Snow Lake Extends the Option Agreement for the Mound Lake Gallium Project

Rhea-AI Summary

Snow Lake Energy (NASDAQ: LITM) extended its option agreement with Canadian Uranium for the Mound Lake Gallium Project by one year to allow additional 2026 exploration planning. Mound Lake comprises 243 claims covering over 4,800 hectares in the Thunder Bay district and is considered prospective for gallium, lithium, cesium, tantalum and other rare earths. Historical 2023 work returned 12 bedrock grab samples >50 ppm gallium with a maximum of 110.5 ppm and over 70% above average crustal values (~19 ppm). The underlying option lets Snow Lake earn up to 80% interest via exploration expenditures and cash payments over two years.

The extension coincides with the U.S. Proclamation on processed critical minerals and highlights gallium's strategic importance given current import reliance.

Positive

• One-year extension of the Mound Lake option agreement
• Option allows earn-up-to 80% interest via exploration and cash over two years
• 243 claims / >4,800 hectares tenure in Thunder Bay district
• Historic sampling: 12 samples >50 ppm, max 110.5 ppm gallium

Negative

• Mound Lake is an early-stage exploration project without reported mineral resources
• Earning interest requires exploration expenditures and cash payments from Snow Lake
• U.S. imports 100% of gallium, creating supply-chain risk tied to concentrated global supply

News Market Reaction

+0.55%

1 alert

+0.55% News Effect

+$342K Valuation Impact

$62M Market Cap

0.3x Rel. Volume

On the day this news was published, LITM gained 0.55%, reflecting a mild positive market reaction. This price movement added approximately $342K to the company's valuation, bringing the market cap to $62M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Option extension term: 1 year Historical gallium range: 50–110 ppm High gallium sample: 110.5 ppm +5 more

8 metrics

Option extension term 1 year Extension of the underlying Mound Lake option agreement

Historical gallium range 50–110 ppm Grab samples from Canadian Uranium’s 2023 Mound Lake field program

High gallium sample 110.5 ppm Highest gallium value from 12 bedrock grab samples at Mound Lake

Grab samples count 12 samples Bedrock grab samples collected during 2023 field program

Mound Lake claims 243 claims Single-cell unpatented mineral claims at Mound Lake

Project area over 4,800 hectares Total area of the Mound Lake Gallium Project

Crustal gallium value ~19 ppm Average gallium values in the earth’s crust cited for comparison

Earn-in interest up to 80% Maximum project interest Snow Lake can earn via spending and payments

Market Reality Check

Price: $3.14 Vol: Volume 366,476 is slightl...

normal vol

$3.14 Last Close

Volume Volume 366,476 is slightly below the 20-day average of 391,652, suggesting no outsized positioning ahead of this announcement. normal

Technical Shares at $3.66 are trading below the $4.05 200-day MA and sit 83.91% under the 52-week high of $22.75.

Peers on Argus

Pre-news, LITM was modestly higher while peers were mixed: ELBM appeared in mome...

1 Up

Pre-news, LITM was modestly higher while peers were mixed: ELBM appeared in momentum scanners moving up 4.23%, GTI showed a -18.18% move, and others were flat. This points to stock-specific factors rather than a broad sector move.

Historical Context

5 past events · Latest: Jan 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Drill results update	Positive	+15.6%	Strong Pine Ridge drilling results and multiple uranium roll fronts confirmed.
Dec 23	Acquisition step	Positive	-5.2%	Dispatch of Scheme Booklet for Snow Lake’s proposed GUE acquisition.
Dec 22	Acquisition step	Positive	-0.8%	ASIC registration of GUE Scheme Booklet with detailed transaction timetable.
Dec 19	Court approval update	Positive	+9.9%	Australian court orders shareholder meetings for schemes and booklet dispatch.
Dec 19	Technology update	Positive	+9.9%	Ubaryon enrichment technology progress and ownership stakes recap.

Pattern Detected

Recent news has often produced strong moves, with exploration and uranium project updates tending to see positive alignment, while acquisition-related steps around GUE sometimes showed negative divergence.

Recent Company History

Over the last few months, Snow Lake reported several milestones. On Jan 12, 2026, it completed a 114-hole (38,000 m) drill program at Pine Ridge, confirming at least 25 uranium roll fronts and generating a 15.59% gain. Multiple December 2025 updates detailed the proposed acquisition of Global Uranium and Enrichment, including Scheme Booklet registration and Australian court approvals, with mixed price reactions between -5.22% and +9.88%. A Ubaryon technology update also saw a 9.88% move, highlighting sensitivity to uranium and nuclear-cycle developments.

Regulatory & Risk Context

Active S-3 Shelf · US$1,000,000,000

Shelf Active

Active S-3 Shelf Registration 2025-11-14

US$1,000,000,000 registered capacity

An effective Form F-3 shelf filed on Nov 14, 2025 permits Snow Lake to offer up to US$1,000,000,000 of various securities over a 36‑month period via multiple distribution methods, providing substantial capital-raising flexibility that could be used for exploration or corporate purposes.

