Comet Lithium Announces $1.25 Million Cash Sale Of Ducran Property Strategic Redeployment Of Capital Toward Pollux Property (Formerly Elmer East)
Comet Lithium Announces $1.25 Million Cash
Sale Of Ducran Property
Strategic Redeployment Of Capital Toward Pollux Property (Formerly Elmer East)
ROUYN-NORANDA, QC
,
Feb. 18, 2026
/CNW/ -
February 18, 2026
– Comet Lithium Corporation
(TSXV: CLIC; FSE: 8QY) ("Comet Lithium" or the "Corporation") is pleased to announce
that pursuant to an asset purchase agreement dated
February 18, 2026
(the "Agreement"), it has
completed the sale of its Ducran property (the "Ducran Property") to IAMGOLD Corporation
("IAMGOLD") for total cash consideration of
$1,250,000
, payable at closing.
Ducran Property Overview
The Ducran Property is a strategically located polymetallic exploration asset situated in the Chapais–
Chibougamau mining camp of Québec. At the time of sale, the Property comprised 49 registered
mining claims covering approximately 2,700 hectares of prospective ground within a historically
active polymetallic belt.
The Property has been the subject of past exploration work, including airborne geophysics (notably
VTEM surveys) and limited drilling targeting sulphide-bearing conductors. This work outlined
favourable geological settings prospective for multiple metals.
Transaction Details
Under the terms of the Agreement, IAMGOLD acquired 100% of Comet's interest in the Ducran
Property for a one-time cash payment of
$1,250,000
.
In connection with the closing of the transaction, Comet also completed an amendment and
settlement with the original property vendor, which included:
a cash payment of
$120,000
to the original property vendor pursuant to the original property
agreement;
confirmation that the existing royalty remains in good standing; and
the transfer of the royalty buyback rights to IAMGOLD, such that any future buyback is now
attributable solely to IAMGOLD.
Following closing, Comet retains no ownership interest or ongoing obligations with respect to the
Ducran Property.
Strategic Rationale and Use of Proceeds
"This transaction represents an excellent monetization of a non-core asset in our portfolio," said
Vincent Metcalfe
, President and Chief Executive Officer of Comet Lithium Corp. "The proceeds from
the sale provide non-dilutive capital that will be directed toward advancing our flagship discovery at
Pollux, formerly known as
Elmer East
."
Mr. Metcalfe added: "Pollux continues to deliver compelling exploration results, and we see
significant upside potential as we advance the project. This monetization allows us to focus capital
where we believe it will generate the strongest long-term value for shareholders.
About the Pollux Project (formerly
Elmer East
)
The Pollux Project is Comet Lithium's priority discovery in the
James Bay
region of Québec and
represents a rapidly evolving lithium–cesium–tantalum (LCT) pegmatite system. The project was
renamed from
Elmer East
to Pollux to reflect the Corporation's improved geological understanding of
the system and the growing importance of cesium-bearing mineralization, including the identification
of pollucite, the principal ore mineral of cesium.
Recent exploration work has confirmed the presence of highly evolved pegmatites, a key geological
hallmark of fertile LCT systems capable of hosting lithium, cesium, and tantalum mineralization. The
recognition of cesium mineralization at Pollux is considered significant, as cesium is a rare and
strategically important critical mineral with limited global sources.
The name Pollux was selected as a deliberate reference to pollucite, the primary cesium mineral,
and aligns with Comet Lithium's corporate identity while underscoring the project's emerging multi-
commodity potential.
Qualified Person
Vincent Cardin-Tremblay
, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec,
and
Ontario
is Vice President Exploration to Comet Lithium, is a qualified person
under
National
Instrument 43
101
– Standards of Disclosure for Mineral Projects.
He has reviewed the technical
contents of this news release and has approved the disclosure of the technical information contained
herein.
About Comet Lithium Corporation
Comet Lithium is a dynamic exploration company with a growing portfolio of highly prospective
assets located in Québec, including several properties in the prolific
James Bay
District. The
Company's land package includes the Liberty Property, located adjacent to Winsome Resources'
Adina lithium discovery, and the Troilus East Property, positioned next to Troilus Gold's gold-copper
project. Comet's strategy is focused on systematic exploration and unlocking the value of its diverse
property portfolio through targeted fieldwork and strategic partnerships. Comet Lithium has
29,710,953 common shares outstanding.
Forward-Looking Statements
This news release contains certain statements that may constitute "forward-looking information"
within the meaning of applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements regarding the Corporation's plans to advance the Pollux
Property, the use of proceeds from the Ducran transaction, and the timing, scope and results of
future exploration activities.
Forward-looking information is generally identified by the use of words such as "may", "would",
"could", "will", "believe", "expect", "anticipate", "intend", "plan" or similar expressions. Such forward-
looking information is based on management's reasonable assumptions and expectations as of the
date of this news release and is subject to known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those anticipated.
These risks and uncertainties include, but are not limited to, risks related to exploration activities,
market conditions, regulatory approvals, and those risks described in the Corporation's public
disclosure documents available on SEDAR+ at
www.sedarplus.ca
.
Although the Corporation believes that the expectations reflected in the forward-looking information
are reasonable, no assurance can be given that such expectations will prove to be correct. The
Corporation does not undertake to update or revise any forward-looking information, except as
required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
the release.
147 Québec Avenue (back door)
Rouyn-Noranda
, Québec J9X 6M8
Email:
Website:
CometLithium.com
SOURCE
Comet Lithium Corporation
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http://www.newswire.ca/en/releases/archive/February2026/18/c8576.html
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For further information:
For further information: Comet Lithium Corporation, Vincent Metcalfe,
Chairman and CEO, [email protected], +1.514.249.9960
CO: Comet Lithium Corporation
CNW 17:02e 18-FEB-26