Sonoran Desert Copper Corporation Termination of the Normanby Option Agreement

Sonoran Desert Copper (TSXV: SDCU) has announced the termination of its option agreement for the Normanby Project in Papua New Guinea.

Rhea-AI Summary

Sonoran Desert Copper (TSXV: SDCU) has announced the termination of its option agreement for the Normanby Project in Papua New Guinea. This decision comes six months after the initial announcement of the agreement on March 14, 2024. The company has fulfilled its initial obligations by paying the $10,000 due upon execution and incurring expenses for standard due diligence services. However, no further cash or share payments outlined in the option agreement have been made. This termination marks a significant change in SDCU's strategic direction, potentially impacting its exploration portfolio and future growth prospects in the region.

Positive

• Company avoided further financial commitments by terminating the option agreement early

Negative

• Loss of potential mining asset (Normanby Project) in Papua New Guinea
• Incurred $10,000 expense plus due diligence costs without gaining project rights

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Vancouver, British Columbia--(Newsfile Corp. - September 13, 2024) - Sonoran Desert Copper Corporation (TSXV: SDCU) ("SDCU'' or the "Company") further to its March 14, 2024, news release, the Company announces that it has delivered notice terminating the option agreement dated March 9^th, for the Normanby Project, located in Papua New Guinea. The Company has paid the $10,000 due upon the execution of the option agreement and incurred expenditures for the services required to complete standard due diligence. None of the cash or share payments contemplated under the option agreement have been made.

ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corporation is focused on securing, developing and monetizing materials assets and technologies to build shareholder value.

On behalf of the Board of Directors of
SONORAN DESERT COPPER CORPORATION

"Brian Leeners"

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements.

Neither the 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 release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223205

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Sonoran Desert Copper (SDCU) terminate the Normanby Project option agreement?

The press release does not specify the reason for termination. SDCU decided to end the agreement after completing initial due diligence, suggesting the project may not have met their expectations or strategic goals.

What financial impact does the termination of the Normanby option agreement have on SDCU?

SDCU paid $10,000 upon execution of the agreement and incurred expenses for due diligence services. No further cash or share payments were made, limiting the financial impact to these initial costs.

When was the Normanby Project option agreement originally announced by SDCU?

The Normanby Project option agreement was originally announced by Sonoran Desert Copper on March 14, 2024.

What is the stock symbol for Sonoran Desert Copper ?

Sonoran Desert Copper trades on the TSX Venture Exchange under the stock symbol SDCU.