Earthwise Minerals Extends Option at The Iron Range Gold Project, British Columbia

Executive Summary

• Earthwise Minerals received a six‑month extension of its option agreement on the Iron Range Project, now requiring the first‑year commitment payment by August 26 2026.
• In exchange for the extension, Earthwise will issue 100,000 common shares to Eagle Plains Resources Ltd. (EPL).
• The extended terms outline cash and share consideration required to earn a 70% (First Option) or up to an 80% (Second Option) interest in the project, together with royalty and JV structure provisions.

Key Details

• Extension Grant: Six‑month extension of the Iron Range Project option agreement; first‑year commitment now due 26 Aug 2026.
• Share Issuance for Extension: Earthwise to issue 100,000 common shares to EPL as consideration for the extension.
• First Option Terms (70% interest):
• CA$250,000 cash payment
• Issue of 1,500,000 common shares to EPL
• Funding of CA$4,000,000 in exploration expenditures over a four‑year term
• Second Option Terms (additional 10% for up to 80% interest):
• One‑time cash payment of CA$1,000,000
• Completion of a bankable feasibility study before the eighth anniversary of the option.
• Royalty Provision: If either option is exercised, EPL receives a 2 % smelter‑returns royalty; 1 % may be repurchased by Earthwise for CA$1,500,000.
• Operator & Consultant: EPL will act as Operator; may use TerraLogic Exploration Inc. as geoscience consultant.
• Joint Venture Structure Post‑Exercise: 70/30 JV (First Option) or 80/20 JV (Second Option) between Earthwise and EPL for further exploration/development.
• Incentive Stock Options: Board approved grant of 1,075,000 ISOs to senior executives/directors/consultants at a $0.05 per share deemed price; vest immediately, expire 6 Jan 2031.
• Management Change: Resignation of Mr. George Yordanov as VP of Exploration and director, effective immediately.
• Qualified Person Statement: Charles C. Downie, P.Geo., qualified person for NI 43‑101, reviewed and approved scientific/technical disclosure.

Notable Quotes

(No direct quotes were provided in the release.)