Apogee Minerals Ltd. has completed its option transaction with Trident Resources Corp. to acquire a 100% interest in the Knife Lake Copper Project in east-central Saskatchewan, paying $100,000 in cash and issuing 7.4 million common shares upon closing.

The transaction follows initial terms outlined in a July 2026 agreement and has secured final acceptance from the TSX Venture Exchange. To fully exercise the option and secure the property outright, Apogee must disburse a further $300,000 in cash, issue shares with a deemed value of $700,000, and complete $1,000,000 in exploration expenditures over a two-year period. On or before the first anniversary of the closing date, the company must pay $150,000 in cash, issue shares with a deemed value of $350,000, and incur $500,000 in exploration expenditures. The acquisition remains subject to underlying net smelter returns royalties of 2.5% payable to Summit Royalties Ltd. and 1.5% payable to a private individual on certain mineral claims.

Concurrently with the closing, Apogee filed an independent National Instrument 43-101 technical report with an effective date of July 13, 2026. The filing incorporates historical exploration data, including diamond drilling programs completed by Trident's predecessor in 2021 and 2022. The 2021 program tested the Gilbert Lake area and the main deposit, where hole KF21021 returned 14.02 metres grading 1.95% copper, 7.41 grams per tonne silver, 0.11 grams per tonne gold, 0.53% zinc, and 0.02% cobalt. The subsequent 2022 program included infill drilling that intersected copper mineralization, such as hole KF22030 returning 15.90 metres grading 1.93% copper from 13.80 metres downhole.

The project hosts a historical mineral resource estimate from June 2019 comprising 3.83 million indicated tonnes grading 1.02% copper equivalent and 7.90 million inferred tonnes grading 0.67% copper equivalent, though a qualified person has not done sufficient work to classify these historical estimates as current resources.

Apogee will act as the operator on the property during the option period and plans to execute a Phase 1 exploration program budgeted at C$785,000, focusing on data verification, geological and geophysical modelling, and target generation. A potential Phase 2 program carrying an estimated cost of C$1,600,000 would follow to test generated targets by drilling.

Apogee shares trade at $0.105, down 8.70% on September 16, 2026.

Read the full announcement: Apogee Minerals Closes Knife Lake Copper Project Option Transaction and Files Independent NI 43-101 Technical Report