Market Pulse Summary

This announcement extends Snow Lake’s option on the Mound Lake Gallium Project for one year, support...

Analysis

This announcement extends Snow Lake’s option on the Mound Lake Gallium Project for one year, supported by historical samples showing gallium up to 110.5 ppm across 243 claims over 4,800 hectares. It complements recent uranium-focused developments within its nuclear fuel cycle strategy. Investors may watch for concrete 2026 exploration plans, follow-up drilling results, and any use of the US$1,000,000,000 F-3 shelf to fund additional work on critical minerals assets.

Key Terms

critical minerals, rare earths, section 232 investigation, semiconductors, +3 more

7 terms

critical minerals technical

"to ensure sufficient domestic mining and processing of critical minerals to ensure U.S. national security"

Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.

rare earths technical

"highly prospective for lithium, cesium and tantalum (LCT) deposits, including a variety of rare earths and gallium"

Rare earths are a set of 17 metallic elements used as essential ingredients in many high-tech products — from smartphones and electric vehicles to wind turbines and military systems. They matter to investors because their supply is concentrated, production is costly and environmentally sensitive, and price or policy shifts can quickly change profitability for miners, manufacturers and tech companies; think of them as scarce spices that can make or break a product’s recipe.

section 232 investigation regulatory

"in response to the Section 232 investigation into the effect of imports of processed critical minerals"

A Section 232 investigation is a U.S. government review that asks whether certain imports threaten national security and whether the president should limit those imports through tariffs, quotas or other restrictions. For investors, the outcome can act like a sudden border rule change that raises costs, disrupts supply chains or limits market access for affected industries, so it can quickly alter company profits and stock values.

semiconductors technical

"its importance is due to its use in semiconductors, integrated circuits, high-performance radar"

Materials and the electronic components made from them that control the flow of electricity inside devices, enabling functions like computing, sensing, and communication; think of them as the traffic controllers that let electrical signals move where they’re needed. They matter to investors because semiconductors are core to virtually all modern technology—changes in demand, production capacity, or supply chains can quickly affect the revenues and stock values of many companies across industries.

unpatented mineral claims technical

"an early-stage exploration project consisting of 243 single-cell unpatented mineral claims"

Unpatented mineral claims are legal rights to explore and remove minerals from public land without owning the surface itself; think of it like holding a long-term rental permit to dig in a yard you don't own. They matter to investors because the rights are conditional, must be maintained and renewed, and can be lost if rules aren’t followed, which affects a project’s value, cost, transferability and regulatory risk.

pegmatites technical

"gallium values in fertile granites and pegmatites typically peak at ~90 ppm"

Pegmatites are unusually coarse-grained veins or pockets of igneous rock that form when molten material cools slowly, allowing very large mineral crystals to grow. They matter to investors because these formations often concentrate valuable and rare minerals—such as lithium, tantalum, rare earth elements and gemstones—so finding a pegmatite can point to a high-value mining opportunity; think of them as nature’s concentrated treasure chests within a rock.

pluton technical

"near the contact between the Mound Lake Pluton and metasedimentary country rocks"

A pluton is a large, deep body of cooled and solidified molten rock that formed beneath the Earth's surface — like a baked-in blob of magma that may later be revealed by erosion. For investors, plutons matter because they often concentrate valuable minerals (gold, copper, rare metals), affect geothermal potential, and shape where mining or exploration is most likely to succeed, so understanding local plutonic geology helps assess resource potential and project risk.

AI-generated analysis. Not financial advice.

Winnipeg, Manitoba--(Newsfile Corp. - January 15, 2026) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a nuclear fuel cycle company, announces that it has reached an agreement with Canadian Uranium Corp. ("Canadian Uranium") to extend the existing option agreement (the "Agreement") with respect to the Mound Lake Gallium Project ("Mound Lake"), situated north of Thunder Bay, Ontario, Canada.

This Agreement is timely and coincides with the U.S. Administration's Proclamation "Adjusting Imports of Processed Critical Minerals and Their Derivative Products into the United States" (the "Proclamation") issued on Wednesday, January 14, 2026, with its focus on ensuring that the U.S. has sufficient domestic mining and processing of critical minerals to reduce import reliance on foreign countries.

Highlights

• The Agreement provides a one-year extension of the underlying option agreement

• The Mound Lake area is highly prospective for lithium, cesium and tantalum (LCT) deposits, including a variety of rare earths and gallium

• Historical work on Mound Lake has confirmed gallium values ranging from 50 to 110 ppm in a series of grab samples obtained during Canadian Uranium's field program in 2023

• The U.S. imports 100% of its gallium requirements, as gallium is an essential component of many military and defense applications.

