment Under Option Agreement for the Everett Titanium Project in Quebec, and Announces Grant of Incentive Stock Options

Executive Summary

• North Atlantic Titanium made the first $200,000 cash payment under its option agreement with Romaine River Titanium Inc. and issued 1,000,000 shares, securing the right to earn up to a 75 % interest in the Everett titanium project.
• The company simultaneously granted 2,000,000 incentive stock options to directors, consultants and employees at $0.15 per share, exercisable for three years.

Key Details

• Option Agreement Payment: $200,000 cash paid to Romaine River Titanium Inc.; issuance of 1,000,000 common shares as consideration.
• Earn‑In Right: Subject to satisfaction of conditions, North Atlantic may earn up to a 75 % undivided interest in the Everett Project (located ~40 km from Havre‑Saint‑Pierre, QC).
• Project Context: Everett Project lies 3 km from Rio Tinto’s Lac Tio titanium mine; company plans to commence exploration, metallurgical testing, diamond drilling and verification of historical data.
• Incentive Stock Options Grant: 2,000,000 options granted effective the date of release; each option convertible into one common share at an exercise price of $0.15.
• Option Terms: Options exercisable for a period of three years from grant date; allocated to directors, consultants and employees under the company’s stock option plan.
• CEO Comment: Dwayne Yaretz noted that completion of the first payment positions the company to start planned exploration activities at Everett.

Notable Quotes

“With the first option payment completed, we are now positioned to commence our planned exploration activities at the Everett Project. The Company will proceed with the completion of exploration and metallurgical testing in preparation for diamond drilling and verification of historical data.” – Dwayne Yaretz, CEO, North Atlantic Titanium Corp.