Vancouver, British Columbia--(Newsfile Corp. - December 9, 2025) - Penbar Capital Ltd., to be renamed "Eastport Critical Minerals Corp." (TSXV: EVI) ("Eastport" or the "Company") announces the launch of Phase 1 Drilling at the Foley Uranium project in Botswana, consistent with the Company's multi-asset exploration and development campaigns.
Highlights:
Drilling commenced on 5,000m Foley Uranium Phase 1 RC drilling campaign
Borders the Lotus Resources 114 Mlb Letlhakane Deposit - one of the world's largest undeveloped uranium resources (365 Mt @ 307 ppm U3O₈) [see figure 1]
First Drilling of the Northern Extension - Phase 1 RC Drill program to test a continuous 15km+ radiometric anomaly trending directly into Foley. [see figure 2]
Langer Heinrich-Style paleo-channel uranium deposit, targeting shallow (40-80 m), redox controlled mineralisation in heap-leach amenable sandstones.
Within less than one month from admission to the TSX-V, the Company has commenced three critical metals drill programs targeting Copper, Rare Earth Elements and now Uranium. All three programs are running concurrently, demonstrating the Company's commitment to timely and cost-effective exploration.
[Figure 1: Foley Location]
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Rick Bonner, Director & VP Exploration, commented,
"The best place to look for a deposit is adjacent to an existing one in the same geological terrane. The mineralised system that hosts the world-class Letlhakane Uranium Deposit has been mapped trending northward, and our licence sits directly along strike of this increasing focused feature.
"Paleo-channels are ancient riverbeds that act as natural conduits for uranium-enriched groundwater. When this groundwater encounters reducing conditions within the channel, the uranium precipitates out of solution, concentrating mineralisation in shallow sandstones.
"Our first drill fence (green drill sites in figure 2 below), immediately north of the Lotus Licence, will give us crucial information on the geological controls determining direction, depth and grade within this extensive paleo-channel system."
[Figure 2: Phase 1 Foley Drill Hole Locations]
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Burns Singh Tennent-Bhohi, CEO, commented,
"Our neighbours to the south, Lotus Resources, have demonstrated the scale and potential of the Letlhakane Uranium Deposit. Since acquiring the asset in July 2023, Lotus has invested heavily in drilling, resource upgrades, and scoping studies, confirming Letlhakane as one of the largest uranium systems globally, with a resource base exceeding 113 million pounds. Letlhakane is one of a portfolio of assets that establishes Lotus as one of the leading uranium developers in the world.
"With our licence positioned directly along strike of the same mineralised paleo-channel system, we are confident that our exploration program will demonstrate comparable potential for Foley to host the northern extension of Letlhakane, creating significant value for our shareholders.
"We are delighted to have commenced our third critical minerals drilling programme, with active exploration taking place in Matsitama (copper), Semarule (REE) and now Foley (Uranium), seamlessly and contemporaneously executed within one month of listing."
Foley Project Location
The Foley Uranium Project (PL113/2020) is located approximately 75 km south of Francistown in the Central District of Botswana, directly abutting the Lotus Resources' licences that hosts their world-scale Letlhakane Uranium Deposit. Positioned along the proven Karoo palaeo-channel fairway, the project enjoys excellent infrastructure, including sealed highway access via the A14, close proximity to the national power grid, abundant groundwater for processing, and ready availability of drilling contractors, equipment, and skilled labour from nearby mining hubs.
Qualified Person
The information in this news release has been reviewed and approved by Liz de Klerk Pri.Sci.Nat.,FIMM, of Micon International, an Independent Consultant of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
Location Map of Eastport's Projects in Botswana
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About Eastport
Eastport is a disruptive critical minerals development company advancing five projects in Botswana, with cumulative historical and current expenditures approaching $20 million. The Company's most advanced asset is the Matsitama Copper Project, which hosts multiple sizeable targets across the Matsitama copper district.
The Company's additional projects include Selebi East, a nickel-copper-cobalt project located seven kilometres east of the historic Selebi Mines; the Semarule Rare Earth Elements Project, positioned within the Gaborone-Molepolole corridor; the Foley Uranium Project, adjoining the Letlhakane uranium deposit; and the Keng Project, which targets nickel, copper and PGE's on the northern margin of the Molopo Farms Complex.
Botswana is widely regarded as one of Africa's strongest mining jurisdictions, combining the continent's highest GDP per capita with a 50-year track record of large-scale mineral development since the Orapa diamond discovery in 1967. The country ranks among the top performers globally on the Fraser Institute's Investment Attractiveness Index and is the highest-rated jurisdiction in Africa on the Policy Perception Index. These rankings reflect Botswana's stable regulatory environment, consistent rule of law, and long-standing support for responsible mineral development - factors that have underpinned significant investment and major M&A activity in the natural resources sector in recent years.
For further information about Eastport, please contact:
Burns Singh Tennent-Bhohi
CEO and Director
burns@eastportventures.com
info@eastportventures.com
Investor Relations
KIN Communications Inc.
604-684-6730
EVI@kincommunications.com
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements including but not limited to statements regarding the Company's business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Penbar Capital Ltd.