Vancouver, British Columbia--(Newsfile Corp. - October 20, 2026) - General Strategic Metals Inc. (CSE: GSMI) (the "Company") is pleased to announce that it has entered into an option agreement dated October 19, 2026 (the "Agreement") with Frantier Mining Namibia (Proprietary) Limited, a private arm's length company organized under the laws of Namibia (the "Optionor") pursuant to which the Company has been granted the sole, exclusive and irrevocable option to acquire an eighty percent (80%) undivided interest in an application for an exclusive prospecting license (the "License") covering approximately 93,801 hectares of land situated in Namibia (the "Property").
The License for the Property is located in central-north Namibia's Otjozondjupa Region in the eastern part of the Northern Zone of the Damara Mobile Belt. This location is economically significant, as the Damara Mobile Belt hosts current major economic deposits of tin, uranium (both primary and secondary), gold and base metals. The Property is located within the Otjozondjupa Region between the towns of Otjiwarongo to the south and Otavi to the north, and is close to the two mining operations, Okoruso (Fluorspar) and Otjikoto (Gold). It has a very good infrastructure, being on the main highway into southern Africa, served by the national railway line running parallel to the highway, and adequate power supplies serving the local towns and established mining operations.
In order to maintain the Agreement in good standing, the Agreement provides that the Company must, upon completion of normal and reasonable due diligence (and receipt of all necessary regulatory and third party approvals, including the Canadian Securities Exchange ("CSE") and any securities commission having jurisdiction over the Company, as applicable): (i) on the closing date, the Company shall make a cash payment to the Optionor in the amount of CAD$85,000; (ii) the Company shall expend, during the first year from the closing date, a minimum of US$100,000 in exploration expenditures on the Property in order to earn an initial forty percent (40%) interest in the License and the Property; and (iii) the Company shall expend, during the second year from the closing date, a minimum of US$150,000 in exploration expenditures on the Property in order to earn an additional forty percent (40%) interest in the License and the Property.
Wayne Tisdale, President and CEO of the Company, comments: "The decision to expand our interest in EPL 11777 and enter into an additional option agreement reflects our strategy of building a position in prospective uranium exploration ground within the broader Engo Valley district of northwestern Namibia."
The obligation of the Company to complete the transactions contemplated by the Agreement is subject to the Company and the Optionor obtaining all requisite regulatory approvals, consents and acceptances (including by the CSE) relating to the execution and delivery and performance of the Agreement.
About General Strategic Metals Inc.
General Strategic Metals is an independent mineral exploration company based in Vancouver, British Columbia that is engaged in the business of exploring for and evaluating mineral properties.
General Strategic Metals is currently compiling the geological data, planning diamond drilling and awaiting final permits on the 2,313 hectare Topley Richfield copper-gold property in British Columbia. Topley Richfield is a historic mining area with previous work carried out in 2008 and 2015, and the Company completed an induced polarization survey in 2021. Diamond drilling of one of the newly defined targets intersected significant widths of copper mineralization (see press release dated February 8, 2023). The 2021 geophysics has highlighted further key highly prospective areas that have yet to be explored. Multiple drill targets have already been identified by the Company.
The Company is also expanding its exploration portfolio into Namibia, with its property located in the Otjozondjupa Region of central-northern Namibia, within the eastern part of the Northern Zone of the Damara Mobile Belt. The region is economically significant and hosts major deposits of uranium, gold and base metals, providing a highly prospective setting for mineral exploration. The Property is situated between the towns of Otjiwarongo and Otavi and is located in proximity to the Okorusu fluorspar and Otjikoto gold mining operations. The property also benefits from established infrastructure, including access to the main highway, the national railway network and power supplies serving nearby communities and mining operations. The Company believes the property provides an opportunity to participate in Namibia's established and growing uranium sector while continuing to build a diversified portfolio of strategic mineral assets.
Mr. Garry Clark, P. Geo., a "qualified person" as defined in NI 43-101, has reviewed and approved the technical content of this press release. Mr. Clark is a director of the Company.
For further information, please contact:
General Strategic Metals Inc.
Wayne Tisdale, President & CEO
T: (604) 639-4452
E: email@waynetidale.com
www.generalstrategicmetals.com
Reader Advisory
The Company cannot exercise the option under the terms of the Agreement and complete the private placement of units until the Company has obtained the approval of the CSE to list its common shares on the CSE. If the Company is not able to complete the private placement, obtain all the necessary approvals, and satisfy the listing requirements of the CSE, then it will not be able to satisfy its obligations under the Agreement and the Company will not be able to exercise the option under the Agreement. There can be no assurance that the terms of the Agreement will be completed as proposed or at all.
This press release should not be considered a comprehensive summary of the terms of the Agreement. Reference should be made to the full text of the Agreement which will be posted under the Company's profile at www.sedarplus.ca.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to timing and completion of: (i) obtaining all necessary approvals in accordance with the Agreement and the respective requirements of the CSE, (ii) the private placement of units, and (iii) the cash payments and exploration expenditures under the Agreement. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described in our public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
The CSE has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319900
