By: African mining market

The Company has received conditional acceptance of the transaction by the TSX Venture Exchange. Final acceptance of the transaction is conditional on the Company satisfying a number of filing requirements. The Project consists of three Prospecting Licences ("PLs") held by Rockman. PL089/2021, PL220/2021, and PL026/2022 were granted for a term of three years ending 30th September 2024, 31st December 2024, and 31st March 2025, respectively. In accordance with the Botswana Mines and Minerals Act, Rockman has submitted applications for a First Renewal Period of two years for both PL089/2021 and PL220/2021 and will submit an application for a similar renewal of PL026/2022 in December 2024. Under the Act, Prospecting Licence holders are entitled to the granting of not more than two renewals, each renewal for a period not exceeding two years, and renewal of the PLs is therefore expected to be received in due course.

The Company and Rockman have also amended the option agreement such that:

1. Upon incurring cumulative US$5,000,000 in expenditures and delivering to Rockman a written notice of exercise of the option, the Company will issue to Rockman 1,000,000 North Arrow shares at which point North Arrow will have vested its 60% interest, and

2. Under the PEA Option Election (as outlined in the Company news release of 3rd September 2024) North Arrow will have earned the additional 20% interest in the Project upon delivering a PEA and issuing to Rockman 2,000,000 North Arrow shares.