Cosa Announces Option of Aurora Project to Traction Uranium for Over $10 Million in Consideration and Project Expenditures
Cosa Announces Option of Aurora Project to
Traction Uranium for Over $10 Million in
Consideration and Project Expenditures
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2026) -
Cosa Resources Corp. (TSXV:
COSA) (OTCQB:
COSAF)
(FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to report it has
signed an option agreement (the "
Agreement
") with Traction Uranium Corp. ("
Traction
")
(CSE: TRAC)
(OTCQB:
TRCTF) (FSE: Z1K)
pursuant to which Traction has a right to earn up to an 80% interest in
Cosa's Aurora uranium project ("
Aurora
" or the "
Project
") effective February 10, 2026.
Highlights
Total consideration and expenditure commitments for up to 80% of the Aurora Project includes
over $9 million in partner funded exploration, $1.5 million in cash payments, and 5 million shares of
Traction
Cosa to be initial project operator and collect an operator fee
Aurora has not been drilled since 1979 with few drill holes effectively evaluating basement
stratigraphy; geophysical work completed by Cosa has identified initial target areas
Keith Bodnarchuk, President and CEO of Cosa commented:
"Cosa's primary focus remains on testing
high-priority drill targets at the Darby and Murphy Lake North Joint Ventures with Denison Mines,
including the ongoing fully funded drill program at the Darby Project. Advancing Darby and Murphy
Lake North will continue to be a top priority for the Company, however we are committed to advancing
the remainder of our eastern Athabasca portfolio with dedicated partners. Aurora is well located in the
southeastern Athabasca Basin, and initial work by Cosa has identified several priority target areas.
We are excited to work with the team at Traction Uranium to advance Aurora."
About the Agreement
Traction can earn up to an 80% interest in the Aurora Project by sole funding work and completing cash
and share payments over five earn-in phases summarized in Table 1.
Table 1 - Aurora Option Terms
Exploration
Expenditures
Cash
Payments
Shares of
Traction
Traction
Total
Ownership
Deadline
Signing
$25,000
250,000
0%
Phase 1
$1,150,000
$75,000
500,000
20%
31 December 2026*
Phase 2
$2,000,000
$100,000
500,000
35%
31 December 2027
Phase 3
$2,000,000
$100,000
750,000
49%
31 December 2028
Phase 4
$2,000,000
$200,000
1,000,000
65%
31 December 2029
Phase 5
$2,000,000
$1,000,000
2,000,000
80%
31 December 2030
$9,150,000
$1,500,000
5,000,000
*Includes cash payments of $25,000 due 01 June 2026 and $50,000 due 31 December 2026
Upon completion of each of phases 2 through 5, Traction will have the option to continue the earn-in or
elect to enter a Joint Venture with Cosa. Traction is entitled to expedite the earn-in and advance the
exploration work plan as desired. Should Traction terminate the Agreement before completion of phases
1 and 2, all consideration paid to Cosa will be forfeited and Cosa's ownership of Aurora will revert to
100%. Cosa will be the initial operator for the earn-in and is entitled to charge an operator fee. If Traction
completes the earn-in requirements of Phase 4, it will have the option to assume operatorship of the
Project.
Shares of Traction that are issued to Cosa will be subject to a standard hold period of four months and
one day following the date of issuance, pursuant to Canadian securities regulations.
About Aurora
Aurora covers a 17-kilometre section of the southeastern rim of the Athabasca Basin located 16
kilometres east of Key Lake, the site of an operational uranium mill and past producing uranium mine,
and 40 kilometres south of the GMZ (Figure 1). Sandstone cover is expected to be less than 100 metres
thick in the northern third of Aurora and absent in the remainder. Though no diamond drilling has been
completed on the Project since 1979, review of historical drill hole logs has identified several zones of
hydrothermal alteration. Airborne gravity gradient and Versatile Transient Electromagnetic (VTEM)
surveying completed by Cosa in 2024 identified initial target areas at Aurora.
Next Steps
Property-wide airborne radiometric surveying is expected to commence once conditions permit and
follow up plans include ground-truthing, prospecting and surficial sampling. Cosa and Traction aim to
undertake drilling at Aurora in 2027.
Figure 1 - The Aurora Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/283497_c021519574d24aae_003full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The
portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated
joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to
established uranium corridors.
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines
(TSX: DML) (NYSE American: DNN) that has secured access to several additional highly prospective
eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains
exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022,
members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the
Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's
Gryphon deposit and held key roles in the founding of both NexGen and IsoEnergy.
The Company's focus throughout 2026 is drilling at the Darby and MLN projects in the eastern
Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and
Denison respectively. Drilling is ongoing at Darby and will evaluate target areas with anomalous
uranium, clay alteration, and historical mineralization intersected nearby. Drilling at MLN will follow up
2025 drilling which intersected broad zones of structurally controlled alteration over roughly 2 kilometres
of strike length.
About Traction Uranium Corp.
Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) (FSE: Z1K) is in the business of mineral
exploration and the development of discovery prospects in Canada, including its uranium project in the
world-renowned Athabasca Region.
Technical Disclosure
Historical drilling results from Aurora are available within the
Saskatchewan Mineral Assessment
Database
references 74H-0024, 74H07-0017, and 74H07-0031. Confirmatory relogging of these drill
holes has not been completed as the core storage locations are unknown or have been destroyed by
wildfire.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed
and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a
Qualified Person as defined under the terms of National Instrument 43-101.
Contact
Keith Bodnarchuk, President and CEO
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws
(collectively "forward-looking statements"). Forward-looking statements are typically identified by words
such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All statements that are not statements of historical fact
are forward-looking statements. Forward-looking statements in this press release include but are not
limited to statements regarding, the Company's exploration and development plans. Although the
Company believes any forward-looking statements in this press release are reasonable, it can give no
assurance that the expectations and assumptions in such statements will prove to be correct. Factors
that could cause actual results to differ materially from such forward-looking information include, but are
not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays
in obtaining required regulatory or governmental approvals, and other risks involved in the mineral
exploration and development industry, including those risks set out in the Company's management's
discussion and analysis as filed under the Company's profile at
www.sedarplus.ca
. Forward-looking
information in this news release is based on the opinions and assumptions of management considered
reasonable as of the date hereof, including the price of uranium and other commodities; costs of
exploration and development; the estimated costs of development of exploration projects; the
Company's ability to operate in a safe and effective manner and its ability to obtain financing on
reasonable terms. Although the Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are reasonable, undue reliance should not be
placed on such information. The Company disclaims any intention or obligation to update or revise any
forward-looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/283497