Lucky Minerals Inc. (TSXV: LKY, OTC: LKMNF, FRA: LKY) has announced two strategic amendments to its option agreement for the Prudhomme Property, a mineral asset in Northern Quebec. The amendments, effective June 30, 2026 and October 8, 2026 respectively, consolidate beneficial ownership of the property under Critical Mineral Properties and clarify payment and royalty obligations. The disclosure also outlines how approximately $3,050,000 in proceeds from a previously announced private placement is intended to be allocated, including $600,000 toward exploration at Prudhomme.

Key Points

  • Lucky Minerals Inc. (TSXV: LKY, OTC: LKMNF, FRA: LKY) issued a corporate update on October 22, 2026
  • Two amendments to the Prudhomme Property option agreement consolidate beneficial ownership under Critical Mineral Properties (CMP), owned by Yoland Labrie
  • Share consideration of $350,000 (3,500,000 common shares) accelerated to closing; further $400,000 in shares due at 12 and 24 months, capped at 7,500,000 shares total at a $0.10 floor price
  • Investors may watch for TSXV approval of the October Amendment and closing of the concurrent private placement

Consolidation of Prudhomme Property Ownership Under Critical Mineral Properties

Under the June Amendment, multiple parties including Patricia Lafontaine, Patrick Laforest, and CMP were formally recognised as optionors, before Labrie and those optionors irrevocably assigned all rights under the option agreement to CMP. As of June 30, 2026, CMP holds legal and beneficial — though not yet registered — title to a 100% undivided interest in the Prudhomme Property, comprised of 109 mineral claims. The October Amendment further clarified that Patricia Lafontaine and Fire Gold Resources Inc. no longer hold any interest in the option agreement, while Patrick Laforest's three mineral claims were assigned to Labrie as beneficial owner effective October 7, 2026.

Share Payment Structure and Triggering Event Protections

The June Amendment accelerated the issuance of 3,500,000 common shares to CMP at closing, representing a deemed value of $350,000. An additional $400,000 in shares is payable at 12 and 24 months, calculated using a 20-day volume-weighted average price less a 20% discount, subject to a $0.10 floor price. The October Amendment confirmed the total shares issuable under the $750,000 obligation cannot exceed 7,500,000. The amendments also introduce Triggering Event provisions, requiring accelerated payments and a 20% premium on transaction consideration if a change-of-control event occurs before Lucky earns its full interest.

Gross Metals Royalty Agreement Terms and TSXV Conditions

Upon Lucky exercising its option and earning a 100% interest in the Prudhomme Property, the parties are required to enter into a Gross Metals Royalty Agreement. Key disclosed terms include a 2.0% gross metal royalty, a buy-down right of 1% for $2,000,000, and a first-ranking Quebec Deed of Hypothec. The royalty agreement remains subject to prior TSXV acceptance before execution. The option can also be terminated if the company's shares are subject to a cease trade order or trading suspension on any recognised exchange for more than 60 continuous calendar days.

Private Placement Proceeds Earmarked for Exploration and Operations

Lucky disclosed its intended use of approximately $3,050,000 in proceeds from its previously announced concurrent private placement. The company states $600,000 is designated for exploration at the Prudhomme Property, $1,620,000 for general and administrative costs and liabilities, and $191,100 for finder's fees, with the remainder for general working capital. Certain officers subscribed for an aggregate 500,000 non-flow-through units, constituting a related party transaction under Multilateral Instrument 61-101, with the company relying on applicable exemptions from valuation and minority shareholder approval requirements.