Steadright Critical Minerals Inc. has entered into a definitive option agreement to acquire up to a 75% interest in the Péribonka Rare Earth Element and Niobium Carbonatite Project in the Saguenay–Lac-Saint-Jean region of Québec.

Under the transaction, Steadright will issue 1,000,000 common shares to the vendors, split equally between Michel Gaudreault and Frédéric Bergeron. The arrangement requires an initial issuance of 600,000 shares, subject to a four-month hold, followed by 400,000 shares within six months of signing. The vendors retain a 3.5% net smelter royalty on production, which Steadright can reduce by 1.5% through a $2,500,000 CAD cash payment.

“The Péribonka anomaly is one of the last untested carbonatite‑style targets in the Saguenay Graben, located between two proven critical‑metal districts. This agreement positions Steadright to advance a highly prospective REE–Nb target with excellent infrastructure and low exploration costs.”

— Matt Lewis, CEO

Critical Foundation Metals Inc. holds the remaining 25% carried interest in the project. The partners previously collaborated on the acquisition of the B2 project in March 2025. Under the current agreement, Steadright will fund up to $1,000,000 CAD in exploration expenditures on behalf of Critical Foundation Metals, with larger outlays managed jointly.

To maintain the option, Steadright must spend a minimum of $400,000 CAD on exploration or development at the property on or before October 30, 2027. Failure to meet this spending threshold will result in the 37 contiguous mineral claims reverting 100% to the vendors.

The Péribonka property covers an ovoid magnetic anomaly interpreted as a carbonatite or alkaline intrusion. The ground sits within a structural corridor that hosts existing regional operations, including the Niobec mine and Niobay Metals Inc.'s Crevier project. The Péribonka claims are accessible by road and located north of St-Ludger-de-Milot near established powerlines and port access.

Read the full announcement: Steadright Critical Minerals Inc. to Acquire up to 75% Interest in the Péribonka Ree-Niobium Carbonatite Project, Saguenay-Lac-St-Jean Region, Québec