Usha Resources Provides Corporate Updates

Rhea-AI Summary

Usha Resources (TSXV:USHA / OTCQB:USHAF) provided corporate updates on December 5, 2025, covering a director resignation, property transactions, and project plans.

The company confirmed the immediate resignation of co-founder Navin Kumar Varshney, who will remain available as an advisor. Usha is proceeding with a transaction to sell 489 mineral claims that form part of the White Willow project to Totec Resources as part of Totec's TSXV qualifying transaction. Following that sale, Usha will retain or control four White Willow components: Nym Lake (option to earn 100%), Rubidium Ridge (100% owned), Bingo East (100% owned), and Bingo West (100% owned). The Abiwin property was previously impaired and removed from the portfolio. Usha will not proceed with the proposed sale of up to 90% of Jackpot Lake to Stardust and intends to advance Jackpot Lake itself, targeting drilling in FY2026 pending permits.

Positive

• Proceeding to sell 489 mineral claims to Totec
• Retains four White Willow components after the sale
• Targets drilling at Jackpot Lake in FY2026 (pending permits)
• Co-founder Navin Varshney remains available as advisor

Negative

• Co-founder and director Navin Varshney resigned effective immediately
• Abiwin property was impaired and removed from portfolio
• Proposed sale of up to 90% of Jackpot Lake to Stardust not proceeding

Key Figures

Director tenure: 7+ years White Willow claims sold: 489 mineral claims White Willow property size: 10,220 hectares +5 more

8 metrics

Director tenure 7+ years Navin Varshney contribution period since co-founding in 2018

White Willow claims sold 489 mineral claims Portion of White Willow project to be sold to Totec Resources

White Willow property size 10,220 hectares Size of White Willow Property referenced in Oct 24, 2025 agreement

White Willow claims package 712 unpatented mining claims White Willow option agreement dated March 15, 2023

Rubidium Ridge claims 141 unpatented mining claims Rubidium Ridge option agreement dated July 31, 2023

Bingo East claims 21 unpatented mining claims Bingo East option agreement dated March 23, 2024

Bingo West claims 86 unpatented mining claims Bingo West option agreement dated March 23, 2024

Jackpot Lake sale interest 90% Previously proposed interest to be sold to Stardust Power before cancellation

Market Reality Check

Price: $0.0429 Vol: Volume 5,800 is far below...

low vol

$0.0429 Last Close

Volume Volume 5,800 is far below the 20-day average of 32,393 (relative volume 0.18x). low

Technical Price at $0.0217 is trading below the 200-day MA of $0.04 and 77.83% under the 52-week high.

Peers on Argus

Peers show mixed moves: one notable name down 4.69%, others modestly positive or...

Peers show mixed moves: one notable name down 4.69%, others modestly positive or flat, indicating stock-specific rather than sector-driven dynamics for USHAF.

Historical Context

1 past event · Latest: Oct 24 (Positive)

Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Oct 24	Asset transaction	Positive	+7.1%	Definitive agreement to sell White Willow Property via Totec qualifying transaction.

Pattern Detected

Limited history shows positive reaction to a prior White Willow-related transaction announcement.

Recent Company History

In the past months, Usha Resources highlighted a definitive agreement with Totec Resources to monetize the White Willow Property on October 22, 2025, which saw a 7.14% positive price reaction after the news on October 24, 2025. Today’s update continues that narrative, clarifying which White Willow claims are being sold and which remain in Usha’s portfolio, while also updating on the aborted Jackpot Lake sale and ongoing self-funded advancement plans.

Market Pulse Summary

This announcement updates Usha’s asset mix by detailing which White Willow claims will be sold to To...

Analysis

This announcement updates Usha’s asset mix by detailing which White Willow claims will be sold to Totec while confirming 100% ownership or options on key remaining properties. It also ends the proposed sale of up to a 90% interest in Jackpot Lake, with plans to advance that project independently toward drilling in FY2026. Investors may track permitting progress, future exploration results, and any follow-on agreements related to these lithium assets.

Key Terms

unpatented mining claims, qualifying transaction, capital markets, concurrent financing, +1 more

5 terms

unpatented mining claims technical

"White Willow, 712 unpatented mining claims, March 15, 2023"

A claim to minerals on public land where the holder has the right to explore and extract resources but does not own the surface or the underlying land title. Like renting a plot to dig for treasure while the government still owns the ground, these claims give producers potential access to valuable ore but carry extra risks — they can require permits, be contested or lost, and often complicate financing and company valuation for investors.

qualifying transaction regulatory

"as part of Totec's qualifying transaction on the TSX Venture Exchange"

A qualifying transaction is a deal that turns a non-operating or shell public company into a fully operating, exchange-approved business by meeting the stock exchange’s rules for operations, assets and management. It matters to investors because it marks a major change in what the company does and its risks—like converting an empty storefront into a functioning shop that must meet health and safety codes—and often brings new assets, share dilution and fresh disclosure obligations.

capital markets financial

"His decades of experience in capital markets, mineral exploration, and corporate"

Capital markets are places where people and organizations buy and sell long-term investments like stocks and bonds. They help connect those who need money to grow or fund projects with investors looking to earn returns over time. For investors, capital markets are important because they offer opportunities to invest, save, and grow their wealth through a variety of financial assets.

concurrent financing financial

"A Concurrent Financing of up to 28,000,000 units at $0.15"

Concurrent financing is when a company arranges two or more separate funding deals that close at the same time, such as a public share offering paired with a private investment. Think of it as getting loans from multiple lenders in one visit: it brings a larger amount of cash quickly but can change the ownership split and share value. Investors care because concurrent financings affect dilution, price per share, and the immediate capital runway, which can alter risk and upside.

plan of operations regulatory

"The Company is progressing with its Plan of Operations and will aim to drill"

A plan of operations is a clear roadmap a company lays out describing what it will do, when, and how much resources it will use to reach business goals—like a recipe that lists steps, ingredients and timing. Investors use it to judge whether the company’s strategy is realistic, how it will spend raised money, what milestones to expect, and what risks or delays could affect returns.

