Anteros Metals Enters Definitive Agreement

Executive Summary

• Anteros Metals Inc. entered into an option and joint‑venture agreement with Rift Minerals Inc. granting Anteros the right to acquire up to a 49% undivided interest in the Seagull Project (critical minerals property).
• To earn an initial 20% interest, Anteros will underwrite Phase 1 drilling (≈1,350 m borehole) costing $400‑$600 k and make a $50,000 upfront cash payment to Rift.
• If Phase 2 is completed, Anteros can increase its stake by an additional 29%, resulting in a 49%/51% joint venture ownership structure (Anteros/Rift).

Key Details

• Agreement Date: October 8, 2025 (press release follow‑up to Oct 7, 2025).
• Property: Seagull Project, ~80 km NE of Thunder Bay, Ontario; targets PGEs, nickel, copper, helium.
• Option Mechanics:
• Phase 1 – Drilling: Underwrite a 1,350 m borehole; estimated cost minimum $400,000 up to $600,000. Completion grants Anteros a contingent 20% interest in the property.
• Up‑front Payment: One‑time cash payment of US$50,000 to Rift, payable before drilling commences.
• Phase 2 – Exploration: Conducted based on Phase 1 results; if undertaken, Anteros may acquire an additional 29% interest.
• Ownership Structure Post‑Phases:
• After Phase 1: Anteros 20%, Rift 80%.
• After successful Phase 2 and JV formation: Anteros 49%, Rift 51%.
• Joint Venture Formation: Upon completion of Phase 2, parties will execute a Joint Venture Agreement governing the 49/51 ownership split.
• Contingency: If Anteros does not commence Phase 2 or enter into the joint venture, the option will not vest and no interest is earned.

Notable Quotes

(No direct quotes were provided in the release.)