NeoTerrex enters LOI with Fury Gold to earn 100% of Copper-Gold-Silver-Tungsten Reservoir

Ottawa, Ontario--(Newsfile Corp. - August 19, 2026) - NeoTerrex Minerals Inc. (TSXV: NTX) (the " Company " or " NeoTerrex ") is pleased to announce that it has entered into a letter of intent (the " LOI ") and term sheet (the " Term Sheet ") with Fury Gold Mines Limited (" Fury ") on August 18, 2026, pursuant to which the parties intend to negotiate and execute a definitive option agreement that would grant NeoTerrex the option (the " Option ") to acquire up to a 100% interest in Fury's Copper-Gold-Silver-Tungsten (" Cu ", " Au ", " Ag ", " W ") Reservoir Project (the " Reservoir Project ").

The 116-mineral-claims Reservoir Project, covering approximately 6,090 hectares, is located in the Eeyou Istchee (James Bay) region of Québec, Canada, approximately 390 km north-northeast of Matagami and close to major hydroelectric infrastructure and associated access roads. The Reservoir Project lies within the Eastmain Greenstone Belt and hosts a broad polymetallic mineralized system containing copper, gold, silver and tungsten.

Exploration at the Reservoir Project dates to the late 1960s, when gold and copper were first discovered in the area. Subsequent work, including 7,500 metres of drilling during the 1980s and 1990s, led to several discoveries described further below.

In 2013, a further 1,365 metres of drilling turned up several notable gold-copper intersections and broad anomalous gold-copper envelopes highlighting the scale of the mineralized system. No work is recorded thereafter. Select occurrences include:

C52 Zone

A large Cu-Au mineralized horizon traced by drilling for approximately 1.6 km along strike and up to 150 m in width, hosted mainly within mafic volcanic rocks. Historical drilling returned broad mineralized intervals and higher-grade zones, including 8 m at 1.12 g/t Au and 0.93% Cu, with 3 m at 2.90 g/t Au and 2.16% Cu. Historical reports also indicate a broad presence of tungsten in the mineralized system with assay result reaching 0.1% W. the most recent historical report indicates that the C52 Zone remains open both at depth and along strike.

Mitlin Zone

A Cu-Au-Ag occurrence with a surface channel sampling returned up to 1 m at 13.17 g/t Au, 8.15% Cu and 45.9 g/t Ag. A 300-400 m long copper soil anomaly with associated anomalous gold suggests potential for the mineralized horizon to extend beyond the known showing.

QET Zone

Located south of the C52 horizon, the QET occurrence hosts Cu-Au mineralization within two distinct units: a quartz-eye crystal tuff and a quartz-clast chloritic conglomerate.

Trenching returned 8.8 m at 0.32 g/t Au and 0.21% Cu and 7.0 m at 0.69 g/t Au and 0.32% Cu. Historical work indicates the QET units have not been fully defined along strike or at depth, leaving additional exploration potential.

Bear Island

A felsic-dominated volcanic sequence containing anomalous Cu and Zn, with interbedded cherty oxide-facies iron formation and characteristics interpreted historically as potentially polymetallic massive-sulphide related. Historical drilling returned broad anomalous intervals, including 20 m averaging 753 ppm Zn with 1 m at 0.79% Zn, as well as Cu-anomalous zones up to 48 m thick. The zone remains underexplored, and the historical report recommended deeper drilling along strike and down dip to test for larger, potentially higher-grade sulphide lenses.

Cyr Zone

A high-grade Cu-Au-Ag occurrence located west of the Bear Island horizon and hosted within the broader polymetallic mineralized system. Historical channel sampling returned 3.0 m at 2.77% Cu, 0.98 g/t Au and 32.5 g/t Ag. The mineralized lens also shows molybdenum enrichment, suggesting a more complex polymetallic signature and additional exploration potential.

Barrage Occurrence

A sulphidic tuff horizon containing pyrite, chalcopyrite, pyrrhotite and magnetite, with reportedly visible gold. Best assays in drilling returned 13.05 g/t Au, 13.4 g/t Ag and 1.94% Cu over 0.74 m, within a zone containing 5.35 g/t Au over 1.9 metres.

