VANCOUVER, BC / ACCESS Newswire / August 12, 2025 / BeMetals Corp. (TSXV:BMET)(OTCQB:BMTLF)(Frankfurt:1OI.F) ("BeMetals" or the "Company") is pleased to announce that it has signed a definitive option agreement (the "Agreement") with Prospector Metals Corp. (TSXV:PPP)(OTCQB:PMCOF)(Frankfurt:1ET0) ("Prospector") to acquire up to a 100% interest in the Savant Gold Exploration Project ("Savant" or the "Project"), located in a highly prospective gold district in northwestern Ontario, Canada.
This definitive agreement formalizes the terms set out in the non-binding Letter of Intent (LOI) previously announced on July 10, 2025. The Savant Project covers approximately 232 km² of underexplored terrain with favorable iron formation geology, situated near major past and present producers including the Musselwhite and Red Lake gold mines.
John Wilton, President and CEO of BeMetals, stated:
"The Savant Gold Exploration Project is underexplored and hosts compelling geological features that highlight its discovery potential. We are pleased to have signed this definitive agreement for the Project with the highly experienced Prospector team, marking an important step in the Property's potential advancement. We recognize the importance of responsible mineral exploration and look forward to working closely with Prospector on this exciting exploration project and building along with their respectful engagement with First Nation communities and other stakeholders in the region."
Under the Agreement, BeMetals has the exclusive option to earn up to a 100% interest in the Savant Project over a five-year period by meeting certain money-in-the-ground focused exploration expenditures, and a mineral resource, discovery-based, success payment including:
Initial Commitment:
BeMetals will spend at least C$500,000 on exploration within first year of signing the definitive agreement.Annual Expenditures:
BeMetals must spend C$500,000 annually on exploration, with the option to accelerate spending.NI 43-101 Technical Report Supported Mineral Resources & Ownership:
BeMetals will provide a NI 43-101 compliant Technical Report to support the mineral resources to determine the following ownership criteria:<500,000 ounces ("oz") of gold: Prospector retains 100% of the Project
500,000 or more oz of gold in the Inferred resource category: a 50/50 joint venture to be formed
=1,000,000 oz of gold with =500,000 in the Indicated resource category: BeMetals acquires 100% ownership of the Project
Success-Based Payment:
BeMetals will pay Prospector US$5/oz of gold in the mineral resource supported by the Technical Report.NSR Royalty:
If BeMetals acquires 100% ownership of the Project, a 0.5% NSR royalty will be granted to Prospector.
BeMetals expects to work closely with Prospector Metals in the coming weeks to design the 2025 exploration program with the aim to identify and prioritize drill targets for subsequent initial drilling campaign in 2026.
About BeMetals Corp.
BeMetals is a precious and base metals exploration and development company focused on advancing its portfolio of high-potential mineral projects. BeMetals is an affiliate company of B2Gold Corp. which currently owns approximately 24% of BeMetals outstanding shares. The Company plans to explore the Savant Gold Project in northwestern Ontario, one of Canada's most prolific gold-producing regions which hosts several past producers as well as current operations, including the Red Lake and Musselwhite mines. The Company also has the Pangeni Copper Project in the Zambian Copperbelt, with co-funding and technical partner JOGMEC, where the Company has discovered copper mineralization with geological characteristics and intersected widths and grades similar to that of large-scale copper mines in the same region. Additionally, the Company has its compelling Kazan gold exploration projects in Japan, while continuing to evaluate additional potential strategic acquisition opportunities.
ON BEHALF OF BEMETALS CORP.
"John Wilton"
John Wilton
President, CEO & Director
For further information, please contact:
Derek Iwanaka
Vice President, Investor Relations & Corporate Development
Telephone: +1-604-928-2797
Email: diwanaka@bemetalscorp.com
Website: www.bemetalscorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to future exploration, development and advancement of the Savant Gold Project in Canada, the Kazan Gold Projects in Japan and the Pangeni Copper Project in Zambia, and the acquisition of additional base and/or precious metal projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: the actual results of exploration activities, the availability of financing and/or cash flow to fund the current and future plans and expenditures, the ability of the Company to satisfy the conditions of the option agreement for the Pangeni Project, and changes in the world commodity markets or equity markets. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedarplus.ca for further information respecting the risks affecting the Company and its business.
SOURCE: BeMetals Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/bemetals-signs-definitive-agreement-to-acquire-option-on-savant-gold-project-in-o-1059501
