NeoTerrex Minerals Inc. (TSXV: NTX) has executed a definitive option agreement dated October 6, 2026, to acquire up to a 100% interest in the Reservoir copper-gold-silver-tungsten project in the Eeyou Istchee (James Bay) region of Québec. The 6,090-hectare polymetallic project, held by Eastmain Resources Inc., a subsidiary of Fury Gold Mines Limited, has seen no recorded exploration since 2013, a gap NeoTerrex believes creates a compelling re-entry opportunity. The earn-in terms require aggregate cash payments of $500,000 and $3.0 million in exploration expenditures through December 31, 2030, with no finder's fees payable.

Key Points

  • NeoTerrex Minerals Inc. (TSXV: NTX) executed a definitive option agreement on October 6, 2026
  • NTX may earn 100% of the Reservoir polymetallic project in Québec's James Bay region from Fury Gold Mines subsidiary Eastmain Resources
  • Earn-in requires $500,000 in cash and $3.0 million in exploration expenditures by December 31, 2030; Fury retains a 2% NSR royalty upon full earn-in
  • Investors may watch for TSX Venture Exchange regulatory approval and progress toward a planned winter drilling programme

Historical Drill Results Highlight Reservoir's Multi-Zone Potential

The Reservoir Project hosts several documented mineral occurrences, including the C52 Zone, a 1.6-kilometre mineralized corridor where historical drilling returned intervals of 1.79 g/t Au over 21.0 metres and 11.5 g/t Au over 1.5 metres. The Mitlin Zone, located approximately 1,400 metres southwest of C52, yielded channel samples grading up to 8.15% Cu, 13.17 g/t Au, and 45.9 g/t Ag over 1.0 metre. Additional targets, including the Bear Island, Cyr, and Barrage zones, remain largely undrilled or open along strike. NeoTerrex notes that most historical drilling was completed between 1985 and 1997, and no modern geophysical surveys have been recorded on the property.

Staged Earn-In Structure and Fury Gold NSR Royalty Terms

Under the option agreement, NeoTerrex acquires ownership in stages: reaching 50% by December 31, 2028, 75% by December 31, 2029, and 100% by December 31, 2030. Cash payments begin with $50,000 at signing, totalling $500,000 across the earn-in period, alongside cumulative exploration expenditures of $3.0 million. Upon earning 100%, Fury retains a 2% net smelter returns royalty. NeoTerrex holds the right to purchase one half of that royalty, representing a 1% NSR, for $1.0 million at any time prior to commercial mine production. The agreement also contemplates a potential strategic joint venture following an intermediate earn-in milestone.

NeoTerrex Plans Permitting and Winter Drilling at Reservoir

The company has begun compiling and digitising historical geological, geochemical, and geophysical data and has initiated the permitting process required for future exploration. Subject to receipt of necessary permits and approvals, NeoTerrex states it intends to advance the project toward a winter drilling programme. The company will act as operator throughout the earn-in period. The Option Agreement and associated transactions remain subject to applicable regulatory approvals, including where required the approval of the TSX Venture Exchange. Historical exploration results disclosed in the announcement have not been independently verified by NeoTerrex.