Terms of the Option

The transaction provides NeoTerrex with the opportunity to acquire 100% of the Reservoir Project through staged exploration expenditures and cash payments. Table 1 below provides details for the proposed terms.

Table 1: Terms of Option

Upon NeoTerrex earning a 100% interest, Fury will retain a 2% net smelter returns royalty (" NSR "), of which NeoTerrex will have the right to purchase one-half, representing a 1% NSR, for $1.0 million at any time until commercial mine production.

NeoTerrex will act as operator throughout the earn-in period and thereafter for so long as it maintains a majority interest.

The non-binding LOI and Term Sheet contemplate completion of due diligence and the negotiation and execution of a definitive option agreement incorporating the terms of the proposed transaction. The acquisition of any interest in the Reservoir Project remains subject to, among other things, satisfactory due diligence, negotiation and execution of a definitive option agreement, and acceptance of the TSX Venture Exchange, if required. Certain provisions of the LOI, including those relating to the negotiation of a definitive option agreement, expenses, exclusivity, due diligence and confidentiality, are binding. No finders' fees are payable in connection with the Agreement.

Qualified Person and Disclosure

The technical and scientific information contained in this news release has been reviewed and approved by Mathieu Stephens, P.Geo., President and Chief Executive Officer of NeoTerrex Minerals Inc., a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The historical exploration information disclosed above is sourced from historical assessment and exploration reports for the Reservoir Project, more specifically reports GM55724 (Brown, 1997) and GM68252 (Frappier-Rivard, 2013). The information is historical in nature. The Company's qualified person has not independently verified the historical information, including the underlying sampling and analytical data, and the Company is not treating the historical information as verified. The Company nevertheless considers the historical information relevant as an indication of the exploration potential of the Reservoir Project, but additional work will be required to verify the historical data. Reported drilling widths are drill-core lengths and reported trench and channel widths are the length of the cut sample(s) at surface. Unless otherwise stated, true widths are not known.

About NeoTerrex Minerals Inc.

NeoTerrex Minerals Inc. is a Canadian exploration company focused on advancing critical mineral and precious metal projects in Québec. The Company is actively exploring its portfolio of tungsten, copper, gold and rare earth element projects with the objective of creating shareholder value through discovery and development.

For further information, please contact: NeoTerrex Minerals Inc. Mathieu Stephens, President & Chief Executive Officer info@neoterrex.com 343-308-2648

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "objective", "potential", "proposed" and "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, statements or information with respect to: NeoTerrex's future plans, objectives or goals; the completion of due diligence and negotiation and execution of a definitive option agreement; the exercise of the Option and the staged expenditures, cash payments and ownership milestones described herein; the NSR royalty and the related buy-back right; NeoTerrex acting as operator of the Reservoir Project; acceptance of the TSX Venture Exchange, if required; and the potential of the Reservoir Project. The forward-looking information is based on a number of factors, expectations and assumptions which have been used to develop such information, and which may prove to be incorrect. Such material factors, expectations and assumptions include, but are not limited to: the ability of the parties to negotiate and execute a definitive option agreement on the terms contemplated by the LOI; the results of due diligence; the availability of financing to fund the required expenditures and cash payments; the receipt of all necessary regulatory, exchange and third-party approvals; and the accuracy of historical exploration data. Readers are cautioned that the foregoing list is not exhaustive of all factors, expectations and assumptions which have been used. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such information, including, without limitation: the failure to complete due diligence or to negotiate and execute a definitive option agreement; the failure to satisfy the conditions to, or to make the expenditures and payments required to exercise, the Option; the failure to obtain, or delays in obtaining, required regulatory or TSX Venture Exchange acceptance, if required; risks that historical exploration results are not indicative of current or future results and have not been verified by a qualified person; commodity price volatility; exploration, development and operating risks; and general market, economic and financing conditions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that the forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this news release is made as of the date specified in this news release and the Company does not undertake any obligation to update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are cautioned not to place undue reliance on the forward-looking information because the Company can give no assurances that they will prove to be correct.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310354

TMX Newsfile

August 19, 2026 - 4:03 AM PDT

News by QuoteMedia

www.quotemedia.com