Vancouver, BC, July 14, 2026 (GLOBE NEWSWIRE) -- Apogee Minerals Ltd. ("Apogee" or the "Company" or the "Optionee") (TSXV: APMI) is pleased to announce that it has entered into an option agreement dated July 13th, 2026 (the "Agreement") with Trident Resources Corp. ("Trident" or the "Optionor") (TSXV: ROCK), an arm's length party, pursuant to which Trident has granted Apogee the sole and exclusive right and option to acquire a 100% right, title and interest in and to the Knife Lake Project, located in northeastern Saskatchewan (the "Property" or the "Knife Lake Project"), subject to the Underlying NSR Royalties described below (the "Option").
Location Map of Knife Lake Project:
https://www.apogeemineralsltd.com/_resources/news/Knife.png
The Property consists of fifty-four (54) mineral claims comprising approximately 35,255 hectares and hosts the Knife Lake Deposit, a near-surface, stratabound volcanogenic massive sulphide ("VMS") style copper-cobalt-gold-silver-zinc deposit.
Transaction Highlights:
To exercise the Option and acquire a 100% interest in the Property, Apogee must pay to Trident a total of $400,000 in cash, issue to Trident a total of 7,400,000 common shares of the Company (each, a "Share") plus Shares having an aggregate value of $700,000, and incur a minimum of $1,000,000 in exploration expenditures on the Property, as follows:
| Date | Cash Payments | Share Issuances | Exploration Expenditures |
| On the Closing Date | $100,000 | 7,400,000 Shares | - |
| On or before the first anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000(1) | $500,000 |
| On or before the second anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000(1) | $500,000 (additional) |
| Total | $400,000 | 7,400,000 Shares plus Shares having deemed value of $700,000(1) | $1,000,000 |
(1) Shares to be issued at the greater of (i) $0.09, and (ii) the ten (10) day volume weighted average closing price of the Shares on the TSX Venture Exchange (the "TSXV") at the applicable time. All Shares issued pursuant to the Agreement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities legislation.
The Agreement provides that no Shares will be issued to Trident to the extent such issuance would result in Trident holding ten percent (10%) or more of the outstanding common share capital of the Company or becoming a reporting insider of the Company; in such circumstances, the Company may satisfy the applicable amount by way of an equivalent cash payment. Apogee may accelerate the exercise of the Option at any time by completing the required payments and exploration expenditures, and may elect to satisfy any portion of the required exploration expenditures in cash. Apogee will act as operator on the Property during the option period.
Upon exercise of the Option, Apogee will hold a 100% interest in the Property, subject to existing underlying royalties consisting of a 2.5% net smelter returns ("NSR") royalty payable to Summit Royalties Ltd. and a 1.5% NSR royalty payable to a private individual on certain mineral claims comprising the Property (collectively, the "Underlying NSR Royalties").
The transaction remains subject to the receipt of acceptance of the TSXV. In accordance with TSXV Policy 5.3 - Acquisitions and Dispositions of Non- Cash Assets ("Policy 5.3"), the trading of the common shares of the Company on the TSXV is expected to be halted pending the receipt and review of acceptable documentation pursuant to Policy 5.3 as the Option is a "Fundamental Acquisition" for the Company, as defined in Policy 5.3.
All Shares issuable under the transaction are subject to a statutory hold period of four months and one day from issuance in accordance with applicable securities laws.
No finder's fees are payable in connection with the transaction.
About the Knife Lake Project:
The Knife Lake Project is an advanced-stage copper, silver, zinc, gold and cobalt exploration property located approximately 130 km north-northwest of Flin Flon in northeastern Saskatchewan, a jurisdiction consistently ranked among the top mining jurisdictions in the world by the Fraser Institute. The Property hosts the Knife Lake Deposit, a near-surface, stratabound VMS-style deposit. The mineralized zone is approximately 15 metres thick on average and dips 30° to 45° eastward over a known strike length of approximately 4 kilometres across 3 zones (Central-South, Bay, North) with an average down-dip extension of approximately 300 metres.
The Property benefits from a comprehensive database of more than 400 drill holes derived from historical and modern exploration programs completed between 1968 and 2022. The most recent work, completed by Rockridge Resources Ltd. (now Trident), comprised diamond drill programs in 2021 and 2022 totalling approximately 2,900 metres and a VTEM airborne geophysical survey in 2021. The 2021 VTEM survey data identified numerous conductive anomalies along the same prospective stratigraphy that hosts the Knife Lake Deposit. Highlights from the 2022 drill program include drill hole KF22030, which intersected 15.90 metres of 1.93% Cu, 0.26 g/t Au, 7.50 g/t Ag, 0.17% Zn and 0.02% Co starting from 13.8 metres downhole. The Property also hosts numerous compelling regional targets, including Redhill Lake, Scimitar Lake, Pistol Lake and Gilbert Lake.
