TRU Executes Joint Venture Agreement Governing Its 51% interest in the Staghorn Property at Golden Rose

Executive Summary

• TRU Precious Metals and Quadro Resources have executed a Joint Venture Agreement (JVA) governing the 51%/49% JV on the Staghorn Property, effective July 5 2025.
• The JVA outlines pro‑rata funding of exploration, establishment of a management committee, operator fees, cash‑call procedures, dilution provisions and a potential 1 % NSR royalty (0.5 % repurchasable by TRU for $1 M).
• Eldorado Gold retains its earn‑in rights to fund CAD 15.25 million over five years to obtain an 80 % interest in the broader Golden Rose Project, which may require amendment of the JVA.

Key Details

• JV Structure: TRU holds 51 % and Quadro 49 % on the Staghorn Property (≈11 % of total Golden Rose land package).
• Funding: Exploration and other JV expenditures to be funded pro‑rata by each party according to their ownership percentages.
• Management Committee: Composed of two TRU representatives and one Quadro representative.
• Operator Role & Fee: TRU appointed as operator; entitled to a 10 % fee on JV expenditures.
• Annual Planning: Programs and budgets presented annually to the committee; cash calls issued quarterly.
• Dilution Mechanism: A party that fails to meet its funding obligations may have its interest diluted, with alternative participation options including a 1 % NSR royalty (0.5 % repurchasable by TRU for $1 M).
• Eldorado Earn‑In Impact: Eldorado’s option to fund CAD 15.25 million over five years for an 80 % stake in Golden Rose may necessitate amendment of the JVA to reflect its rights.
• CEO Comment: Steve Nicol (TRU CEO) expressed satisfaction with finalizing the JVA and highlighted ongoing exploration activities and the goal of discovering gold‑copper potential at Staghorn.
• Exploration Status: TRU’s team is reviewing 2025 field season results from Golden Rose to design the 2026 work program; further updates will follow once analysis is complete.

Notable Quotes

“We are very pleased to have completed the final JVA with Quadro, our partner on the Staghorn Property… we look forward to continuing to advance operations at Staghorn together under the terms of the newly executed JVA as we aim to efficiently discover the full gold and copper potential of the Staghorn Property.” – Steve Nicol, CEO, TRU Precious Metals