Antler Gold Broadcasts Choice Settlement with Prospect Sources Restricted to Promote 51% Curiosity of Its Extremely Potential Kesya Uncommon Earth Venture in Zambia

Antler Gold Inc. (TSXV: ANTL) (“Antler” or the “Firm“) is happy to announce that Antler and its subsidiary Antler Exploration Zambia Restricted (“Antler Exploration”) have entered into an choice settlement (the “Choice Settlement”) with Prospect Sources Restricted (ASX: PSC) (FSE: 5E8) (“Prospect” or the “Companion”) pursuant to which Prospect has an choice to accumulate 51% curiosity in Antler Exploration, which holds the Kesya Uncommon Earth Venture (“Venture”) situated in southern Zambia.

Deal Highlights:

• Prospect has as much as two years to accumulate a 51% curiosity in Antler Exploration which holds the Kesya Uncommon Earth Venture by way of a complete mixed counterparty consideration and venture expenditure funds amounting to US$3.05 million.

• Section 1 dedication by Prospect is 2 money funds of an mixture of US$150,000 and US$350,000 in exploration expenditures in addition to an issuance of US$500,000 value of Prospect frequent shares inside 30 days of the completion of Section 1.

• Section 2 choice dedication by Prospect is a money fee of US$150,000 and US$750,000 in exploration expenditures in addition to an issuance of US$500,000 value of Prospect frequent shares inside 30 days of electing to proceed to Section 2.

• The ultimate part dedication by Prospect is a money fee of US$150,000 in addition to an issuance of US$500,000 value of Prospect frequent shares on the finish of the two yr choice interval which is able to then earn Prospect 51% of Antler Exploration.

Venture Highlights:

• The Venture covers a Giant-Scale Exploration License Utility the place geological mapping and floor sampling carried out by Antler Exploration has recognized a big, uncommon earth-element enriched carbonatite.

• Rock chip samples assayed by Antler Exploration define very encouraging whole uncommon earth aspect oxide (TREO) mineralisation contained inside monazite and bastnaesite with low ranges of uranium and thorium.

• The Kesya rock chip outcomes present extremely anomalous floor values in uncommon earth parts with the best seize pattern to this point assaying 6559 ppm (0.66%) TREO.

• The seize samples are enriched in neodymium (Nd) and praseodymium (Pr) oxides which common 29% of the TREO content material and makes this a really encouraging basket distribution.

• Keysa’s great amount of carbonatite outcrop permits for simple drill concentrating on providing prospectivity to quickly delineate a mineral useful resource and make a major new uncommon earth aspect discovery in Zambia.

• Antler Exploration together with its accomplice Prospect are making ready for an preliminary 1,500m diamond drilling program to check the subsurface expression and depth extent of the mapped and sampled uncommon earth aspect enriched carbonatite.

Christopher Drysdale, CEO of Antler commented:

“We’re extraordinarily excited to announce this settlement with Prospect. It is a testomony to our dedication to strategic partnerships with extremely credible organizations that share our imaginative and prescient for worth creation. Prospect has an impressive monitor document, which is demonstrated by their profitable development of the Arcadia lithium venture in Zimbabwe. This settlement represents a major milestone for Antler Gold because it underscores our potential to determine promising mineral prospects throughout Africa and align ourselves with top-tier corporations. Not solely does this partnership allow us to leverage Prospect’s industry-leading experience, however it additionally establishes a strong basis for potential future collaborations, whereas sustaining important publicity to the extremely promising Kesya REE venture.”

Prospect’s Managing Director and CEO, Sam Hosack, commented:

“The Choice Settlement we have now struck in relation to the extremely potential Kesya REE Venture in Zambia is one other important milestone, which extends our attain additional into the battery and electrification mineral sector in Africa, consistent with our strategic aims. Kesya has all of the substances of a world-class, uncommon earth enriched, carbonatite-hosted system, having additionally returned important values of the high-value REEs, neodymium and praseodymium, over a broad floor space of the Venture. Zambia is a number one jurisdiction to discover and develop mining operations in subSaharan Africa, having a long-standing historical past within the assets sector, notably for copper. This consists of glorious infrastructure and robust assist from each the federal government and group, with main corporations like Barrick Gold and First Quantum Minerals already calling it residence. We’re delighted to have reached this settlement with Antler, which is a longtime and revered Canadian exploration and growth firm focussed on its flagship Erongo and Onkoshi Gold Tasks, situated in central Namibia. The Kesya REE Venture gives glorious potential to ship a major new, highvalue uncommon earths discovery, with outlined current drilling targets and a well-established working surroundings. Topic to the satisfaction of all related circumstances precedent, it is a high-quality greenfield exploration play for Prospect.”

