GreenLight Metals has executed a long-form agreement with Barrick Gold Exploration Inc. to implement a staged earn-in and joint venture at the Kalium Canyon gold project in Esmeralda County, Nevada. The arrangement, which covers 135 federal unpatented lode mining claims, replaces the binding term sheet signed in May 2026.

Under the agreement, Barrick may earn up to an 80% interest in the project through three stages of funding and technical milestones:

• Initial Earn-In (60%): Barrick must spend US$7.5 million on exploration and pay GreenLight US$1.0 million in cash over six years.
• Second Stage (70%): Barrick may earn an additional 10% interest by completing US$12.0 million in work over four years.
• Final Stage (80%): Barrick may earn a final 10% interest by solely funding a pre-feasibility study within 48 months.

Barrick will act as manager and operator of the joint venture once the initial earn-in is complete. Until that point, Barrick will fund all work programs, budgets, and studies, with no recovery or dilution impact on GreenLight. Barrick is required to commence drilling at the site within 180 days of receiving the first necessary drill permit.

GreenLight will receive an initial cash payment of US$250,000 within three business days of August 4, 2026, alongside reimbursement for certain claim maintenance fees. Following the initial payment, GreenLight will receive six additional annual payments of US$125,000 throughout the initial six-year earn-in period.

“We are excited to partner with Barrick, one of the world's largest gold producers, at Kalium Canyon. The staged earn-in gives Barrick a clear path to advance the project in stages, from exploration and technical work through to a potential pre-feasibility study, with each stage it elects to pursue funded entirely by Barrick at no cost to GreenLight. Our shareholders retain meaningful exposure to the project while our own capital stays focused on advancing our Wisconsin portfolio. With the long-form documentation now complete, we look forward to supporting Barrick's team as planning begins for the first work programs.”

— Matt Filgate, President and CEO

Read the full announcement: GreenLight Metals Executes Long-Form Documentation with Barrick for Staged Earn-In Joint Venture at Kalium Canyon Project in Nevada's Walker Lane