Anteros Metals, Rift Minerals sign definitive agreement

Executive Summary

• Anteros Metals Inc. entered into an option and joint‑venture agreement with Rift Minerals Inc. to acquire up to a 49% undivided interest in the Seagull project, a critical‑minerals exploration property targeting PGEs, nickel, copper and helium.
• To earn an initial 20% interest, Anteros must fund Phase 1 drilling (≈1,350 m borehole) at a cost of $400‑$600 k and pay an upfront cash fee of $50,000 to Rift before drilling commences.
• Upon successful completion of Phase 2 exploration, the parties will form a joint venture in which Anteros can increase its stake to 49% (Rift 51%).

Key Details

• Option Scope: Up to 49% undivided right, title and interest in the Seagull project.
• Location: Approximately 80 km NE of Thunder Bay, Ontario.
• Phase 1 Requirements:
• Underwrite drilling of a 1,350‑m borehole (estimated cost $400,000–$600,000).
• Pay Rift an upfront cash fee of US$50,000 before drilling starts.
• Initial Ownership Post‑Phase 1: Anteros 20%, Rift 80% of the joint venture.
• Phase 2 Trigger: Completion of Phase 1 results and recommendations; financing by Anteros to proceed with a second exploration program.
• Final Joint Venture Structure (if Phase 2 completed): Anteros 49%, Rift 51%.
• Contingency: If Anteros does not commence Phase 2 or form the joint venture, the option will lapse and no further interest is earned.

Notable Quotes

(No direct quotes were provided in the release.)