IDEX Metals Announces Completion of Option Agreement Transaction with WestGold Metals

IDEX Metals Corp. (IDEX) announced that its wholly-owned subsidiary, Silver Rock Resources Inc., has completed a mineral property option agreement with WestGold Metals Corp. Under the terms of the transaction, WestGold has acquired an exclusive option to earn a 90% interest in three Idaho exploration properties: the Amie Project, the Silver Rock Project, and the Demming Project.

The deal structure includes an initial payment of CAD$100,000 and the issuance of 5,737,000 common shares to IDEX. To fully exercise the option, WestGold is obligated to incur C$5,000,000 in aggregate exploration expenditures over a three-year period. The expenditure schedule requires WestGold to spend C$1,000,000 by the first anniversary of the Effective Date, reach a cumulative total of C$3,000,000 by the second anniversary, and achieve a cumulative total of C$5,000,000 by the third anniversary.

Upon full exercise of the option, a joint venture will be formed with WestGold holding a 90% participating interest while IDEX retains a 10% carried interest. WestGold will serve as the operator and bear all costs until commercial production is achieved.

In conjunction with the transaction, IDEX entered into a six-month consulting agreement with Domestique Capital Corp. for investor relations services. The agreement includes a cash fee of $7,500 per month and the grant of 200,000 stock options with an exercise price of $0.55 per share. The equity component vests at a rate of 25% at six, 12, 18, and 24 months following issuance, subject to TSX Venture Exchange approval.

“Closing this transaction allows IDEX to remain focused on advancing the Freeze Project while preserving meaningful exposure to the Amie, Silver Rock, and Demming projects. WestGold’s commitment to fund C$5 million of exploration provides a clear path to advance these assets, while IDEX retains a 10% carried interest, said Clayton Fisher, CEO of IDEX.