Bemetals signs definitive deal for Savant option

Executive Summary

• Bemetals Corp. signed a definitive option agreement with Prospector Metals Corp. to earn up to 100 % of the Savant gold exploration project in Northwestern Ontario over five years.
• The agreement requires Bemetals to spend a minimum of US$500,000 on exploration each year and includes tiered ownership outcomes based on NI 43‑101‑supported resource thresholds.
• Success‑based payments are set at US$5 per ounce of gold in the reported resource, with a 0.5 % NSR royalty if Bemetals obtains full ownership.

Key Details

• Project Scope: Savant project covers ~232 km² of underexplored terrain within a prolific gold district near Musselwhite and Red Lake mines.
• Initial Commitment: Minimum US$500,000 exploration spend in the first year after signing.
• Annual Expenditures: US$500,000 required each subsequent year (spending may be accelerated).
• Ownership Triggers (NI 43‑101‑compliant resource):
• < 500,000 oz Au – Prospector retains 100 % ownership.
• ≥ 500,000 oz Au (inferred) – 50/50 joint venture formed.
• ≥ 1,000,000 oz Au with > 500,000 oz in indicated category – Bemetals acquires 100 % ownership.
• Success‑Based Payment: US$5 per ounce of gold contained in the technical‑report‑supported resource paid to Prospector.
• NSR Royalty: If Bemetals obtains full ownership, a 0.5 % net smelter return royalty is granted to Prospector.
• Exploration Timeline: Parties will design the 2025 exploration program within weeks, targeting drill‑ready targets for an initial drilling campaign in 2026.
• Strategic Fit: The option aligns with Bemetals’ focus on high‑potential gold projects and leverages its affiliation with B2Gold Corp., which holds ~24 % of Bemetals’ shares.

Notable Quotes

“The Savant gold exploration project is underexplored and hosts compelling geological features that highlight its discovery potential… We are pleased to have signed this definitive agreement for the project…,” – John Wilton, President & CEO, Bemetals Corp.