TORONTO, July 17, 2025 /CNW/ - CUPANI Metals Corporation ("CUPANI" or the "Company") (CSE: CUPA) (OTCQB: CUPIF) is pleased to announce the execution of an option agreement (the "Option Agreement") with Prospector Metals Corp. ("Prospector"), a corporation incorporated under the laws of the province of British Columbia, and whereby Prospector granted CUPANI a right and option (the "Option") to purchase a 100% undivided interest in the Nemo Project (Figure 1) located in the southern Labrador Trough, Québec, located 80 km northeast of Schefferville (the "Property"). All dollar amounts disclosed herein are in Canadian dollars, unless stated otherwise.
The Nemo Project comprises 321 exploration claims (the "Claims") that interlock with CUPANI's existing claims in the Extensions Zone. Similar to the broader Extensions Zone, these Claims cover poorly explored mafic-ultramafic rocks. To date, no drilling has been conducted on these Claims. The Claims contain the same peridotite sills that elsewhere hold the historic Blue Lake deposits of 2.3% copper equivalence. Figure 1 illustrates the newly controlled claims in dark blue, while the Company's pre-existing claims are shown in light blue.
Brian Bosse, Chief Executive Officer of the Company, said: "This will be the final piece of land acquisition. I am happy to say Cupani is the only entity controlling exploration claims throughout the region. We locked up exploration rights of the peridotite sill since that hosts the historical 2.3% copper equivalent mineralization. That sill twists and turns across the surface for over 100 miles. Going forward we can apply learnings from exploration at one location to every other location without delay, getting smarter as we go. Cupani now controls 100% of all the exploration lands."
Subject to the terms and conditions of the Option Agreement, Cupani agreed to pay the following consideration to Prospector for the acquisition of the 100% undivided interest in the Nemo Project:
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on or before August 23, 2025, pay requisite renewal fees for the Claims forming part of the Property having a renewal deadline of August 23, 2025 (the "Block 1 Claims") in the amount of $14,850 and complete a minimum of $12,150, in exploration work on the Block 1 Claims necessary to keep the Block 1 Claims in good standing; |
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on or before September 18, 2025, pay requisite renewal fees for the Claims forming part of the Property having a renewal deadline of September 18, 2025 (the "Block 2 Claims") in the amount of $38,115 and complete a minimum of $31,185, in exploration work on the Block 2 Claims necessary to keep the Block 2 Claims in good standing; |
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c) |
upon the exercise of the Option by the Company, grant to Prospector a perpetual royalty in respect of the products derived from the Property equal to one-half of one percent (0.5%) of net smelter returns on all minerals produced from the Property, and which can be repurchased entirely for a one-time cash payment of $500,000; and |
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d) |
issue 625,000 common share purchase warrants each entitling the holder to acquire one common share of Cupani at an exercise price of $0.16 per share, vesting on February 1, 2026 (the "Vesting Date"), and expiring three years from issuance, exercisable only after the Vesting Date. |
The Option Agreement remains subject to the approval of the Canadian Securities Exchange.
About CUPANI
CUPANI Metals Corp. provides shareholders with long-term capital growth exposure by investing in mineral exploration properties and other assets. The Company is listed on the CSE under the symbol "CUPA". To learn more about the Company please visit http://www.CUPANImetals.com
Forward-Looking Information
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks, many of which are beyond the Company's ability to control or predict. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, conditions in the equity financing markets, stock market volatility, unquantifiable risks related to government actions and interventions, the termination of any agreement, changes in laws or permitting requirements, failure to obtain necessary regulatory approvals as well as those risks identified in the Company's annual Management Discussion & Analysis. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
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