IDEX Metals Corp. has completed its option agreement with WestGold Metals Corp., transferring an exclusive option for WestGold to acquire a 90% interest in three exploration properties in Idaho, USA: the Amie Project, the Silver Rock Project, and the Demming Project.

Under the completed transaction, WestGold issued 5,737,000 common shares and made an initial cash payment of CAD$100,000 to the optionor, Silver Rock Resources Inc., a wholly-owned subsidiary of IDEX Metals Corp.

To maintain the option, WestGold must incur a minimum of C$5,000,000 in aggregate exploration expenditures on the properties over a three-year period. This commitment requires WestGold to spend C$1,000,000 by the first anniversary of the effective date, reach cumulative exploration expenditures of C$3,000,000 by the second anniversary, and hit the full C$5,000,000 threshold by the third anniversary.

Once the option is fully exercised, the parties will form a joint venture where WestGold holds a 90% participating interest and IDEX retains a 10% carried interest. WestGold will operate the joint venture and fund all project costs until commercial production commences.

“Closing this transaction allows IDEX to remain focused on advancing the Freeze Project while preserving meaningful exposure to the Amie, Silver Rock and Demming projects. WestGold’s commitment to fund C$5 million of exploration provides a clear path to advance these assets, while IDEX retains a 10% carried interest.”

— Clayton Fisher, CEO of IDEX

In separate corporate developments, IDEX entered into a six-month consulting agreement with Domestique Capital Corp. to provide investor relations and capital markets advisory services. The agreement carries a monthly cash fee of $7,500 alongside a grant of 200,000 stock options exercisable at $0.55 per share, vesting progressively over a two-year period and remaining subject to approval from the TSX Venture Exchange.

Read the full announcement: IDEX Metals Announces Completion of Option Agreement Transaction with WestGold Metals