Panther Minerals Earns In Under Rubidium Ridge Project Option

Rhea-AI Summary

Usha Resources (OTCQB:USHAF) completed the sale of its Rubidium Ridge pegmatite project to Panther Minerals, closing an agreement dated February 18, 2026. The company received $80,000 cash and 4,150,000 Panther common shares, subject to six-month resale restrictions.

Usha retains a 2.0% NSR on the RR Property; Panther may repurchase 50% of the NSR for $1,000,000 and holds ROFR on the remaining 50%. Panther must pay a $1,000,000 bonus if it delineates at least 10 million tonnes at ≥1% Li₂O. The Transaction qualified as an Exempt Transaction under TSXV Policy 5.3.

Positive

• Received $80,000 cash at closing
• Received 4,150,000 Panther common shares
• Retains a 2.0% NSR on Rubidium Ridge
• Potential $1,000,000 bonus on resource delineation
• Panther may repurchase 50% NSR for $1,000,000

Negative

• Cash consideration is modest at $80,000
• Consideration shares subject to 6-month resale restrictions
• Future cash from NSR partly relinquishable via $1,000,000 repurchase
• Bonus payment contingent on delineating 10M tonnes ≥1% Li₂O

VANCOUVER, BC / ACCESS Newswire / March 24, 2026 / Usha Resources Ltd. ("Usha" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0) ) is pleased to announce that Panther Minerals Inc. ("Panther") has acquired (the "Transaction") a 100% interest in Usha's Rubidium Ridge pegmatite project located in Ontario, Canada (the "RR Property"), pursuant to the sale and purchase agreement between the Company and Panther, dated February 18, 2026. In consideration, Panther paid the Company $80,000 in cash and issued the Company 4,150,000 common shares of Panther (the "Consideration Shares"). The Consideration Shares are subject to resale restrictions expiring six (6) months from the date of issuance.

The RR Property remains subject to a 2.0% net smelter returns royalty (the "NSR") in favour of the Company. Panther retains the right to repurchase 50% of the NSR for $1,000,000 and holds a right of first refusal to acquire the remaining 50%.

In addition, Panther is required to pay the Company a bonus of $1,000,000 upon delineation of an inferred resource or higher resource classification totaling at least 10 million tonnes at a minimum grade of 1% Li₂O.

The Transaction qualified as an "Exempt Transaction" for the Company under TSX Venture Exchange Policy 5.3 (Acquisitions and Dispositions of Non-Cash Assets).

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality critical metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and includes Southern Arm, a copper-gold VMS project in Quebec, and Jackpot Lake, a lithium brine project in Nevada.

Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

USHA RESOURCES LTD.

For more information, please call 778-899-1780, email info@usharesources.com or visit www.usharesources.com.

Neither 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.

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including, without limitation, statements relating to the Company's strategic plans, the NSR and the bonus payment.

Forward-looking information is based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, the availability of financing, the ability of Panther to advance exploration activities on the RR Property, and the Company's ability to execute on its business objectives.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to general economic conditions; volatility in capital markets; the ability of Panther to successfully explore and develop the RR Property; the risk that the anticipated benefits of the Transaction may not be realized; risks inherent in the exploration and development of mineral properties; environmental risks; regulatory risks; and other risks disclosed in the Company's public disclosure documents.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information. The Company undertakes no obligation to update any forward-looking information except as required by applicable securities laws.

SOURCE: Usha Resources Ltd.

View the original press release on ACCESS Newswire

FAQ

What did Usha Resources (USHAF) receive in the Rubidium Ridge sale on March 24, 2026?

Usha received $80,000 cash and 4,150,000 Panther shares, with six-month resale restrictions. According to Usha, the cash and shares constituted the primary consideration under the February 18, 2026 sale agreement.

Does Usha Resources (USHAF) retain any royalty from the Rubidium Ridge transaction?

Yes. Usha retains a 2.0% NSR on the RR Property. According to Usha, Panther can repurchase 50% of that NSR for $1,000,000, and Panther holds ROFR on the remainder.

What conditions trigger an additional $1,000,000 payment to Usha (USHAF)?

Panther must pay $1,000,000 if it delineates an inferred or higher resource of ≥10 million tonnes at ≥1% Li₂O. According to Usha, this bonus is payable upon meeting that specific resource threshold.

Are the Panther shares Usha received immediately tradable for USHAF shareholders?

No. The 4,150,000 Panther shares are subject to six-month resale restrictions from issuance. According to Usha, the shares cannot be resold by the company until the restriction expiry.

How does the NSR repurchase right affect Usha Resources' future royalties (USHAF)?

Panther’s right to repurchase 50% of the NSR for $1,000,000 could reduce future royalties received by Usha. According to Usha, that repurchase right is a contractual option available to Panther.