Vancouver, BC, July 14, 2026 (GLOBE NEWSWIRE) -- Apogee Minerals Ltd. ("Apogee" or the "Company" or the "Optionee") (TSXV: APMI) is pleased to announce that it has entered into an option agreement dated July 13th, 2026 (the "Agreement") with Trident Resources Corp. ("Trident" or the "Optionor") (TSXV: ROCK), an arm's length party, pursuant to which Trident has granted Apogee the sole and exclusive right and option to acquire a 100% right, title and interest in and to the Knife Lake Project, located in northeastern Saskatchewan (the "Property" or the "Knife Lake Project"), subject to the Underlying NSR Royalties described below (the "Option").
Location Map of Knife Lake Project:
https://www.apogeemineralsltd.com/_resources/news/Knife.png
The Property consists of fifty-four (54) mineral claims comprising approximately 35,255 hectares and hosts the Knife Lake Deposit, a near-surface, stratabound volcanogenic massive sulphide ("VMS") style copper-cobalt-gold-silver-zinc deposit.
Transaction Highlights:
To exercise the Option and acquire a 100% interest in the Property, Apogee must pay to Trident a total of $400,000 in cash, issue to Trident a total of 7,400,000 common shares of the Company (each, a "Share") plus Shares having an aggregate value of $700,000, and incur a minimum of $1,000,000 in exploration expenditures on the Property, as follows:
Date | Cash Payments | Share Issuances | Exploration Expenditures |
On the Closing Date | $100,000 | 7,400,000 Shares | — |
On or before the first anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000(1) | $500,000 |
On or before the second anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000(1) | $500,000 (additional) |
Total | $400,000 | 7,400,000 Shares plus Shares having deemed value of $700,000(1) | $1,000,000 |
(1) Shares to be issued at the greater of (i) $0.09, and (ii) the ten (10) day volume weighted average closing price of the Shares on the TSX Venture Exchange (the "TSXV") at the applicable time. All Shares issued pursuant to the Agreement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities legislation.
The Agreement provides that no Shares will be issued to Trident to the extent such issuance would result in Trident holding ten percent (10%) or more of the outstanding common share capital of the Company or becoming a reporting insider of the Company; in such circumstances, the Company may satisfy the applicable amount by way of an equivalent cash payment. Apogee may accelerate the exercise of the Option at any time by completing the required payments and exploration expenditures, and may elect to satisfy any portion of the required exploration expenditures in cash. Apogee will act as operator on the Property during the option period.
Upon exercise of the Option, Apogee will hold a 100% interest in the Property, subject to existing underlying royalties consisting of a 2.5% net smelter returns ("NSR") royalty payable to Summit Royalties Ltd. and a 1.5% NSR royalty payable to a private individual on certain mineral claims comprising the Property (collectively, the "Underlying NSR Royalties").
The transaction remains subject to the receipt of acceptance of the TSXV. In accordance with TSXV Policy 5.3 – Acquisitions and Dispositions of Non- Cash Assets ("Policy 5.3"), the trading of the common shares of the Company on the TSXV is expected to be halted pending the receipt and review of acceptable documentation pursuant to Policy 5.3 as the Option is a "Fundamental Acquisition" for the Company, as defined in Policy 5.3.
All Shares issuable under the transaction are subject to a statutory hold period of four months and one day from issuance in accordance with applicable securities laws.
No finder's fees are payable in connection with the transaction.