American Salars to Acquire up to 100% of the Petawaga Lithium-Niobium-Uranium Project, Quebec

Executive Summary

• American Salars Lithium entered a Mineral Claims Option Agreement to acquire up to a 100% undivided interest in seven mineral claims covering the Petawaga Lithium‑Niobium‑Uranium Project (≈ 411 ha) in Québec.
• The company may earn full ownership by making aggregate cash payments of C$120,000 over three years, with an initial C$5,000 payment upon signing and subsequent scheduled installments.
• The property includes a historic 45 kg bulk sample that returned 3.4% Nb₂O₅ and 0.65% U₃O₈, indicating potential high‑grade lithium, niobium, and uranium mineralization.

Key Details

• Agreement Date: February 24 2026 (option agreement).
• Claims Covered: Seven contiguous mineral claims totaling ~411 hectares, encompassing the entire historic Petawaga River showing.
• Location: ≈ 45 km NW of Mont‑Laurier, Québec; year‑round road access and proximity to existing infrastructure.
• Historical Sample Results: 45 kg bulk sample from a pegmatitic dyke – 3.4 % Nb₂O₅ and 0.65 % U₃O₈.
• Geological Context: Situated in the Grenville Province, straddling the Baskatong Promontory and Central Gneissic Belt; historic pegmatites contain samarskite, euxenite, thorianite, columbite, lepidolite; regional occurrence of uranium pegmatites and Nb/REE‑bearing dykes.
• Payment Schedule (Total C$120,000):
• C$5,000 upon signing.
• C$5,000 within 60 days.
• C$10,000 at three months.
• Subsequent C$10,000 payments every three months until the total is paid.
• Ownership Transfer: Upon full payment, 100% ownership of the seven claims transfers to American Salars Lithium.
• Default Provisions: Vendors retain termination rights if default occurs, subject to notice and cure provisions.
• Qualified Person: Isabelle Robillard, P. Geo (OGQ#287), reviewed and approved technical data per NI 43‑101.

Notable Quotes

• “We are pleased to secure an option on the Petawaga Project, which offers a compelling combination of lithium, niobium, and uranium potential in a region with established infrastructure.” – R. Nick Horsley, CEO, American Salars Lithium.