FORM 7 – MONTHLY PROGRESS REPORT January 2015 Page 1 FORM 7 MONTHLY PROGRESS REPORT Name of Listed Issuer
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: Idaho Champion Gold Mines Canada Inc. (the “Issuer” or the “Company”).
Trading Symbol: ITKO (OTCQB: GLDRF) (FSE: 1QB1)
Number of Outstanding Listed Securities: 204,873,423 Common Shares
Date: April 30, 2023
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive, disclose this fact.
2. Effective April 13, 2023, the Issuer announced signing definitive agreements (the “Definitive Agreements”) to complete previously announced acquisitions of the prospective properties in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec (the “Transactions”). Upon closing of the Transactions, the Company will control 846 contiguous claims covering 432 km2 in the La Grande Greenstone Belt, rich in lithium pegmatite.
Pursuant to the Definitive Agreements, Idaho Champion will acquire 492 claims for aggregate consideration of CAD$120,000 in cash, 11,200,000 common shares in the capital of the Company (“Common Shares”), and 1,750,000 warrants to purchase Common Shares priced at CAD$0.15 per Common Share for two years from the date of signing of the respective Definitive Agreement. Each of the vendors will retain a 2% net smelter royalty (“NSR”). The Company has the option to repurchase 1% of the NSR from the applicable vendor for CAD$1 million.
Effective April 18, 2023, the Issuer announce details for the Company’s upcoming Annual General and Special Meeting (“AGSM”) which will be held virtually on Thursday May 18, 2023 at 2:00 PM EDT. One of the main voting items will be a proposed name change to “Champion Electric Metals”, a name which would better reflect the Company’s transition into battery metals that started in 2022 and is now in full force. Following the name change, the Company will unveil the new branding and logo.
Effective April 24, 2023, the Issuer announce details announce that the Company signed a Binding Letter of Intent (the "LOI" or "Acquisition") to acquire the Des Bois Lithium Project in Quebec. The newly acquired claims are adjacent to the Company's existing property package and immediately to the north of it. Idaho Champion now controls 500.66 km2 in James Bay. The Des Bois Lithium Project comprises 134 claims totalling approximately 68 km2 with yearround access via the Trans Taiga Road and powerline infrastructure corridor. The Project lies within a volcano-sedimentary belt striking East-North-East, present with three units of felsic rocks: hornblende tonalite, granite, and pegmatite dykes. The 2022 field work by the previous owner mapped and sampled several large pegmatite outcrops (see Figure 2) - the pending results of the program will assist Idaho Champion in its spring field exploration efforts.
As part of the LOI, Idaho Champion will acquire 134 claims for cash consideration of $100,000, 6,000,000 common shares of the Company, and 3,000,000 warrants priced at CAD$0.20 for two years from the date of signing of the Definitive Purchase and Sale Agreement and claims transfer. Half of the common share consideration included in the LOI will incorporate a voluntary escrow of 18 months from the date of issuance. Additionally, the Vendors will retain a 2% net smelter royalty ("NSR"). The Company has the option to repurchase 1% of the NSR from the Vendors for $1 million.
As a condition of closing, the Company will issue 445,000 Common Shares in connection with the finder’s fees.
3. Provide a general overview and discussion of the activities of management.
See Section 1
4. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
N/A
5. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.
N/A
6. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties, including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship. N/A
7. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced. N/A
8. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
See Section 1
9. Describe the acquisition of new customers or loss of customers.
N/A
10. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
N/A
11. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.
N/A
12. Report on any labour disputes and resolutions of those disputes if applicable.
N/A
13. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
N/A
Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
N/A
Provide details of any securities issued and options or warrants granted. N/A
Security Number Details of Issuance Use of Issued Proceeds
1. State aggregate proceeds and intended allocation of proceeds.
14. Provide details of any changes in directors, officers or committee members.
N/A
15. Issuer’s market(s) or political/regulatory trends.
The Issuer will remain subject to general market trends that impact the junior resource sector, including the ability of junior resource companies to obtain financing.
Certificate Of Compliance
The undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.
3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated May 5, 2023
Helga Fairhurst
Name of Senior Officer
/s/ Helga Fairhurst
Signature
Corporate Secretary
Official Capacity
| Issuer Details Name of Issuer Idaho Champion Gold Mines Canada Inc. | For Month End April 30, 2023 | Date of Report YY/MM/D 23/05/05 |
| Issuer Address 2704 – 401 Bay Street, Box 4 | ||
| City/Province/Postal Code Toronto, ON M5H 2Y4 | Issuer Fax No. N/A | Issuer Telephone No. (416) 569-7092 |
| Contact Name Helga Fairhurst | Contact Position Corporate Secretary | Contact Telephone No.(647) 249-7668 |
| Contact Email Address [email protected] | Web Site Address www.idahochamp.com |