Mineral Properties |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Mineral Properties | |
| Mineral Properties | Note 8 – Mineral Properties
Fish Lake Valley
On October 12, 2021 we signed an earn in agreement with Morella Corporation (formerly Altura Mining Limited) an Australian Lithium explorer and developer, and related party, whereby Morella Corporation can earn a 60% interest in the Fish Lake Valley property by paying the Company $675,000, issuing the equivalent of $500,000 worth of Altura stock, and expending $2,000,000 of exploration work in the next four years. To date Morella Corporation has paid $375,000 and issued 10,250,404 common shares with a fair value of $1,711,221.
By letter agreement dated September 5th, 2025 the Company amended the original October 12, 2021 agreement and assigned 100% interest in the southern and more eastern portions of the property to Morella Corporation, reserving a 3.5% net smelter royalty on the assigned property. Morella is obligated to pay the fourth anniversary payments on the original Fish Lake Earn-in Agreement over four tranches over 18 months from the original anniversary dates (being October 12, 2025). During the six months ended June 30, 2026, the Company received 4,000,000 common shares of Morella Corporation related to the 4th anniversary payment but expects to receive them and, as such, the amended agreement is considered in good standing by both parties. The Company would retain an 100% interest in the northern portions of the property.
The Letter of Intent was signed with a purchaser that has a common director as the Company.
North Big Smoky
On July 16, 2022 our Company entered into an earn in agreement with Morella Corporation, an Australian Lithium explorer and developer, and related party, whereby Morella Corporation can earn a 60% interest in the Big North Smoky property by issuing the equivalent of $500,000 worth of Morella Corporation stock, and expending $1,000,000 of exploration work in the next four years. To date Morella Corporation has paid $65,000 and issued 9,099,650 common shares with a fair value of $379,030.
By letter agreement dated September 5th, 2025 the Company amended the original July 16, 2022 agreement and assigned 100% interest in the property to Morella Corporation, reserving a 3.5% net smelter royalty on the assigned property. Morella is obligated to pay the third anniversary payments on the original North Big Smoky Earn-in Agreement over four tranches over 18 months from the original anniversary dates (being July 16, 2025). During the six months ended June 30, 2026, the Company received 4,000,000 common shares of Morella Corporation related to the 3rd anniversary payment but expects to receive them and, as such, the amended agreement is considered in good standing by both parties.
The Letter of Intent was signed with a purchaser that has a common director as the Company. |