Altair signs LOI for 95% interest in Labrador claims

Altair Resources Inc. (AVX) has signed a binding Letter of Intent to acquire an option to earn up to a 95% interest in 1,534 claim blocks, covering 38,379 hectares of rare earth element prospects in Labrador known as the Lab Paradigm project. The earn-in structure requires the company to spend $500,000 by June 22, 2026, to secure a 25% interest. Additional expenditures of $1,000,000 are required on June 1, 2027, to reach a 60% cumulative interest, followed by $1,000,000 payments on June 1, 2028, and June 1, 2029, to achieve the final 95% stake.

The agreement includes cash payments of $56,500 upon signing, with further payments of $25,000 by June 1, 2028, and $200,000 by June 1, 2029. A $1,000,000 bonus is payable if a Preliminary Economic Assessment defines at least 1 million gold-equivalent ounces. Equity compensation includes the issuance of 4.85 million post-consolidation common shares to optionors, with an additional 1 million shares due by June 1, 2028, and 2 million by June 1, 2029.

To reduce the share count from approximately 57.3 million to 5.7 million, Altair Resources Inc. is planning a 10-for-1 share consolidation. CEO George Young advanced $56,500 as an interest-free loan to cover early costs. The company’s shares are currently halted pending review by the TSX Venture Exchange, with the transaction classified as fundamental.

The news release, published July 23, 2026, notes that the LOI was signed March 2, 2026. However, the first earn-in deadline of June 22, 2026, has already passed, and the release does not specify whether the initial $500,000 expenditure was met.

Altair Resources Inc. (AVX) faces a financial position that makes performance under the Letter of Intent (LOI) impossible without an immediate, substantial capital raise. The most recent financials for the nine months ended December 31, 2025 (Q3-2026) show: - Cash: $3,828 - Negative working capital, total liabilities of $3,106,084 (including $2,727,763 in accounts payable) - Negative equity of $3,077,866 - No revenue, operating cash flow negative, and cumulative net loss of $206,855 over nine months.

The Year 1 commitment of $500,000 far exceeds available resources. The fact that this milestone elapsed more than a month before the news release, with no update or extension, indicates either a default or an abandonment of the option. The omission is glaring and erases confidence that the transaction is viable.

Prior news from September 2025 showed termination of the Simon property option, evidence of a pattern of failed acquisitions. The REE pivot appears to be a last-ditch effort with no financial backing.

Because the company is an exploration shell with no other assets, this unfunded and likely lapsed option strike is existential. The stock, halted at $0.01, would almost certainly trade lower if the halt is lifted without a resolution.

Altair Resources Inc. (AVX) is a TSX-V listed shell company with no production or revenue. The firm previously held an option on the Simon lead-zinc-silver property in Nevada, which was mutually terminated in September 2025.

The company’s sole current focus is the Lab Paradigm rare earth project in Labrador, a 38,379-hectare land package hosting light and heavy rare earth elements including neodymium, praseodymium, and dysprosium, as well as gallium, niobium, tantalum, and zirconium. Historical resources from adjacent properties, specifically Deep Fox and Foxtrot, are referenced but have not been verified by Altair.

No NI 43-101 technical report exists for the project yet. Near-term plans include mapping, sampling, and 1,500–2,500 metres of drilling, contingent on funding.