Badlands signs deal to acquire Goliath property

Executive Summary

• Badlands Resources Inc. entered into a purchase agreement to acquire 100 % of the Goliath property from Laxmi Resources Inc. for cash consideration of $200,000.
• The transaction includes assumption of a 2 % NSR royalty payable to Blackwidow Geological Services Inc., with Badlands retaining an option to repurchase half of that royalty (1 %) for $1 million.
• Badlands also terminated its previously held Rett property option in Thunder Bay without incurring any fees.

Key Details

• Purchase Price: $200,000 cash for 100 % interest in the Goliath property.
• Property Description: 97 contiguous single‑cell mining claims (~2,050 ha) located ~70 km SE of Kenora, Ontario, within the Kakagi‑Rowan Lakes greenstone belt; prospective for copper‑gold and nickel‑copper sulphides.
• Royalty Assumption: Badlands will assume Laxmi’s 2 % net smelter return (NSR) royalty to Blackwidow Geological Services Inc.
• Royalty Buy‑Back Right: Badlands may repurchase 1 % of the NSR royalty for a total payment of $1 million to Blackwidow.
• Closing Conditions: Subject to customary conditions, including acceptance by the TSX Venture Exchange; transaction is reviewable under TSX‑V Policy 5.3 because Nav Dhaliwal (executive chairman/director) is an insider of Laxmi.
• No Finder’s Fees: No finder’s fees will be paid in connection with the acquisition.
• Technical Review: Technical content approved by Devin Pickell, P.Geo., qualified person under NI 43‑101.
• Termination of Rett Option: Badlands terminated its option to acquire mineral claims on the Rett property (Thunder Bay) at no cost.

Notable Quotes

(No direct quotes were provided in the release.)