Snow Lake CEO Remarks

"As our primary focus remains the development of our nuclear fuel cycle business, we continue to pursue our ongoing strategy of opportunistically acquiring interests in North American based critical minerals projects that hold the potential to assist in building domestic North American critical minerals supply chains," said Frank Wheatley, CEO of Snow Lake. "Mound Lake fits nicely into that strategy, at modest cost, as historical work on Mound Lake has demonstrated the potential for gallium, as well as a variety of other rare earth elements and LCT deposits.

As the U.S. Administration continues to advance it policies to ensure sufficient domestic mining and processing of critical minerals to ensure U.S. national security, including gallium, we feel the potential of Mound Lake is worth exploring as a possible solution to U.S. requirements," Mr. Wheatley continued.

Gallium as a Critical Mineral

Gallium is classified as a critical mineral by the U.S., Canada, Australia and the European Union, considering China controls approximately 98% of global gallium supply.¹ The U.S. imports 100% of its gallium requirements. Gallium is typically produced as a by-product from smelting other critical minerals, such as aluminum and zinc, and its importance is due to its use in semiconductors, integrated circuits, high-performance radar, smartphones, electric vehicles, laptops, together with a variety of military applications.

U.S. Administration Proclamation

The U.S. Administration issued the Proclamation on January 14, 2025 in response to the Section 232 investigation into the effect of imports of processed critical minerals on U.S. national security. The conclusion of the investigation was that imports of processed critical minerals did pose a U.S. national security risk and the Proclamation is intended to outline steps the U.S. Government will take to address those risks.

The Proclamation specifically mentions gallium as critical to satellite systems that underpin the U.S. military and defense apparatus. Steps to reduce these risks include negotiating agreements with respect to imports of critical minerals, price floors and other trade-restricting measures as appropriate.

Mound Lake Gallium Project

Mound Lake is an early-stage exploration project consisting of 243 single-cell unpatented mineral claims covering over 4,800 hectares in the Thunder Bay mining district of Ontario. Historic exploration work on the northern part of Mound Lake, near the contact between the Mound Lake Pluton and metasedimentary country rocks, has demonstrated consistent, elevated gallium values, together with elevated levels of other critical metals, including beryllium, lithium, and rubidium.

A total of 12 bedrock grab-samples collected during Canadian Uranium's 2023 field program returned gallium values exceeding 50 ppm, with the highest result measuring 110.5 ppm. By way of comparison, gallium values in fertile granites and pegmatites typically peak at ~90 ppm, while average gallium values in the earth's crust are ~19 ppm. Over 70% of the grab samples from Mound Lake returned gallium values above average crustal values.

Further exploration will be prioritized in the northern regions of Mound Lake, which may include further detailed analysis and mapping to identify potential targets for follow-up investigation and possible drilling.

Mound Lake Extension Agreement

The Agreement extends the terms and conditions of the underlying option agreement for an additional year. This extension provides Snow Lake with the flexibility to plan additional exploration work on Mound Lake as part of Snow Lake's 2026 exploration and development programs on its portfolio of critical minerals projects in North America. The underlying option agreement provides that Snow Lake can earn up to an 80% interest in Mound Lake through a combination of exploration expenditures and cash payments over a period of two years.

About Snow Lake Resources Ltd.

Snow Lake Resources Ltd. is a Canadian nuclear fuel cycle and critical minerals company listed on (NASDAQ: LITM), with a portfolio of U.S. focused uranium projects, together with interests in next-generation uranium enrichment and small modular reactors. The Pine Ridge uranium project is an exploration stage project located in Wyoming, United States and the Engo Valley uranium project is an exploration stage project located on the Skeleton Coast of Namibia. Snow Lake also holds a portfolio of additional exploration stage critical minerals projects located in Canada, as well as investments in a number of public companies with critical minerals assets in North America. Learn more at www.snowlakeenergy.com.

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.

For Further Information:

Frank Wheatley	Investor Relations
Chief Executive Officer	ir@snowlakelithium.com
fw@snowlakelithium.com

 

________________________
¹ USGS

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280466

FAQ

What did Snow Lake announce about the Mound Lake option on January 15, 2026 (LITM)?

Snow Lake extended the existing option agreement by one year to plan additional exploration work in 2026.

How much interest can Snow Lake earn in Mound Lake (LITM) and on what terms?

Snow Lake can earn up to 80% interest through a combination of exploration expenditures and cash payments over a two-year earn-in.

What historic gallium results were reported for Mound Lake that matter to LITM investors?

Twelve bedrock grab samples from 2023 returned gallium >50 ppm, with the highest at 110.5 ppm and over 70% above crustal average.

How large is the Mound Lake project tenure tied to LITM's extension?

Mound Lake comprises 243 single-cell claims covering over 4,800 hectares in the Thunder Bay mining district.

Why is the Mound Lake extension relevant given U.S. policy for critical minerals and LITM?

The extension aligns with a U.S. Proclamation aimed at securing domestic processing of critical minerals and highlights gallium's strategic import reliance.