Introduction and deal phrases:

The Kesya carbonatite was first recognized in 1961 by Bailey within the Kafue district in southern Zambia. An preliminary mapping marketing campaign by Antler demonstrated that it’s enriched with uncommon earth parts and warrants additional exploration and drilling.

The Choice Settlement is amongst Prospect, Antler and a subsidiary of Antler, Antler Exploration. Topic to satisfaction of sure circumstances precedent, Prospect can have the precise to earn a 51% curiosity in Antler Exploration over a two-phased earn-in association over two years for whole consideration of US$3.05 million, which incorporates consideration funds to Antler and in-ground venture expenditure.

Prospect can pay an preliminary non-refundable money fee to Antler of US$50,000 on signing. Following satisfaction of the circumstances precedent underneath Section 1, Prospect can pay Antler an extra US$100,000 in money, and decide to spend US$350,000 on the Venture inside one yr (topic to sure extensions permitted underneath the Choice Settlement). Prospect may even challenge to Antler US$500,000 value of Prospect frequent shares on the completion of Section 1 (the worth of the frequent shares can be set on the value of Prospect shares on the time of signing, based mostly on earlier 10-day VWAP).

After completion of Section 1, Prospect can elect to proceed to Section 2 or terminate the Choice Settlement (and on this case Prospect will maintain little interest in Antler Exploration).

If Prospect proceeds to Section 2, it’s required to pay Antler an extra US$150,000 in money and challenge US$500,000 value of Prospect frequent shares (the worth of the frequent shares can be set on the value of Prospect shares as on the time of election to proceed to Section 2, based mostly on earlier 10-day VWAP), and it’ll have the precise, however not the duty, to spend an extra US$750,000 on the Venture inside one yr from completion of Section 1 (topic to sure extensions permitted underneath the Choice Settlement).

If Section 2 is accomplished, Prospect can be entitled to train a name choice to accumulate 51% of the issued and excellent shares of Antler Exploration. To train the choice, Prospect should make a last fee to Antler of US$150,000 money and challenge US$500,000 value of Prospect frequent shares (the worth of the frequent shares can be set on the value of Prospect shares as on the time of the train of the decision choice, based mostly on earlier 10-day VWAP).

Prospect will seek the advice of with Antler in relation to the work program and funds however will in the end decide and handle all exploration actions in relation to the Venture.

Upon completion of the acquisition, Antler Exploration can be ruled by a shareholders settlement (“Shareholders Settlement”) amongst its shareholders. Prospect and Antler Exploration have agreed on the important thing phrases of the Shareholder Settlement, with a full type Shareholder Settlement to be entered into sooner or later. Improvement funds for the Venture are to be contributed by shareholders of Antler Exploration on a pro-rata foundation. If a celebration doesn’t contribute its professional rata share, its shareholding can be diluted by way of a prescribed formulation. Neither occasion may be diluted under a 15% curiosity, from which level such curiosity shall be free-carried via to the completion of a JORC-Code reportable or NI 43-101 compliant Feasibility Examine. The shareholder can then elect to transform its free carried curiosity to a 2% NSR or equal (“Royalty”) and the opposite shareholder has a proper however not the duty to buy one half of the Royalty for US$5,000,000.

Proposed Exploration Programme

There was no historic drilling performed on the Kesya carbonatite and the subsurface beneath the extent of the mapped carbonatite complicated and the depth extension is but to be examined. Antler together with Prospect is designing a preliminary 1,500 metre diamond drilling programme on the venture. (Determine.1) The intention is to guage the continuity of the recognized floor REE mineralisation to depth. The preliminary exploration plan can be to drill twenty (20) 75m deep holes alongside the carbonatite in addition to its contacts with the nation rock through the use of a heli-man transportable drill rig and pending all environmental and statutory approvals.

Venture Location and Background