Happy Creek Provides Corporate Update
Happy Creek Provides Corporate Update
October 10, 2025, Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY)
(“Happy Creek” or the “Company”) is pleased to announce the following corporate update.
Retirement of CFO / Appointment of New CFO
Richard Lee, CPA, CMA, is retiring and has stepped down as CFO and Corporate Secretary of
Happy Creek effective immediately. The Company thanks Mr. Lee for his over 15years of service
and wishes him well in his retirement.
The Company welcomes Mathew Lee, CPA, CA, of Manning Lee Management Inc. as new CFO
and Corporate Secretary of Happy Creek effective immediately.
Extension to Highland Valley Sale Agreement Terms
The Company has agreed with Metal Energy Corp. (TSX.V: MERG) (“Metal Energy”) to amend
the terms of the asset purchase agreement for the sale of the Highland Valley Project (the
“Amendment”).
The Amendment, dated August 27, 2025, provides a nine-month extension to milestone payments
and financing obligations included in the underlying asset purchase agreements (see Happy
Creek news releases dated October 4, 2024, for details).
The updated terms under the Amendment include:
1) Extension of $6 million of milestone equity payments as follows (based on a closing date
of November 6, 2024):
a) August 6, 2026, Metal Energy to issue $1.0 million in shares to Happy Creek
b) August 6, 2027, Metal Energy to issue $1.0 million in shares to Happy Creek
c) August 6, 2028, Metal Energy to issue $1.5 million in shares to Happy Creek
d) August 6, 2029, Metal Energy to issue $2.5 million in shares to Happy Creek
2) Extension of financing obligations (based on a closing date of November 6, 2024):
a) Metal Energy must complete an equity financing, raising a minimum of $1.5 million,
by August 6, 2026.
2
In consideration for entering in the Amendment, Metal Energy will make a cash payment of
$25,000 to Happy Creek within 5 days of Metals Energy completing its next financing and will
issue Happy Creek with 1,000,000 common shares , subject to TSX Venture Exchange (“TSX.V”)
approval,
Cariboo Project Royalty Agreements
The Net Smelter Return royalties (“NSR’s”) over the Company’s Cariboo Projects (Silverboss,
Hen/Art/DL, Fox) held by the original prospectors of the mineral tenements has been purchased
by unrelated third parties to the Company (the “Cariboo Royalty Buyers”).
On October 1, 2025, the Company entered into an agreement with the Royalty Buyers that
confirms the ownership of a 2.5% NSR over the original Cariboo Project mineral claims (original
20,000 hectares of Cariboo Project mineral claims acquired by Happy Creek in 2005) and
extinguishes the preexisting right the Company had to buy down 1% of the Cariboo Property NSR
by making a payment of $2,000,000 to the NSR holders (“HPY Buy Down Rights”).
In consideration for extinguishing the HPY Buy Down Rights, Happy Creek received a cash
payment of $25,000 from the Cariboo Royalty Buyers.
Issuance of Corporate Options
The Company announces the granting of 4,700,000 incentive stock options, pursuant to its stock
option plan, and subject to TSX.V approval, to directors, officers and consultants of the Company.
Each option is exercisable to purchase one common share of the Company at a price of $0.13
per share for a term of 5 years. All options vest upon grant.
On behalf of the Board of Directors,
“Jason Bahnsen”
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jason Bahnsen
Email: [email protected]
About Happy Creek Minerals Ltd.
Happy Creek is focused on making new discoveries and building resources in proximity to
infrastructure on the Company’s 100-percent-owned portfolio of diversified metals projects in
British Columbia.
3
Projects include the high-grade Fox Tungsten deposit, the Silverboss molybdenum-copper-gold-
silver project adjacent to Glencore’s closed Boss Mountain molybdenum mine and the adjacent
Hen-Art-DL gold and silver project.
On November 7, 2024, Happy Creek announced the closing of the sale of the Highland Valley
Copper Project to Metal Energy Corp. (TSX:V MERG) (“Metal Energy”). Happy Creek holds 9.9%
of Metal Energy issued capital and up to a 2.5% Net Smelter Return royalty on the Highland Valley
mineral claims.
Happy Creek is committed to responsible mineral resource development. The Company’s priority
is to build and sustain mutually beneficial relationships with Indigenous Communities in the
territories in which the Company explores.
Additional information relating to Happy Creek Minerals Ltd. may be obtained or viewed on the
SEDAR+ website at www.sedarplus.ca or on the Company’s website at
www.happycreekminerals.com.
Forward Looking Statement
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 this release.
This press release contains "forward-looking information" within the meaning of applicable securities laws,
including statements that address capital costs, recovery, grade, and timing of work or plans at the
Company’s mineral projects. Forward-looking information may be, but not always, identified by the use of
words such as "seek", "anticipate", “foresee”, "plan", "planned", "continue", "expect", “thought to”, "project",
"predict", "potential", "targeting", "intends", "believe", “opportunity”, “further” and others, or which describes
a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken,
occur or achieved. Statements also include those that address future mineral production, reserve potential,
potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of
mining, potential grades as well as to Happy Creek’s ability to fund ongoing expenditure, or assumptions
about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades,
favourable operating conditions, access, political stability, obtaining or renewal of existing or required
mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy
of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and
events that are not within the control of Happy Creek and there is no assurance they will prove to be correct.
Such forward-looking information involves known and unknown risks, which may cause the actual results
to materially differ, and/or any future results expressed or implied by such forward-looking information.
Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and
other materials found on the Company’s SEDAR profile at www.sedarplus.ca. Although Happy Creek has
attempted to identify important factors that could cause actual actions, events or results to differ materially
from those described in forward-looking information, there can be no assurance that such information will
prove to be accurate as actual results and future events could differ materially from those anticipated in
such statements. Happy Creek withholds any obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, unless required by law.