CRI Enters Into Binding LOI to Acquire Black Raven Past-Producer Antimony-Gold Property, NL

Company Overview - Churchill Resources Inc. has entered into a binding letter of intent to acquire a 100% interest in the Black Raven Antimony Property located in Newfoundland and Labrador [1] - The property includes two past-producing mines that operated from 1890 to 1918, targeting stibnite, gold, and arsenopyrite [1] - Churchill is focused on strategic, critical minerals in Canada, particularly at its Taylor Brook, Florence Lake, and Black Raven properties [16] Industry Context - Antimony is a critical element for various industries, with over 90% of global production coming from China, Russia, Tajikistan, and Burma [2] - Following China's export ban in September 2024, the price of antimony has surged to over $50,000 per tonne, approximately three times the current price of nickel [2] - The Beaver Brook Antimony Mine, located near Black Raven, is currently on care and maintenance due to declining resources, indicating a potential opportunity for Churchill to fill the supply gap [3] Property Details - The Black Raven Property consists of nine map-staked licenses covering a total area of 3,125 hectares [10] - Historical production data indicates significant mineralization, with channel samples reporting up to 2.85% antimony and 28.27 g/t gold [6][11] - Churchill plans to conduct a re-sampling program and modern geophysical surveys to outline targets for further exploration [7] Transaction Terms - Under the terms of the letter of intent, Churchill has a 24-month exclusive option to acquire the property, which includes a 2.0% net smelter royalty for the Quinlans on any minerals produced [12] - The company is required to issue a total of 2,000,000 common shares and make cash payments totaling $100,000 over the option period [17] - The transaction is subject to necessary approvals from the TSX Venture Exchange [13]