Origen Options Arlington Project to Equity Metals

Rhea-AI Summary

Origen Resources has signed a letter agreement with Equity Metals regarding the Arlington Property in British Columbia's Boundary District. Under the agreement, Equity can acquire 100% interest by making cash payments of $130,000, incurring exploration expenditures of $250,000, and issuing shares valued at $400,000 total within the first anniversary of Regulatory Approval. Origen will retain a 2% net smelter royalty, of which Equity may purchase 1% for $1,000,000. The previous option agreement with Nickelex Resource has been terminated.

Positive

• Secured $130,000 in cash payments
• Guaranteed $250,000 in exploration expenditures
• Will receive shares valued at $400,000
• Retains 2% net smelter royalty

Negative

• Termination of previous option agreement with Nickelex Resource

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it signed a letter agreement ("Agreement") with Equity Metals Corporation (TSXV: EQTY) ("Equity") to earn a 100% interest in the Arlington Property ("Arlington"), located within the Boundary District of south-central British Columbia.

The Arlington Agreement provides that Equity may earn a 100% interest in the Arlington Property by meeting the following obligations to Origen, all by the first anniversary of Regulatory Approval:

• Making cash payments totaling $130,000 ($30,000 of which is reimbursement for the Bond posted in regards to the current drill permit to be assigned to Equity);

• Incurring exploration expenditures of $250,000; and

• Issuing shares valued at $200,000 within 7 days of Regulatory Approval; and issuing additional shares valued at $200,000, or 2 million shares, whichever is greater, by the first anniversary of Regulatory Approval.

As a part of the agreement, Origen will also retain a 2% net smelter royalty of which Equity may purchase 1% of such royalty at any time for $1,000,000.

Termination of Option Agreement

Origen and Nickelex Resource Corporation (TSXV: NICK) mutually agreed to terminate the Arlington Property option agreement that was originally entered into on April 19^th 2024.

Thomas Hawkins, P.Geo. (#39892), a Qualified Person as that term is defined in NI 43-101 has prepared, supervised the preparation or approved the scientific and technical disclosure in the news release.

On behalf of Origen,
Thomas Hawkins
Managing Director

For further information, please contact Gary Schellenberg, Chief Executive Officer, at 604-681-0221.

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

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the exercise of the option to acquire a 100% interest in the Arlington Property, Exchange acceptance of the Arlington Agreement, and future exploration plans and expenditures on the Arlington Project. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229719

FAQ

What are the terms of Origen Resources' Arlington Property agreement with Equity Metals?

Equity Metals must make $130,000 in cash payments, incur $250,000 in exploration expenditures, and issue shares valued at $400,000 within one year of Regulatory Approval to earn 100% interest.

What royalty does Origen retain in the Arlington Property deal?

Origen retains a 2% net smelter royalty, with Equity having the option to purchase 1% of the royalty for $1,000,000.

What happened to Origen's previous Arlington Property agreement with Nickelex?

The option agreement with Nickelex Resource , originally entered into on April 19th 2024, was mutually terminated.