Nevada Sunrise Signs Agreement to Sell the Gemini Lithium Project

Rhea-AI Summary

Nevada Sunrise Metals (OTC:NVSGF) has entered into a purchase agreement with Dome Rock Resources for the sale of 223 unpatented lode claims at its Gemini Lithium Project in Nevada for US$800,000 (approximately CAD$1.1 million). The transaction includes a non-refundable US$100,000 deposit and a final payment of US$700,000 within 120 days.

Nevada Sunrise will retain 26 unpatented lode claims west of the sold claims and a 2.0% Net Smelter Returns royalty, half of which can be purchased by Dome Rock for US$1.0 million. The agreement is pending TSX Venture Exchange approval.

Positive

• Sale will generate US$800,000 (CAD$1.1 million) in cash proceeds
• Company retains 2.0% Net Smelter Returns royalty on the project
• Non-refundable US$100,000 deposit already secured
• Company maintains exposure to project through retained claims and royalty

Negative

• Divestment of majority of claims (223 out of 249) reduces direct project ownership
• Final payment of US$700,000 subject to 120-day completion risk

Vancouver, British Columbia--(Newsfile Corp. - August 19, 2025) - Nevada Sunrise Metals Corporation (TSXV: NEV) (OTC Pink: NVSGF) ("Nevada Sunrise" or the "Company") announced today that the Company has executed a purchase and sale option agreement (the "Agreement") with Dome Rock Resources, LLC ("Dome Rock", or the "Purchaser")), a private South Dakota company, whereby Dome Rock has agreed to purchase two hundred and twenty-three (223) unpatented lode claims (the "Claims") from the Company, which represent the core claims of the Gemini Lithium Project ("Gemini", or the "Project"). Gemini is located in the Lida Valley near the town of Gold Point in Esmeralda County, Nevada. Following the closing of the Transaction, Nevada Sunrise will retain twenty-six (26) unpatented lode claims located immediately to the west of the Claims (see Figure 1).

Details of the Gemini Option Agreement

The purchase price for a 100% acquisition of the Claims by Dome Rock is US$800,000 (approximately CAD$1.1 million) in cash, paid to the Company in accordance with the following schedule:

• An initial non-refundable US$100,000 deposit was paid within five business days of the execution of the Agreement (the "Effective Date);
• A second and final payment (the "Final Payment") of US$700,000 to be paid within 120 days of the Effective Date. The timing of the Final Payment can be accelerated by the Purchaser;
• Nevada Sunrise will retain a 2.0% Net Smelter Returns royalty for metals and minerals produced from the Project, of which one-half (1.0%) can be purchased by Dome Rock for US$1.0 million.

Figure 1. Gemini Lithium Project Area - Dome Rock Claims Acquisition

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2799/263020_1b8267a444f7fa56_001full.jpg

Nevada Sunrise and Dome Rock have agreed to industry-standard default provisions should Dome Rock not meet the payment obligations listed above. The Agreement is subject to the acceptance of the TSX Venture Exchange.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper and lithium exploration projects located in the State of Nevada, USA.

Nevada Sunrise holds the rights to earn 100% interests in the Griffon Gold Mine Project located approximately 50 kilometers (31 miles) southwest of Ely, NV, and in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

Nevada Sunrise owns 100% interests in the Gemini (currently the subject of an option-to-purchase agreement), Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV. The Company owns a 100% interest in Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.

For Further Information, Contact:
Warren Stanyer, President and Chief Executive Officer
Email: warrenstanyer@nevadasunrise.ca Telephone: (604) 428-8028
Website: www.nevadasunrise.ca

FORWARD-LOOKING STATEMENTS

This release may contain 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 and include disclosure of anticipated exploration activities. 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 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 such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to: the closing of the purchase and sale transaction with Dome Rock; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Six Months Ending March 31, 2025, which is available under Company's SEDAR+ profile at: www.sedarplus.ca.

Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263020

FAQ

How much is Nevada Sunrise selling the Gemini Lithium Project claims for?

Nevada Sunrise is selling 223 claims for US$800,000 (approximately CAD$1.1 million) in cash, with an initial US$100,000 deposit and US$700,000 final payment.

What royalty will Nevada Sunrise retain on the Gemini Lithium Project?

Nevada Sunrise will retain a 2.0% Net Smelter Returns royalty, with Dome Rock having the option to purchase half (1.0%) for US$1.0 million.

How many claims will Nevada Sunrise retain after the Gemini Lithium Project sale?

Nevada Sunrise will retain 26 unpatented lode claims located immediately to the west of the sold claims.

When is the final payment due for the NVSGF Gemini Lithium Project sale?

The final payment of US$700,000 is due within 120 days of the Effective Date, though Dome Rock can accelerate the payment timing.

Who is purchasing Nevada Sunrise's Gemini Lithium Project claims?

Dome Rock Resources, LLC, a private South Dakota company, is purchasing the claims.