Antler Gold Broadcasts Choice Settlement with Prospect Sources Restricted to Promote 51% Curiosity of Its Extremely Potential Kesya Uncommon Earth Challenge 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 possibility settlement (the “Choice Settlement”) with Prospect Sources Restricted (ASX: PSC) (FSE: 5E8) (“Prospect” or the “Associate”) pursuant to which Prospect has an possibility to accumulate 51% curiosity in Antler Exploration, which holds the Kesya Uncommon Earth Challenge (“Challenge”) 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 Challenge by way of a complete mixed counterparty consideration and challenge expenditure funds amounting to US$3.05 million.

• Part 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 Part 1.

• Part 2 possibility 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 Part 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 12 months possibility interval which can then earn Prospect 51% of Antler Exploration.

Challenge Highlights:

• The Challenge covers a Massive-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 complete uncommon earth factor 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 components with the very best seize pattern so far 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 straightforward drill focusing on providing prospectivity to quickly delineate a mineral useful resource and make a major new uncommon earth factor discovery in Zambia.

• Antler Exploration together with its companion Prospect are getting ready for an preliminary 1,500m diamond drilling program to check the subsurface expression and depth extent of the mapped and sampled uncommon earth factor 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 report, which is demonstrated by their profitable development of the Arcadia lithium challenge in Zimbabwe. This settlement represents a major milestone for Antler Gold because it underscores our capability to establish promising mineral prospects throughout Africa and align ourselves with top-tier firms. Not solely does this partnership allow us to leverage Prospect’s industry-leading experience, nevertheless it additionally establishes a stable basis for potential future collaborations, whereas sustaining vital publicity to the extremely promising Kesya REE challenge.”

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

“The Choice Settlement we’ve got struck in relation to the extremely potential Kesya REE Challenge in Zambia is one other vital milestone, which extends our attain additional into the battery and electrification mineral sector in Africa, consistent with our strategic goals. Kesya has all of the elements of a world-class, uncommon earth enriched, carbonatite-hosted system, having additionally returned vital values of the high-value REEs, neodymium and praseodymium, over a broad floor space of the Challenge. 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 help from each the federal government and group, with main firms like Barrick Gold and First Quantum Minerals already calling it house. 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 Challenge gives glorious potential to ship a major new, highvalue uncommon earths discovery, with outlined present drilling targets and a well-established working atmosphere. 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 components 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 could have the suitable to earn a 51% curiosity in Antler Exploration over a two-phased earn-in association over two years for complete consideration of US$3.05 million, which incorporates consideration funds to Antler and in-ground challenge expenditure.

Prospect can pay an preliminary non-refundable money fee to Antler of US$50,000 on signing. Following satisfaction of the circumstances precedent beneath Part 1, Prospect can pay Antler an additional US$100,000 in money, and decide to spend US$350,000 on the Challenge inside one 12 months (topic to sure extensions permitted beneath the Choice Settlement). Prospect can even challenge to Antler US$500,000 value of Prospect frequent shares on the completion of Part 1 (the worth of the frequent shares will probably be set on the value of Prospect shares on the time of signing, based mostly on earlier 10-day VWAP).

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

If Prospect proceeds to Part 2, it’s required to pay Antler an additional US$150,000 in money and challenge US$500,000 value of Prospect frequent shares (the worth of the frequent shares will probably be set on the value of Prospect shares as on the time of election to proceed to Part 2, based mostly on earlier 10-day VWAP), and it’ll have the suitable, however not the duty, to spend an additional US$750,000 on the Challenge inside one 12 months from completion of Part 1 (topic to sure extensions permitted beneath the Choice Settlement).

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

Prospect will seek the advice of with Antler in relation to the work program and price range however will finally decide and handle all exploration actions in relation to the Challenge.

Upon completion of the acquisition, Antler Exploration will probably 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 in the end. Improvement funds for the Challenge 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 will probably be diluted by way of a prescribed method. Neither social gathering might be diluted beneath a 15% curiosity, from which level such curiosity shall be free-carried by 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 accomplished 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 challenge. (Determine.1) The intention is to guage the continuity of the recognized floor REE mineralisation to depth. The preliminary exploration plan will probably be to drill twenty (20) 75m deep holes alongside the carbonatite in addition to its contacts with the nation rock by utilizing a heli-man moveable drill rig and pending all environmental and statutory approvals.

Challenge Location and Background