Portofino Announces South of Otter East & West Extension Property Agreement

Core Viewpoint - Portofino Resources Inc. has reported the expiration of approximately 173 claim cells associated with the South of Otter Project due to insufficient capital for exploration activities, but has subsequently entered into a Property Option Agreement to acquire these and additional cells [1][2]. Group 1: Project and Claims - The expired claim cells were part of the South of Otter Project and expired on March 4, 2026, due to the company's lack of capital for required exploration activities [1]. - Following the expiration, the company entered into an agreement with an arms-length party to stake the expired cells along with approximately 180 additional contiguous cells [2]. Group 2: Transaction Details - To earn a 100% interest in the project, Portofino will issue 6,000,000 common shares upon approval from the TSX Venture Exchange and make cash payments totaling $90,000 over a 3-year period [3]. - The payment schedule includes an initial cash payment of $15,000, followed by $18,000 by the first anniversary, $25,000 by the second anniversary, and $32,000 by the third anniversary of the agreement's effective date [7]. Group 3: Company Overview - Portofino Resources Inc. is based in Vancouver, Canada, and focuses on exploring and developing mineral resource projects in the Americas [4]. - The company holds a 100% interest in the Yergo Lithium Project in Argentina and two gold exploration projects in northwestern Ontario, including the South of Otter Project [4].