Business
Anteros Metals Enters Into Letter of Intent and Announces Private Placement of up to $1 Million
St. John's, Newfoundland and Labrador--(Newsfile Corp. - October 7, 2025) - Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce that the Company and Rift Minerals Inc. ("Rift") have entered into a binding letter of intent (the "LOI") dated October 6, 2025, pursuant to which the Company has been granted an option (the "Option") to acquire a beneficial interest in the Seagull Project, a critical minerals exploration stage property targeting platinum group elements...
About this update from Anteros Metals Inc.
[{"type":"text","content":"St. John's, Newfoundland and Labrador--(Newsfile Corp. - October 7, 2025) - Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce that the Company and Rift Minerals Inc. ("Rift") have entered into a binding letter of intent (the "LOI") dated October 6, 2025, pursuant to which the Company has been granted an option (the "Option") to acquire a beneficial interest in the Seagull Project, a critical minerals exploration stage property targeting platinum group elements (PGEs), nickel, copper, and helium (the "Property"). The Property is located approximately 80 kilometres northeast of Thunder Bay, Ontario.","length":701,"tagName":"p"},{"type":"text","content":"Upon exercise of the Option, the Company and Rift shall use reasonable commercial efforts to negotiate, complete, execute and deliver a formal joint venture agreement, pursuant to which the Company may earn a working interest of up to 49% in the Property.","length":255,"tagName":"p"},{"type":"text","content":"In order to exercise the Option, the Company shall:","length":51,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Underwrite the Phase 1 cost of a 1,350m borehole at the Property (the "Drilling") (estimated at a minimum of $400,000 and up to $600,000 of anticipated exploration costs) to earn a contingent 20% interest in the Property;","length":231,"tagName":"p"}]},{"val":[{"type":"text","content":"Make a one-time up-front cash payment to Rift in the amount of $50,000, such payment to be made before the Drilling is commenced; and","length":133,"tagName":"p"}]},{"val":[{"type":"text","content":"Complete a second phase of exploration pursuant to Phase 1 results and recommendations for a Phase 2 exploration program, by an independent Qualified Person.","length":157,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":521,"olType":false},{"type":"text","content":"Rift's sole asset is an option agreement (the "Option Agreement") dated July 26, 2024 with Thunder Gold Corp., whereby Rift has the option to acquire the Property. Rift has completed passive seismic imaging (ambient noise tomography) over the Property, identifying a deep low-velocity anomaly interpreted by Rift as a potential gas-bearing zone and/or mineralized feeder str...