AI-generated analysis. Not financial advice.

VANCOUVER, BC / ACCESS Newswire / December 5, 2025 / Usha Resources Ltd.("Usha", "USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company, is pleased to provide the following corporate updates.

Director Resignation

Navin Kumar Varshney has resigned as a Director of the Company, effective immediately.

The Company extends its deepest gratitude to Mr. Varshney for his extraordinary contributions, guidance, and leadership since co-founding the Company in 2018. Over the past seven-plus years, Navin has been instrumental in building Usha from inception into a promising lithium-focused explorer, providing steadfast strategic insight, technical expertise, and unwavering commitment through every stage of growth, including the successful advancement of the White Willow Lithium-Tantalum Project and multiple key acquisitions and financings.

His decades of experience in capital markets, mineral exploration, and corporate development have been invaluable to the board and management team, and his vision has laid a strong foundation for the Company's future success.

While Navin's day-to-day involvement will be missed, the Company is grateful that he will remain available to the Company in an advisory capacity. On behalf of the board and management, the Company thanks him sincerely for his time, wisdom, and tireless efforts, and wishes him all the very best in his future endeavours.

White Willow Property

Further to its press release dated October 24, 2025, the Company is pleased to announce that it is continuing to proceed with the transaction described therein, whereby Usha will be selling 489 mineral claims that form a part of the White Willow project (the "Project") to Totec Resources Ltd. ("Totec") as part of Totec's qualifying transaction on the TSX Venture Exchange.

Historically, the Company has referred to the Project as a collection of mineral claims assembled from six (6) separate option agreements:

1. White Willow, 712 unpatented mining claims, March 15, 2023

2. Nym Lake, 8 unpatented mining claims, March 29, 2023

3. Rubidium Ridge, 141 unpatented mining claims, July 31, 2023

4. Bingo East, 21 unpatented mining claims, March 23, 2024

5. Bingo West, 86 unpatented mining claims, March 23, 2024

6. Abiwin, 38 unpatented mining claims, April 16, 2024

Following completion of the transaction with Totec, the Company will still have under ownership or option the following four (4) properties that form part of the Project and, the Company will refer to each of the following remaining components of the Project separately:

1. Nym Lake (under option to earn 100%)

2. Rubidium Ridge (100% owned)

3. Bingo East (100% owned)

4. Bingo West (100% owned)

The Abiwin property was impaired by the Company in the second quarter and is no longer part of the Company's project portfolio.

Jackpot Lake Property

Further to its press release dated May 12, 2025, the Company announces that it is no longer proceeding with its proposed sale of up to a 90% interest in the Jackpot Lake property to Stardust Power Inc. ("Stardust"). Stardust's exclusivity expired on June 30, 2025 and, following recent activity in the lithium market, the Company has elected to proceed to advance the project on its own. The Company is progressing with its Plan of Operations and will aim to drill Jackpot Lake in FY2026 following the successful receipt of necessary permits.

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, Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario. 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.

For additional information, please visit www.usharesources.com or contact:

Deepak Varshney
778-899-1780
info@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 includes "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, statements regarding the completion of the proposed sale of claims to Totec, the Company's plans to advance the Jackpot Lake property and drill in FY2026, and Navin Varshney's continuing advisory role. This information is based on management's current beliefs and is subject to a number of estimates and assumptions, including the successful completion of the Totec transaction and the receipt of all necessary permits for Jackpot Lake. Such information is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including, but not limited to: general business, economic, competitive, political and social uncertainties; the risk that the Totec transaction does not close; the inability to obtain permits; actual results of exploration activities; and other risks common to the mining industry. Readers are cautioned that the foregoing list is not exhaustive.

The Company is an exploration stage company. Exploration is highly speculative in nature, involves many risks, and may not result in the discovery of mineral deposits that can be mined profitably. The Company has no mineral reserves on any of its properties. Consequently, there can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Usha Resources Ltd.

View the original press release on ACCESS Newswire

FAQ

What did Usha Resources announce on December 5, 2025 regarding its board?

Usha announced the immediate resignation of co-founder Navin Kumar Varshney, who will remain available as an adviser.

Which White Willow assets is Usha selling to Totec and how many claims are involved (USHAF)?

Usha is proceeding to sell 489 mineral claims that form part of the White Willow project to Totec as part of Totec's TSXV qualifying transaction.

After the Totec transaction, which White Willow properties will Usha still control (USHAF)?

Usha will retain or control: Nym Lake (option to earn 100%), Rubidium Ridge (100% owned), Bingo East (100% owned), and Bingo West (100% owned).

What happened to the Abiwin property in Usha's portfolio (USHAF)?

The Abiwin property was impaired in Q2 and is no longer part of Usha's project portfolio.

Is Usha still selling Jackpot Lake to Stardust or proceeding alone (USHAF)?

Usha is no longer proceeding with the proposed sale to Stardust and has elected to advance Jackpot Lake on its own.

When does Usha plan to drill Jackpot Lake and what must happen first (USHAF)?

Usha aims to drill Jackpot Lake in FY2026, subject to successfully receiving required permits.