VR Farms Out its Copper-Nickel-PGM Properties in Ontario, and Dials in Exploration and Drill Planning in Nevada

About this update from Vr Resources Ltd.

[{"type":"text","content":"VR Farms Out its Copper-Nickel-PGM Properties in Ontario, and Dials in Exploration and Drill Planning in Nevada\nVANCOUVER, British Columbia, Feb. 26, 2026 (GLOBE NEWSWIRE) -- VR Resources Limited (“VR” or the “Company”, TSXV: VRR) is pleased to announce that it has entered into a binding definitive agreement (the “Agreement”) dated February 25, 2026 with Athos Metals Corp. (“Athos”), a private company, pursuant to which the Company has agreed to sell to Athos its 100% interest in each of the Empire and Silverback projects (the “Projects”) located in northwestern Ontario (the “Transaction”). It is the intention of Athos to make the district-scale copper-nickel-PGM exploration strategy commenced by VR in 2024 its core focus going forward, with the express goal of discovering new, mineralized ultramafic intrusions, anchored by local infrastructure. In connection with the Transaction, Athos intends to complete a go-public transaction (the “Go Public Transaction”), which would result in its shareholders receiving shares of a resulting issuer (the “Resulting Issuer”), which are expected to be listed on the TSX Venture Exchange or the Canadian Securities Exchange (collectively, the “Exchange”). Pursuant to the terms of the Agreement, following the Go Public Transaction, the Company will hold 9.9% of the Resulting Issuer’s issued and outstanding shares (the “Share Consideration”), among other consideration paid in respect of the Transaction. The Agreement follows a month-long due diligence process conducted by Athos, actively supported by VR and under exclusivity; it included a site visit to the Empire project on February 17, 2026. The binding terms of the Agreement include: The consideration payable by Athos for the Projects will consist of the Share Consideration and cash consideration of $400,000, of which $200,000 was paid on execution of the Agreement and is non-refundable, and the balance of which, less agreed deductions, is payable on Closing of the Transaction (the “Closing”);Prior to Closing Athos to complete an airborne VTEM+ survey over the Empire property, and enter into a drill contract with respect to a follow-up drill program of not less than 2,000m;Athos to assu...

More updates from Vr Resources Ltd.