Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Go Metals Corp. (CSE: GOCO) ("Go Metals" or the "Company") is pleased to announce that it has entered into a definitive option agreement dated July 15, 2026 (the "Option Agreement") with Eureka Metals Corp. ("Eureka"), pursuant to which Eureka may earn up to an 80% interest in the Company's KM98 vanadium-titanium-iron project ("KM98" or the "Project"), located approximately 60 kilometres north of Havre-Saint-Pierre, Québec.
Highlights
Eureka may earn up to an 80% interest in the KM98 Project.
Existing permits allow for both trenching and diamond drilling.
Historical metallurgical test work successfully produced separate magnetite and ilmenite concentrates using conventional magnetic and gravity separation methods.
Initial exploration activities are anticipated to commence later this summer.
Following completion of the earn-in, Go Metals will retain a 20% participating interest in the Project.
"Our objective was to partner with a group capable of advancing KM98 to its next stage of development, and we believe Eureka is well positioned to do just that," said Scott Sheldon, Chief Executive Officer of Go Metals. "Over the past several years we've advanced KM98 through permitting, geological interpretation and metallurgical testing, significantly reducing exploration risk. The Option Agreement provides for substantial exploration expenditures to advance the Project while allowing Go Metals to retain meaningful long-term exposure to its success. With this partnership in place, we can focus our technical and financial resources on advancing our copper-focused portfolio, including the Monster IOCG and Oriole nickel-copper projects."
Option Agreement Summary
Eureka may earn an initial 50% interest in the Project by:
paying Go Metals $80,000 within 10 business days following execution of the Option Agreement;
issuing an aggregate of 1,750,000 common shares to Go metals over the first three years of the Option Agreement;
incurring an aggregate of $2.0 million in qualifying exploration expenditures on the Project over the first three years of the Option Agreement; and
completing a minimum of 2,000 metres of diamond drilling on the Project.
Eureka may earn an additional 30% interest in the Project, for an aggregate interest of 80%, by:
paying Go Metals an additional $100,000;
issuing an additional 2,000,000 Eureka common shares to Go Metals during the fourth and fifth years of the Option Agreement; and
incurring an additional $2.5 million in qualifying exploration expenditures on the Project during the fourth and fifth years of the Option Agreement.