Medford, Wisconsin--(Newsfile Corp. - August 4, 2026) - GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) ("GreenLight" or the "Company") is pleased to announce that, through its wholly owned subsidiary Green Light Wisconsin LLC, it has entered into a long-form exploration earn-in agreement dated August 4, 2026 and related transaction documents (collectively, the "Long-Form Documentation") with Barrick Gold Exploration Inc. ("Barrick"), a wholly owned subsidiary of Barrick Mining Corporation, providing for a staged earn-in and joint venture at GreenLight's Kalium Canyon gold project in Esmeralda County, Nevada (the "Property" or "Kalium Canyon"). Kalium Canyon comprises 135 federal unpatented lode mining claims covering approximately 2,758 acres within Nevada's Walker Lane trend.
The Long-Form Documentation supersedes the binding term sheet dated May 6, 2026 and implements the staged earn-in and joint venture framework previously announced by the Company on May 7, 2026, on terms consistent in all material respects with those previously disclosed. Under the Long-Form Documentation, Barrick may earn up to an aggregate 80% interest in Kalium Canyon in three stages by funding exploration and technical work at the Property, making scheduled cash payments to GreenLight and completing a pre-feasibility study.
Barrick will make an initial cash payment of US$250,000 to GreenLight within three business days following the effective date of the Long-Form Documentation and will reimburse GreenLight for certain claim maintenance fees in respect of the Property.
Matt Filgate, President and CEO of GreenLight, commented: "We are excited to partner with Barrick, one of the world's largest gold producers, at Kalium Canyon. The staged earn-in gives Barrick a clear path to advance the project in stages, from exploration and technical work through to a potential pre-feasibility study, with each stage it elects to pursue funded entirely by Barrick at no cost to GreenLight. Our shareholders retain meaningful exposure to the project while our own capital stays focused on advancing our Wisconsin portfolio. With the long-form documentation now complete, we look forward to supporting Barrick's team as planning begins for the first work programs."
Summary of Long-Form Terms
The principal elements of the staged earn-in and joint venture include:
- Initial earn-in to 60%: Barrick may earn an initial 60% interest in the project joint venture by completing aggregate Work requirements of US$7.5 million and making aggregate scheduled cash payments of US$1.0 million to GreenLight over a six-year period. The scheduled cash payments comprise the initial US$250,000 payment and six subsequent annual payments of US$125,000, and annual Work requirements increase from US$750,000 in the first year to US$1.75 million in the sixth year.
- Optional earn-in to 70%: Following completion of the initial earn-in, Barrick may elect to earn an additional 10% interest by completing an additional US$12.0 million of Work requirements over a four-year period, including a minimum of US$1.0 million of Work in each year.
- Optional earn-in to 80%: Following completion of the second-stage earn-in, Barrick may elect to earn a further 10% interest by completing a pre-feasibility study on the Property, at its sole cost, within 48 months.
- Joint venture formation and funding: Upon completion of the initial earn-in, the parties will form a project company to hold the Property, with Barrick holding a 60% interest and GreenLight holding a 40% interest and with Barrick acting as manager and operator of the joint venture. If Barrick elects to pursue the additional earn-in stages, the associated work programs, budgets, studies and pre-feasibility study costs will be funded solely by Barrick and will not be chargeable to, recoverable from or dilutive of GreenLight. Pro rata joint venture funding will commence only after Barrick has vested its 80% interest or has ceased or elected not to pursue the additional earn-in stages after vesting a lesser interest.
- Drilling requirement: Barrick is required to commence drilling within 180 days following receipt of the first required drill permit, subject to extension to the next available field season where seasonal conditions reasonably prevent immediate mobilization.
- Post-earn-in dilution and exit: Once pro rata joint venture funding commences, customary dilution provisions will apply. If GreenLight's interest is diluted below 10%, its remaining interest will be automatically sold to Barrick at fair market value.
Additional background regarding the staged earn-in and Kalium Canyon is set out in the Company's news release dated May 7, 2026, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
About GreenLight Metals Inc.
GreenLight is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean Volcanic Belt (one of North America's most prospective VMS districts) and the Kalium Canyon epithermal gold project in Nevada's Walker Lane, which is subject to a staged earn-in and joint venture arrangement with Barrick Mining Corporation. In Wisconsin, GreenLight's portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulfide targets. GreenLight's flagship Bend Project is posted on the U.S. Federal Permitting Dashboard as a FAST-41 Transparency Project, providing a public framework for tracking applicable federal review and authorization milestones and coordinated support through the Permitting Council. Guided by a team with deep roots in the state, GreenLight is building a modern minerals company for Wisconsin, by Wisconsin, committed to responsible exploration, transparent engagement, and creating durable local opportunities as it helps supply the critical metals that power the energy transition.
For more information, please contact:
Matt Filgate
President & CEO
(778) 679-3579
matt@greenlightmetals.com
Neither 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 Statement Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements in this news release, other than statements of historical fact, are forward-looking statements and are based on the opinions and estimates of management as of the date hereof.
Forward-looking statements in this news release include, but are not limited to, statements regarding: the timing and receipt of the initial US$250,000 cash payment and the reimbursement of claim maintenance, filing and recording costs; Barrick's ability or decision to complete future scheduled payments, Work requirements, drilling, exploration programs, studies and other obligations under the Long-Form Documentation; the timing of receipt of required permits and the commencement of drilling; Barrick's ability or decision to earn a 60%, 70% or 80% interest in Kalium Canyon or the project joint venture; the anticipated formation, governance, funding and operation of the joint venture; Barrick's anticipated role as manager and operator; the completion and results of any pre-feasibility study; the maintenance of the Kalium Canyon claims in good standing; the geological potential and exploration upside of the Property; and the anticipated benefits of GreenLight's relationship with Barrick.
Forward-looking statements are based on assumptions that management believes are reasonable as of the date hereof, including assumptions regarding Barrick's continued interest in advancing the Property; the availability of personnel, contractors, equipment and permits; the accuracy of historical and technical information regarding Kalium Canyon; the ability to complete contemplated exploration and study programs; and the absence of material adverse changes to commodity prices, capital markets, regulatory requirements, title, environmental matters, permitting, access, third-party arrangements or local stakeholder conditions.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied. These risks include the possibility that payments or reimbursements may not be received when anticipated; that Barrick may terminate or discontinue the arrangement; that Barrick may not satisfy the requirements necessary to earn any interest in Kalium Canyon; that anticipated exploration or development activities may not be carried out as contemplated; that required permits may not be obtained on the anticipated timeline or at all; that a joint venture may not be formed or operated as currently contemplated; and that anticipated payments, expenditures, studies or other benefits may not be realized. Additional risks are described in the Company's public disclosure documents filed on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307852
Source: GreenLight Metals Inc.
