Apex Resources Receives TSX Venture Exchange Acceptance to Grant of Option to Tungsten Reserve Corp. (formerly, Fortress Strategic Metals) to Explore and Mine Tungsten Zones in the Jersey-Emerald Project in BC
Apex gains TSX approval for its tungsten option, though heavy dilution and cash burn remain significant concerns for the project.
Apex Resources Inc. (APX) has received acceptance from the TSX Venture Exchange for a previously announced mining option agreement with Tungsten Reserve Corp., formerly known as Fortress Strategic Metals. The transaction grants Tungsten Reserve an exclusive option to earn up to a 100% interest in the "Tungsten Zones" of the Jersey-Emerald Project in British Columbia.
Under the terms of the deal, Apex retains all exploration and development rights to the "Non-Tungsten Areas" and holds a $1.00 buyback right if specific operational or production triggers are breached. To proceed, Tungsten Reserve must issue shares and special warrants totaling $14M across three phases, complete an 8,000-metre diamond drilling program, and file a NI 43-101 Preliminary Economic Assessment (PEA) by August 31, 2027. This release serves as a regulatory follow-up to the May 2026 announcement, confirming the deal can proceed under TSX rules.
Apex Resources Inc. (APX) received TSX acceptance, a standard procedural milestone that removes regulatory uncertainty without introducing new financial terms, strategic shifts, or operational updates. The market impact is neutral to slightly positive as it validates the transaction, though the deal is structurally highly dilutive. Tungsten Reserve must issue $1M in Phase I, $3M in Phase II, $4M in Phase III, and $6M upon commercial production. Given Apex's sub-$5M market capitalization, these future equity issuances will severely dilute existing shareholders.
Apex Resources Inc. is a junior exploration company focused on critical minerals. Its flagship asset is the Jersey-Emerald Project in southern British Columbia, which hosts historic tungsten operations at the Emerald Mine and lead-zinc operations at the Jersey Mine. The company currently reports an indicated resource of 1.47 million tonnes at 0.173% WO3 and an inferred resource of 5.13 million tonnes at 0.227% WO3. Recent drilling in 2025 extended the tungsten and zinc zones at the site.
The company’s secondary asset is the Lithium Creek Project in Nevada, which targets a basin brine aquifer for lithium extraction, potentially utilizing Direct Lithium Extraction (DLE). The project is currently in the early exploration and claim staking phase. Apex Resources Inc. is led by CEO Ron Lang, with technical advisor Geoffrey Baldwin, a lithium brine specialist.