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Prospector Signs Definitive Agreement to Option Savant Gold Project to BeMetals Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2025) - Prospector Metals Corp.  ...
About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Signs Definitive Agreement to Option Savant Gold Project to BeMetals Corp.Vancouver, British Columbia--(Newsfile Corp. - August 12, 2025) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) (\"Prospector\" or the \"Company\") is pleased to announce that it has signed a definitive option agreement (the \"Agreement\") with BeMetals Corp. (TSXV: BMET) (OTCQB: BMTLF) (FSE: 1OI.F) (\"BeMetals\") to option up to a 100% interest in the Savant Gold Exploration Project (\"Savant\" or the \"Project\"), located in a highly prospective gold district in northwestern Ontario, Canada. This definitive agreement formalizes the terms set out in the non-binding Letter of Intent (LOI) previously announced on July 10, 2025. The Savant Project covers approximately 232 km² of underexplored terrain with favorable iron formation geology, situated near major past and present producers including the Musselwhite and Red Lake gold mines. Under the agreement, BeMetals has the exclusive option to earn up to a 100% interest in the Savant Project over a five-year period by meeting certain money-in-the-ground focused exploration, and mineral resource discovery-based success payments.Highlights of the AgreementInitial Commitment: BeMetals will spend at least C$500,000 on exploration within first year of signing the definitive agreement.Annual Expenditures: BeMetals must spend C$500,000 annually on exploration, with the option to accelerate spending, for minimum cumulative exploration spending of $2.5 Million.NI 43-101 Technical Report Supported Mineral Resources & Ownership: BeMetals will provide a NI 43-101 compliant Technical Report to support the mineral resources to determine the following ownership criteria:<500,000 ounces of gold (\"oz\"): Prospector retains 100% of the Project500,000 or more oz of gold in the Inferred resource category: a 50/50 joint venture to be formed≥1,000,000 oz of gold with ≥500,000 in the Indicated resource category: BeMetals acquires 100% ownership of the ProjectSuccess-Based Payment: BeMetals will pay Prospector US$5/oz of gold in the mineral resource supported by the Technical Report.NSR Royalty: If BeMetals acquires full ownership of the Project, a 0.5% NSR royalty will be granted to Prospector.Prospector expects to work closely with BeMetals in the coming...