Vancouver, British Columbia, June 13th 2025 – TheNewswire - Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) (“Lucky” or the “Company”) As part of its ongoing restructuring and reinstatement efforts, the Company is pleased to announce the following corporate update which includes . Board and Management changes, the execution of an Amending Agreement on the Prud’homme property, as well as a change in the Company's Auditor. Further details are outlined below.
Board and Management Changes
Further to its ongoing restructuring and reinstatement efforts, The Company is announcing the resignation of Francois Perron from his positions as President, CEO and interim Chairman. Mr Perron will continue to contribute as an independent director going forward.
The Company is also pleased to announce the appointment of Patrick Laforest, as Chief Operating Officer, President and director and Mario Bouchard as an independent director.
Patrick cumulates nearly 15 years of experience as an exploration and production geologist. During this period, he has worked on exploration, development, and mining projects for base metals, battery metals, and precious metals for companies such as Canadian Royalties, Hecla Mining, and Nemaska Lithium. He completed an MBA in 2021 at Laval University in Quebec and has since worked as an independent consulting geologist for several companies and private investors and had a fruitful experience in the capital market as an investment adviser for an institutional fund before joining Lucky Minerals’ management team.
Patrick, brings expertise in exploration and mining in Nunavik and is a great contributor in the restructuring and reinstating effort of The Company.
Until his retirement in June 2020, Mario Bouchard had been Assistant Deputy Minister for Strategic industries and Major economic projects at the Ministry of the Economy and Innovation for about fifteen years. Previously, he served as Associate Deputy Minister of Energy for four years at the Ministry of Energy and Natural Resources. Finally, he worked in the Ministry of Finance for twenty years, notably as Assistant Deputy Minister responsible for Crown corporations and Economic projects.
During his 42-years career in government of Québec (for nearly four decades in positions with an economic vocation), Mr. Bouchard was involved in most of the major files of business financing by the government of Québec, the creation of government corporations. and privatizations. He was notably responsible for the management of a billion dollars investment fund intended mainly for the mining sector.
He was also in charge for the development of the main sectors of the Quebec economy, such as aerospace, health, information technology, transportation and aluminum. He has thus piloted several government strategies aimed at supporting the development of these sectors. He was also the representative of the Ministry of Economy and Innovation during the economic missions of the Premier and the Minister of Economy and Innovation.
Holding a bachelor's degree in economics and a diploma in administration (second cycle) from Laval University, Mr. Bouchard has been a member of the boards of directors, including those of Investissement Québec and La Financière agricole.
Mr. Bouchard now works as a private consultant for several companies and supports them in their financing process.
Amending Agreements
The Company announces that is has entered into an amending agreements (collectively, the “Amending Agreement”) in respect of the arm's length option agreement (the “Option Agreement”) dated December 18, 2023 with Fire Gold Resources Inc. and Patricia Lafontaine (the “Vendors”), pursuant to which, subject to certain conditions, the Company was granted, subject to gross metal royalty, an option (the “Option”) to acquire a 100% interest in the Property (the “Acquisition”).
In accordance with the Amending Agreement, the parties have agreed to amend the Option Agreement to (i) extend the Outside Date (as defined in the Option Agreement) to June 30, 2025 by which the Company is to make a $50,000 option payment to the Vendors as consideration for the extensions; (ii) set the floor price for the property shares consideration under the Option Agreement at $0.10 per (post-consolidated) common share; (iii) require the Company to make the $35,000 option payment to Patricia Lafontaine representing the cost to renew the Property claims in August 2024; (iv) replace certain sections 4.2(c) and (d) of the Option Agreement in its entirety (v) incur a minimum of $1,000,000 in Expenditures on or before the second anniversary of the Effective Date (as defined in the Option Agreement); (vi) incur an additional $3,000,000 in Expenditures on or before the fourth anniversary of the Effective Date; and (vii) clarify the cash payments to the Vendors under the Option Agreement, as amended, including a cash payment of $10,000 to Patricia LaFontaine on or before March 29, 2025, which was paid on March 27, 2025. All other terms of the Option Agreement remain unchanged and can be found in the Company's press release dated December 20, 2023.
Also, the Company has received disinterested shareholder approval of the Option Agreement at its annual general meeting held on April 30, 2024.
The Company continues to work towards satisfying the conditions precedent to closing the Acquisition, including the filing of a technical report with respect to the Prudhomme Property pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects described in the Company's press release dated December 20, 2023.
The completion of the Acquisition described in the Company's press release dated December 20, 2023, remain subject to various additional conditions including final approval of the Exchange with respect to the Acquisition. For further details, please refer to the press release of the Company dated December 20, 2023 and February 23, 2024, available on SEDAR+ at www.sedarplus.ca.
The Property
The Prud’homme property (the “Property”), consisting of 79 mining title, is located in Nunavik, Quebec, about 80 kilometers southwest of Ungava Bay, in the Churchill geological province, approximately 65 to 85 kilometers from Kuujjuaq airport.
The Property comprises approximately 18 known mineralized zones, consisting of mainly copper, zinc, gold and silver mineralization. The zones are mainly localized in the northern and southern part of the property, respectively 11 and 7 zones.
The zones include the main showings, Soucy No 1, zones "A" and "D" and Prud'homme No 1, zone "South".
Soucy No 1, zones "A" and "D" are consistent with a massive sulphide deposit, stratiform and syngenetic, in sedimentary rocks of the Baby Training sequence, while the Prud'homme No 1, zone "South", is lodged between the sills of gabbros. Its typology is similar to that of the other clusters of massive sulphides.
Change of Auditor
The Company also announces that Olayinka Oyebola & Co. (the “Former Auditor”) have, at the request of the Company, resigned as auditors of the Company, effective September 10, 2024. Accordingly, the Board of Directors has appointed Mao & Ying LLP, Chartered Professional Accountants (the “Successor Auditor”) as auditors of the Company.
There were no reservations in the Former Auditor's audit reports for the period commencing at the beginning of the Company’s two most recent financial years and ending at the date of the resignation of the Former Auditor. There are no “reportable events” (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Company and the Former Auditor.
The resignation of the Former Auditor as auditors of the Company has been approved by the Company's Board of Directors and Audit Committee. The Company's Audit Committee and Board of Directors have reviewed the Notice of Change of Auditors, together with the letter from the Former Auditor and the letter from the Successor Auditor and have been filed on SEDAR+ at www.sedarplus.ca, accordingly.
About Lucky Minerals Inc.
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits.
Qualified Person
Patrick Laforest, B.Sc., MBA, P.Geo. a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.
ON BEHALF OF THE BOARD
“Patrick Laforest”
President and Chief Operating Officer
Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedarplus.ca, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at (866) 924 6484.
Neither the 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 release.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
