Fox Tungsten Ltd. has received 2,358,797 common shares of Metal Energy Corp. to satisfy the first and second deferred consideration payments under the November 2024 acquisition agreement relating to the Highland Valley Project in British Columbia.

The consideration shares carry an aggregate deemed value of C$2,000,000, issued at a deemed price of C$0.85 per share based on the 30-day volume-weighted average price calculated under the terms of the agreement. The transaction increases Fox Tungsten’s holdings in Metal Energy from 1,874,420 common shares to an aggregate of 4,233,217 common shares. These newly issued shares are subject to a statutory hold period of four months and one day.

Fox Tungsten is currently advancing a 20,000-metre drill program at its flagship Fox project, located approximately 75 kilometres northeast of 100 Mile House in south-central British Columbia. The campaign represents the largest exploration effort in the company's history.

Initial assay results from the ongoing drilling are expected in the coming weeks. Data generated from the program will support an updated Mineral Resource Estimate and a Preliminary Economic Assessment, with both milestones targeted for completion in the second quarter of 2027.

Read the full announcement: Fox Tungsten Receives C$2.0 Million in Metal Energy Shares Under Highland Valley Acquisition Agreement