New Earth Resources Executes Option Agreement for Red Wine Rare Earth Project in Labrador

Core Viewpoint - New Earth Resources Corp. has entered into an option agreement to acquire the Red Wine Rare Earth Project, which consists of two mineral claims in Labrador, Canada, covering approximately 1,575 hectares in total [1][2]. Group 1: Project Details - The Red Wine Rare Earth Project includes a primary claim of about 1,425 hectares located approximately 110 km northeast of Churchill Falls and 20 km east of the Orma Lake hydro access road [2]. - A secondary claim, non-contiguous to the first, covers an additional 150 hectares located approximately 9 km to the northeast [2]. Group 2: Agreement Terms - Under the agreement, New Earth Resources Corp. is required to issue a total of 4,500,000 Class A common shares to Northex Capital Partners Inc. in three installments: 1,250,000 shares within 10 business days, 1,500,000 shares by the first anniversary, and 1,750,000 shares by the second anniversary [3]. - The shares issued will be subject to a four-month hold period in accordance with applicable securities laws, and Northex will receive a 2.0% net smelter returns royalty on the Project [3]. Group 3: Company Overview - New Earth Resources Corp. is a Canadian mineral exploration company focused on acquiring and developing both advanced and early-stage exploration projects, with its flagship project being the Lucky Boy Uranium Property in Arizona, USA [4]. - The company also has an option to acquire a 100% interest in 23 claims covering approximately 1,101 hectares in the Strange Lake area of Quebec, which is prospective for rare earth elements [5].