en.Wedoany.com Reported - NovaRed Mining Inc. announced that by signing a property option amendment agreement dated July 17, 2026, and executed on July 20 of the same year, the company can acquire a 70% interest in five additional mining claims. These new claims cover a total area of approximately 4,573.82 hectares, collectively referred to as the Trojan-Condor corridor, adjacent to the company's existing Wilmac copper-gold project claims, expanding the total project area to 16,077.76 hectares.

Under the terms of the amended option agreement, to acquire the 70% interest in the Trojan-Condor corridor claims, NovaRed must issue 3,000,000 units to the option grantor after the Canadian Securities Exchange accepts the amended agreement. Each unit consists of one common share and a two-year transferable warrant, which entitles the option grantor to purchase an additional common share of the company at a price of CAD 1.80. These units are subject to a hold period of four months and one day from the date of issuance.

The company is also required to pay CAD 100,000 to the option grantor by August 31, 2026, and CAD 150,000 by March 31, 2027. Additionally, NovaRed must fund CAD 8,500,000 in exploration expenditures on the claims, including CAD 400,000 by October 1, 2026, and CAD 2,000,000 in 2027. The 70% interest acquired under the option is subject to a 2% net smelter return royalty (NSR), and the company may purchase half of the NSR (i.e., 1%) for a one-time payment of CAD 2,000,000. After exercising the option, as long as the company retains the property interest, it must pay an annual advance royalty of CAD 100,000 to the option grantor.

The company also announced that it has granted incentive stock options to a consultant, allowing the purchase of up to a total of 80,000 common shares of the company under its incentive stock option plan. These options have a two-year exercise period at an exercise price of CAD 0.60 per share. Pursuant to Canadian Securities Exchange policies, the options and the underlying common shares issued upon exercise are subject to a hold period expiring on November 21, 2026.

NovaRed Mining Inc. is a mineral exploration company focused on the identification, acquisition, exploration, and development of porphyry copper-gold projects in British Columbia. The company utilizes its developed artificial intelligence-enhanced geospatial technology platform to evaluate potential mineral assets. Its optioned Wilmac copper-gold project covers 16,078 hectares, located in the Similkameen Mining Division's Quesnel porphyry belt southwest of Princeton, approximately 10 kilometers west of Hudbay Minerals Inc.'s Copper Mountain mine.