Cleghorn Signs Exploration Agreement with the Matachewan First Nation and Mattagami First Nation (Wabun Tribal Council)

Rhea-AI Summary

Cleghorn Minerals (CLGMF) signed an Exploration Agreement dated October 15, 2025 with Matachewan First Nation and Mattagami First Nation (Wabun Tribal Council) covering the company's operational areas in northeastern Ontario's Abitibi Greenstone Belt.

The agreement outlines consultation, impact mitigation, and community benefits including contracts, jobs, and training during exploration. Subject to TSX Venture Exchange approval, Cleghorn will issue 50,000 common shares and 50,000 incentive options to each First Nation (options exercisable at $0.06 for five years). The agreement remains until an Impact Benefit Agreement is concluded. A signing ceremony in Timmins will be scheduled.

Positive

• Exploration Agreement signed Oct 15, 2025 covering Abitibi Greenstone Belt
• Agreement commits to contracts, jobs, and training during exploration
• Issuance of 50,000 shares and 50,000 options to each First Nation (subject to TSXV approval)

Negative

• Potential dilution from issuing 100,000 common shares and 100,000 options if issued/exercised
• Options exercisable at $0.06 for five years could dilute shareholders if fully exercised
• Agreement remains temporary until an Impact Benefit Agreement is concluded, leaving long-term terms uncertain

Val-D'Or, Quebec--(Newsfile Corp. - November 21, 2025) - Cleghorn Minerals Ltd. (TSXV: CZZ) ("Cleghorn" or the "Company") is pleased to announce the signing of a milestone Exploration Agreement dated October 15, 2025 (the "Exploration Agreement") with the Matachewan First Nation (Matachewan FN) and Mattagami First Nation (Mattagami FN), members within the Wabun Tribal Council (WTC). The Exploration Agreement was signed by the three companies within the "Zed Zed Group": Cleghorn Minerals Ltd., International Prospect Ventures Ltd., and Val-D'Or Mining Corporation ("Val-D'Or Mining"). The Exploration Agreement covers the Company's Operational Areas of Interest ("the Properties") within the First Nations' traditional lands, located in northeastern Ontario's Abitibi Greenstone Belt.

The Exploration Agreement outlines the terms on how consultation and impact mitigation on exploration activities will be conducted. It also delivers financial benefits, including contracts, jobs, and training opportunities during the exploration phase, for both current and future work programs across the property portfolio covered by the Exploration Agreement. Further, the Exploration Agreement provides that the Company will, subject to the approval of the TSX Venture Exchange, issue to each of Matachewan FN and Mattagami FN 50,000 common shares of the Company, and will also grant to each of Matachewan FN and Mattagami FN incentive stock options to acquire 50,000 shares of the Company at a per share price of $0.06 for a period of five years from issuance, in accordance with its incentive stock option plan and a consulting agreement among the parties. The Exploration Agreement will remain in effect until such time that an Impact Benefit Agreement (IBA) has been concluded.

Glenn J. Mullan, CEO of Cleghorn Minerals commented, "We would like to extend our sincere gratitude to Chief Batisse of the Matachewan First Nation and Chief Constant of the Mattagami First Nation, along with their respective Councils, the negotiating committee led by their Mineral Development Advisors, the Wabun Tribal Council, and the local community members. This milestone represents the culmination of more than five years of relationship-building and dialogue between the Company and the Matachewan and Mattagami First Nations, and the Wabun Tribal Council, and establishes a strong foundation for on-going cooperation among all parties."

Cleghorn remains committed to responsible exploration and to delivering shared economic opportunities to the local communities. An official signing ceremony will be held at the Wabun Tribal Council offices in Timmins, Ontario. Details will be announced once confirmed.

About Cleghorn Minerals Ltd.

Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake - Matachewan - Prospect, a property located in northeastern Ontario.

For additional information, please contact:

Glenn J. Mullan
2772 chemin Sullivan
Val-D'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: glenn.mullan@groupzedzed.com

Forward-Looking Statements:

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275404

FAQ

What did Cleghorn Minerals (CLGMF) agree with Matachewan FN and Mattagami FN on October 15, 2025?

Cleghorn signed an Exploration Agreement covering its operational properties in the Abitibi Greenstone Belt, detailing consultation, mitigation, and community benefits.

How many shares and options will Cleghorn (CLGMF) issue to each First Nation and at what price?

Subject to TSX Venture Exchange approval, Cleghorn will issue 50,000 common shares and grant 50,000 incentive options to each First Nation at $0.06 per share for five years.

Does the Cleghorn (CLGMF) Exploration Agreement create jobs or contracts for local communities?

Yes; the agreement delivers contracts, jobs, and training opportunities during the exploration phase across the covered properties.

What approval does Cleghorn (CLGMF) need before issuing shares and options to the First Nations?

The company requires approval from the TSX Venture Exchange before issuing the shares and granting the options.

Will the Cleghorn (CLGMF) Exploration Agreement remain in place indefinitely?

No; the Exploration Agreement will remain in effect only until an Impact Benefit Agreement (IBA) is concluded.

Where and when will Cleghorn (CLGMF) hold the official signing ceremony?

An official signing ceremony will be held at the Wabun Tribal Council offices in Timmins, Ontario; exact details will be announced once confirmed.