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Searchlight Enters into Sale Agreement of Kulyk Lake and Daly Lake Projects to Monazite Metals Corp.
Total compensation up to $1,480,000 $180,000 cash and $1,000,000 in Monazite Metals shares ...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Searchlight Enters into Sale Agreement of Kulyk Lake and Daly Lake Projects to Monazite Metals Corp.Total compensation up to $1,480,000 $180,000 cash and $1,000,000 in Monazite Metals shares$300,000 payment subject to achievement of certain milestones1% Net Smelter Royalty Vancouver, British Columbia--(Newsfile Corp. - December 18, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) (\"Searchlight\" or the \"Company\") is pleased to announce that it has entered into an agreement, dated December 16, 2025 (\"MMC Agreement\"), with Monazite Metals Corp. (\"MMC\") to sell the Company's Kulyk Lake and Daly Lake projects in Northern Saskatchewan. These critical metals projects are wholly owned by Searchlight and comprise contiguous claim blocks geologically located in the Wollaston Domain, 55 kilometers south of the Key Lake Uranium Mine and Mill in Northern Saskatchewan.The MMC Agreement is an arms-length agreement with Monazite Metals Corp., a private British Columbia corporation.Searchlight is selling the property for the following considerations:$180,000 cash, which will be paid on closing.10,000,000 shares of MMC which will be paid on closing.A 1% Net Smelter Royalty which MMC can buy out at any time for a cash payment of $1,000,000.A payment of $300,000 in equity payments if certain drilling result milestones are achieved.\"Searchlight is impressed with the management team of Monazite and its plans for the Kulyk Lake and Daly Lake properties. Executing this agreement will allow Searchlight to focus its exploration efforts on its flagship Gold projects near Flin Flon,\" stated Stephen Wallace, Searchlight's CEO. \"The Company is currently working on plans for a 2,000-metre drill program on the 100%-owned Robinson Creek Gold project.\"An Advisory Fee of $20,000 is payable to Canaccord Genuity. Searchlight Resources Appoints Jason Powell to Lead Corporate DevelopmentSearchlight Resources Inc. is pleased to announce the appointment of Jason Powell, Principal of 51 Media Ltd., to the role of Manager Corporate Development.Mr. Powell is a seasoned executive with more than 15 years experience advancing investor engagement and strategic growth for publicly traded companies in the mining sector. He brings a proven track record of visionary leadership combined with operational discipline, underpinned by a deep under...