Historical Mineral Resource Estimate:
The Knife Lake Project is host to a historical NI 43-101 compliant Mineral Resource Estimate (MRE) prepared for Rockridge Resources Ltd. with an effective date of June 12, 2019, which consisted of a pit-constrained Indicated Mineral Resource of 3.8 million tonnes at 1.02% CuEq (0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co and 1,740.7 ppm Zn) and an Inferred Mineral Resource of 7.9 million tonnes at 0.67% CuEq (0.53% Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co and 1,454.9 ppm Zn), in each case at a 0.4% CuEq cut-off (the "Historical Estimate"). The Historical Estimate is described in the technical report entitled "NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan" dated September 27, 2019, filed under Rockridge Resources Ltd.'s issuer profile on SEDAR+ (www.sedarplus.ca), and in Rockridge's news release dated August 14, 2019. The technical report was prepared by Stephen Kenwood, P.Geo., Sue Bird, P.Eng., and Tracey Meintjes, P.Eng. The MRE was based on metal price assumptions of US$2.80/lb copper, US$1.20/lb zinc, US$18.00/lb cobalt, US$1,300/oz gold and US$17.00/oz silver, with an exchange rate of US$0.77 = C$1.00. The 0.4% CuEq cut-off is equivalent to a net smelter return ("NSR") cut-off of approximately C$30 per tonne. Copper equivalent (CuEq) is calculated as CuEq = Cu% + (Zn% × 0.398) + (Co% × 5.901) + (Au g/t × 0.553) + (Ag g/t × 0.005). This is using recoveries of 95% Cu, 90% Zn, 89% Co, 80% Au and 55% Ag.
The Historical Estimate was prepared using the mineral resource categories set out in the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") as in effect at the time of its preparation. The Company is not aware of a more recent mineral resource estimate for the Property. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources, and the Company is not treating the Historical Estimate as current mineral resources. In order to verify the Historical Estimate as a current mineral resource estimate, the Company anticipates that additional work, including data verification, twinning of historical drill holes and updated resource modelling by a qualified person, would be required. The Historical Estimate is considered relevant and reliable as it was prepared by an independent qualified person using industry-standard practices and drill hole data, and it provides an indication of the exploration potential of the Property. Historical information may not be representative of expected results. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Qualified Person:
The scientific and technical information contained in this news release has been reviewed and approved by John Shmyr, P.Geo., of Dahrouge Geological Consulting Ltd., a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Shmyr has verified the data disclosed in this news release and consents to the inclusion of the matters based on his information in the form and context in which it appears.
About Apogee Minerals Ltd.:
Apogee Minerals Ltd. is a mineral exploration company. Our goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.
To find out more about Apogee Minerals Ltd. (TSX-V: APMI) visit the Company's website:
www.apogeemineralsltd.com
Apogee Minerals Ltd.
"Tim Fernback"
Tim Fernback
Interim CEO and Director
For further information, please contact:
Apogee Minerals Ltd.
Nicholas Coltura, Director
Email: ncoltura@sentinelmarket.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statements Regarding Forward-Looking Information:
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to the completion of the Transaction, including TSXV approval and the closing of the Transaction; the exercise of the Option and acquisition of a 100% interest in the Property; the Company's planned exploration activities on the Property; and further advancement of the Knife Lake Project.
Such forward-looking statements are based on a number of assumptions of management of the Company, including, without limitation, that the parties will obtain all necessary corporate and regulatory approvals and consents required for the completion of the Transaction, including TSXV approval; that the other conditions to the completion of the Transaction will be fulfilled; that the Company will be able to satisfy the required option payments and exploration expenditures necessary to exercise the Option; that the Company will be able to pursue its exploration plans on the Property as anticipated and within the expected time frame; that results of exploration activities will be consistent with anticipated results; and that the Company will have access to the resources and capital required to pursue further advancement of the Knife Lake Project.
Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the conditions to the consummation of the Transaction may not be satisfied; inability to satisfy the requirements for the exercise of the Option; the failure of the Company to obtain all requisite approvals for the Transaction, including the approval of the TSXV; the Transaction may involve unexpected costs, liabilities or delays; actual results of the Company's exploration activities being different than those expected by management; delays in obtaining or failure to obtain required government or other regulatory approvals; the ability to obtain adequate financing to conduct its planned exploration programs; and the completion of the Transaction may be adversely impacted by changes in legislation, changes in TSXV policies, political instability or general market conditions.
Such forward-looking information represents the best judgment of management of the Company based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release.
