Stillwater Critical Minerals Amends Agreement with Heritage Mining

Stillwater Critical Minerals Corp. has announced amendments to its Option Agreement with Heritage Mining Ltd. for the Drayton-Black Lake gold project in Ontario. The changes involve financial and operational obligations, granting Heritage an extension on certain exploration expenditures. The deadline for the first option expenditures has been extended to January 25, 2025, while the total qualifying expenditures deadline is moved to the fifth anniversary of the agreement. In exchange, Heritage will issue three million additional units consisting of shares and warrants to Stillwater.

The agreement maintains that Stillwater retains a 10% interest after Heritage completes a 90% earn-in, with Heritage covering project costs until a feasibility study is completed. A joint venture may be formed based on ownership levels post-study, or if Heritage fails to meet the second option requirements. Heritage is required to maintain a minimum annual expenditure to retain operator status.