Canterra options Ring of Fire Property to Teck Resources

Canterra Minerals Corporation has entered into an Option Agreement with an Effective Date of September 17, 2024 (the "Agreement") with Teck Resources Limited ("Teck"), granting Teck the option to acquire a 100% interest in Canterra's Ring of Fire property (the "Project") in northeastern Ontario, subject to a 1.5% Net Smelter Royalty to be retained by Canterra.
Chris Pennimpede, President and CEO of Canterra commented, "We are very pleased to monetize this recently staked property within our portfolio. Given Teck's expertise and commitment to mineral exploration, we are confident they are well-positioned to unlock the full potential of the Ring of Fire Project. This sale allows Canterra to sharpen its focus on advancing our other critical mineral and gold, resource and exploration stage projects in the Central Newfoundland Mining District. We look forward to following Teck's progress on the Project, where we hope additional value will be created for our shareholders through our retained royalty that provides continued exposure to future success in this prolific critical minerals district."
Agreement Terms
In accordance with the terms of the Agreement, Canterra will option 100% of the Project to Teck for gross proceeds of $275,000 and retain a 1.5% Net Smelter Returns royalty (the "Royalty") in the Project. The Royalty can be reduced to 0.5% upon the exercise of a buy-back right by Teck paying a further $2,000,000 to Canterra.
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