Canter Resources Amends Underlying Agreements to Establish Path to Strategic Partnership at Columbus

Rhea-AI Summary

Canter Resources (OTC:CNRCF) has successfully amended its agreements for the Columbus Project, achieving significant cost reductions and timeline extensions. The company has negotiated a 50% reduction in property carrying costs and pushed major cash and exploration obligations to 2027-2028.

Key amendments include retaining 379 core claims (12,460 acres) covering the primary mineralized system, resulting in annual savings of $130,000. Payment obligations have been restructured with significant reductions: a $250,000 payment due in 2026 is reduced to $65,000 (partially in shares), and a $600,000 payment is reduced to $450,000 and extended to 2027. Additionally, drilling commitments have been extended to November 2027.

The company is also completing debt settlements of $154,000 through the issuance of 2.2 million shares at $0.07 per share.

Positive

• 50% reduction in property carrying costs, saving $130,000 annually
• Significant reduction in near-term payment obligations, with $375,000 in total cash reductions
• Extension of major cash and exploration obligations to 2027-2028
• Retention of core 379 claims covering all strategic mineralized areas

Negative

• Additional $200,000 cash payment required in May 2028
• Debt settlement through share issuance at $0.07 per share indicates potential dilution
• Company requiring debt settlements suggests cash flow challenges

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2025) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 6O1) ("Canter" or the "Company") a U.S.-focused critical mineral exploration company, is pleased to announce that the Company has agreed to amended terms that provide for an approximately 50 percent reduction in property carrying costs, reduced future payment obligations and timeline extensions that push all major cash or exploration work related obligations to 2027 and 2028.

Canter's CEO, Joness Lang, commented: "First and foremost I'd like to thank our option partner at Columbus for the collaboration. We both share the same conviction in the future of domestic lithium production being driven by brine resources and lower-cost, environmentally sustainable direct lithium extraction and believe the Columbus Project represents a tremendous opportunity for a major brine discovery. Our technical group has significantly de-risked the deeper targets at Columbus and the amendment to the underlying terms creates a more attractive framework for Canter and the prospective strategic partners and investors with which the Company remains in advanced discussions."

Summary of Key Amendments

• Canter is retaining 379 claims (12,460-acre property package) that corresponds to the core mineralized system at Columbus covering all the highly conductive HSAMT volume, gravity low, seismic survey area, favourable structure and historical and previously completed drilling highlights. The reduction of non-core claims along the lower-priority fringes of the basin results in cost savings of $130,000 per annum.

• The $250,000 cash payment obligation due on May 9, 2026 is replaced by $25,000 payable in cash and $40,000 payable in shares ($225,000 cash reduction).

• The $600,000 payment obligation due on November 9, 2026 is extended to December 1, 2027 and reduced to $450,000, with $150,000 payable in shares ($150,000 payment reduction).

• Canter's commitment to drill an additional 2,500 feet and drill one hole to a minimum of 1,500 feet has been extended from November 9, 2026 to November 9, 2027.

• A $200,000 cash payment will be payable on May 9, 2028, as consideration for the extensions and cash reductions totaling $375,000.

Shares for Debt

The Company's management group has also contributed to cash preservation with deferral arrangements and reductions to ensure adequate capital is in place to support key corporate growth initiatives. Subject to regulatory approval, the Company intends to complete debt settlements by the issuance of a total of 2,200,000 common shares (each a "Share") at a deemed price of $0.07 per Share to settle debts owing pursuant to past management, consulting, accounting and other services provided to the Company for a total amount of $154,000 (excluding goods and services tax) (the "Debt Settlements").

The Shares issued in connection with the Debt Settlements will be subject to a statutory hold period of four months following the closing of the Debt Settlements in accordance with applicable securities legislation.

About Canter Resources Corp.

Canter Resources Corp. is a junior mineral exploration company advancing the Columbus Lithium-Boron Project and the Railroad Valley (RV) Lithium-Boron Project in Nevada, USA. The Company is completing a phased drilling approach at Columbus to test highly prospective brine targets at varying depths for lithium-boron enrichment and plans to leverage the Company's critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the technology and domestic clean energy supply chains in North America.

On behalf of the Board of Directors.

For further information contact:

Joness Lang
Chief Executive Officer
Canter Resources Corp.
Tel: 778.382.1193
jlang@canterresources.com

For investor inquiries contact:

Kristina Pillon, High Tide Consulting Corp.
Tel: 604.908.1695
investors@canterresources.com

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's plans for the Project and the payments related thereto, the issuance of the Consideration Shares and the Company's expected exploration activities.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: requirements for additional capital; future prices of minerals; changes in general economic conditions; changes in the financial markets and in the demand and market price for commodities; other risks of the mining industry; the inability to obtain any necessary governmental and regulatory approvals; changes in laws, regulations and policies affecting mining operations; hedging practices; and currency fluctuations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258010

FAQ

What changes did Canter Resources (CNRCF) make to its Columbus Project agreements?

Canter negotiated a 50% reduction in property carrying costs, reduced payment obligations, and extended timelines to 2027-2028. They retained 379 core claims while reducing non-core claims for $130,000 annual savings.

How many acres does Canter Resources now control at the Columbus Project?

Canter Resources maintains 12,460 acres through 379 claims that cover the core mineralized system at Columbus.

What are the new payment terms for Canter Resources' Columbus Project?

The $250,000 payment due in 2026 is reduced to $65,000, and the $600,000 payment is reduced to $450,000 and extended to December 2027. A new $200,000 payment is due in May 2028.

How is Canter Resources settling its outstanding debt?

Canter is settling $154,000 in debt through the issuance of 2.2 million common shares at $0.07 per share, subject to a four-month statutory hold period.

What are the new drilling commitments for Canter Resources at Columbus?

Canter must drill an additional 2,500 feet and complete one hole to a minimum of 1,500 feet by November 9, 2027, extended from the previous deadline of November 2026.