NeoTerrex Enters into LOI with Fury Gold to Earn up to 100% of the Copper-Gold-Silver-Tungsten Reservoir Project

NeoTerrex Minerals Inc. entered a non-binding Letter of Intent (LOI) and Term Sheet with Fury Gold Mines Limited on August 19, 2026. The agreement outlines a staged earn-in option to acquire up to 100% of the Reservoir Project, a polymetallic copper-gold-silver-tungsten property in Quebec's Eeyou Istchee region.

Financial terms require $500,000 in total cash payments and $3,000,000 in work expenditures spread across four annual milestones ending December 31, 2030. Fury Gold retains a 2% Net Smelter Returns (NSR) royalty, with NeoTerrex holding the right to purchase 50% (1% NSR) for $1.0 million prior to commercial production.

The project covers 116 claims (~6,090 hectares) with historical drilling from the 1980s/90s and 2013, showing notable gold-copper intersections and tungsten anomalies. The LOI is non-binding except for exclusivity, confidentiality, and due diligence provisions, pending a definitive agreement and regulatory acceptance.

Neoterrex Minerals Inc. (NTX) announced a non-binding letter of intent to acquire an exploration-stage asset, marking an incremental expansion of its portfolio rather than a fundamental strategic shift. The transaction carries no immediate financial or operational impact, with a conservative earn-in structure requiring only $50,000 upfront. The remaining $450,000 in cash and $3,000,000 in work commitments are spread over four years, a approach designed to minimize near-term dilution while locking in future capital obligations.

Historical data associated with the asset has not yet been verified by a Qualified Person for this specific program, and no new drilling or resource definition has taken place. The deal includes a 2% net smelter return (NSR) royalty, which could introduce a future cash-flow drag if the project advances to production, although a buyback option is available to mitigate this impact. Given the company’s small market capitalization and exploration-stage status, the market is likely to view this as standard pipeline development, with sustained price movement expected to depend on accompanying drill results or a financing event.

Neoterrex Minerals Inc. (NTX) is a Quebec-based exploration company focused on critical metals, particularly rare earth elements (REEs), tungsten, copper, and gold. The company’s portfolio includes the Strange Lake West project, located adjacent to Torngat Metals' REE deposit; Galactic, which has yielded zirconium and REE grab samples; Revolver, known for high-grade REE surface samples; Monument, which targets REEs near the Montviel deposit; Gravitas, which has demonstrated strong surface copper and tungsten showings; and the newly added Reservoir Project.

The company’s strategy leverages Quebec’s mining-friendly jurisdiction, proximity to infrastructure, and growing demand for domestic critical mineral supply chains. Flagship projects have historically centered on Strange Lake West and Revolver due to their REE potential, although Gravitas has recently demonstrated strong surface copper and tungsten showings.