NeoTerrex Minerals Inc. has entered into a non-binding letter of intent and term sheet with Fury Gold Mines Limited to acquire up to a 100% interest in the Reservoir Project in Québec through staged cash payments totalling $500,000 and exploration expenditures amounting to $3 million by the end of 2030.

The 116-mineral-claims property covers approximately 6,090 hectares within the Eastmain Greenstone Belt in the Eeyou Istchee James Bay region, situated about 390 kilometres north-northeast of Matagami near major hydroelectric infrastructure and access roads. The property hosts a broad polymetallic mineralized system containing copper, gold, silver, and tungsten across several historical zones, including the C52, Mitlin, QET, Bear Island, Cyr, and Barrage occurrences.

Under the proposed option terms, NeoTerrex must make a cash payment of $75,000 and incur $500,000 in work expenditures by December 31, 2027, to maintain the agreement. Ownership milestones scale progressively, reaching 50% ownership by the end of 2028 after an additional $75,000 cash payment and $750,000 in expenditures, 75% ownership by the end of 2029 following a $100,000 payment and another $750,000 in work, and full 100% ownership by December 31, 2030, upon completing a final $200,000 cash payment and $1 million in expenditures. An initial $50,000 cash payment is due upon signing the definitive option agreement.

Upon earning full ownership, Fury Gold Mines Limited will retain a 2% net smelter returns royalty. NeoTerrex will hold the right to purchase one-half of this royalty for $1.0 million at any time before commercial mine production. NeoTerrex will act as the project operator throughout the earn-in period and for as long as it maintains a majority interest.

The transaction remains subject to satisfactory due diligence, the negotiation and execution of a definitive option agreement, and acceptance by the TSX Venture Exchange. Certain provisions, including exclusivity, expenses, confidentiality, and due diligence terms, are legally binding.

The acquisition expands NeoTerrex's active Québec portfolio, which includes the Valour copper project and the Gravitas gold, copper, and tungsten project acquired in February 2025.

Read the full announcement: NeoTerrex Enters into LOI with Fury Gold to Earn up to 100% of the Copper-Gold-Silver-Tungsten Reservoir Project