Emergent Metals Corp. announced that it has completed a Lease with Option to Purchase Agreement with Lahontan Gold Corp. ("Lahontan").

Lahontan, subject to certain terms and conditions, will have the option ("Option") to acquire a 100% interest in Emergent's Mindora Property, NV ("Mindora" or the "Property") by completing USD 1.8 million in cash or share payments and USD 1.4 million in work expenditures on the Property (total USD 3.2 million) over a seven-year period. Mindora is a gold, silver, and base metal exploration property located approximately 20 miles southeast of Hawthorne, NV and 10 miles southwest of Lahontan's Santa Fe Property, NV. The Property consists of 147 unpatented mining claims. Lahontan is re-naming the Property West Santa Fe.

Cash or share payments will be as follows: Upon Signing of the Term Sheet: $10,000 (paid); First Anniversary of Agreement: $20,000; Second Anniversary of Agreement: $25,000; Third Anniversary of Agreement: $25,000; Fourth Anniversary of Agreement: $30,000; Fifth Anniversary of Agreement: $30,000; Sixth Anniversary of Agreement: $40,000; Seventh Anniversary of Agreement: $1,620,000; Total: $1,800,000. Work commitments will be as follows: December 31, 2024: $150,000; December 31, 2025: $150,000; December 31, 2026: $200,000; December 31, 2027: $200,000; December 31, 2028: $200,000; December 31, 2029: $250,000; Seventh Anniversary of Agreement: $250,000; Total: $1,400,000. The Agreement is between Emergent's U.S. subsidiary, Golden Arrow Mining Corporation ("GAMC"), Lahontan, and Lahontan's U.S. subsidiary, Lahontan Gold (US) Corp.

("LGUSC"). GAMC currently holds the Property and, upon exercise of the Option and payment of the purchase price to GAMC, GAMC shall transfer 100% of its interest in the mineral claims to Lahontan, or its designee, within 30 days of payment of the purchase price. As part of the transfer, Lahontan or its designee will grant a 1% NSR royalty in favor of GAMC over the claims it acquired from Nevada Sunrise LLC (Mind 1 through Mind 12).

In addition, Lahontan or its designee will grant a 1.5% NSR in favor of GAMC for any additional claims not currently having a NSR royalty. LGUSC will have the right to purchase 50% of this 1.5% NSR royalty for US$200,000 prior to the fifth anniversary of signing of the Agreement or for US$500,000 after the fifth anniversary of the signing of the Agreement. As part of the Agreement, LGUSC will reimburse GAMC for a final US$25,000 claim purchase payment made to Nevada Sunrise LLC and US$20,000 for an advance royalty payment made to BL Exploration in June 2023.

LGUSC will also be responsible for 2023/24 claim maintenance payments on the Property. The transaction is subject to regulatory approval.