Lux Metals to Acquire High-Grade Gold La Grande Project in Quebec Vancouver, British Columbia - Lux Metals Corp. (TSXV: LXM) (“Lux” or the “Company”) is pleased to announce that it has entered into an option agreement dated
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November 11, 2025
Lux Metals to Acquire High-Grade Gold La Grande Project in Quebec
Vancouver, British Columbia - Lux Metals Corp. (TSXV: LXM) (“Lux” or the “Company”) is pleased to
announce that it has entered into an option agreement dated November 10, 2025 (the “Option
Agreement”) with La Pulga Mining Corp. (the “Optionor”) to acquire an undivided 100% interest in the
La Grande Project (“La Grande” or the “Project”), a high-grade gold project, located in the James Bay
region of Québec (see Figure 1) (the “Transaction”).
The Project is transected by the all-season Transtaiga Road, approximately 80 kilometres east of the
community of Radisson. La Grande comprises 15,357 hectares across two exclusive exploration right
(EER) blocks, covering more than 40 kilometres of prospective Archean greenstone belt within the La
Grande Subprovince (see Figure 2). The Project is road accessible year-round and is situated close to
hydroelectric power infrastructure
Transaction Highlights
• Lux granted an option to acquire a 100% interest in the La Grande Project, a high-grade
gold project strategically situated in the James Bay region of Quebec
• Notable historical drill results (see Figure 3) include1:
- 83.8 metres @ 7.95 g/t Au (LGS97-98)
- 38.5 metres @ 4.32 g/t Au (LGS98-125)
- 56.0 metres @ 2.73 g/t Au (LGS97-83)
- 36.0 metres @ 3.37 g/t Au (LGS97-103)
- 47.4 metres @ 2.06 g/t Au (LGS01-170)
- 37.0 metres @ 1.93 g/t Au (LGS12-224)
• Historical drilling has defined broad, continuous zones of gold mineralization beginning near
surface and extending to depths of approximately 300 metres , demonstrating excellent
continuity within the mineralized system.
• Gold mineralization is structurally controlled, predominantly associated with a regional eas t-
northern shear zone that transects the property.
• The Project spans 15,357 ha across 40 km of prospective Archean greenstone belt with
historical drilling focused on only a two-kilometre portion of the trend, leaving significant upside
potential along strike.
• Excellent infrastructure with year-round road access via the Transtaiga Road and proximity
to hydroelectric power and service centres in Radisson and the La Grande-4 (LG-4)
hydroelectric generating station.
1 Marleau, J., 2025. Assessment Report on the La Grande Project, Québec. Dahrouge Geological Consulting Ltd.
for Electric Elements Mining Corp., October 2, 2025
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Carl Ginn, President and CEO of Lux, stated: “La Grande represents a rare opportunity to secure a
district-scale land package in a proven gold belt. With multiple mineralized zones and a fertile regional
shear system extending across the property, the Project offers significant discovery potential. Our
exploration strategy will target high-grade zones both down plunge from historical drilling and along
untested surface targets along the broader 40-kilometer gold trend. ”
Figure 1. La Grande regional location map in James Bay, Quebec.
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Figure 2. La Grande Project map showing 40km of Archean gold trend, historic drilling and sampling results.
La Grande Project Highlights
The La Grande Project is notable for its large number of gold occurrences and the extent of past
exploration. More than a dozen named showings have been documented, including Zone 32, Pari, Ugo,
Brèche, Vein Zone, Mico, Milan, Orezone, and Wogogoosh. These mineralized zones occur in varied
geological contexts from broad shear-hosted quartz-carbonate systems several metres wide, to narrow
laminated quartz veins hosting exceptionally high gold grades. The Zone 32 system has been the most
extensively drilled t o date and demonstrates both wide, continuous zones of gold mineralization and
discrete high-grade intercepts.
The historical results indicate significant widths of mineralization from surface to depths of
approximately 300 m, with multiple holes ending in mineralization. While the majority of historical
drilling targeted the Zone 32 system, many other showings remain largely untested by drillin g despite
strong surface results from trenching and channel sampling.
From the mid -1990s through 2015, the La Grande Project saw sustained exploration, including
geological mapping, geophysics, geochemistry, trenching, and drilling Error! Bookmark not defined. . Over this
period, 253 diamond drill holes totaling 52,472 metres were completed, primarily on the Zone 32
system, alongside 235 trenches, 14,180 rock and channel samples, and 9,700 till samples. This work
defined multiple mineralized trends, returned significant high-grade intercepts, and established a large,
well-documented exploration dataset that provides a strong foundation for modern targeting.
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Figure 3. Longitudinal Section showing high-grade gold intercepts along 2 km mineralized trend at La Grande
Geology
La Grande Project is strategically located within a major, regionally extensive shear system developed
along the contact between the La Grande Tonalite and adjacent basaltic volcanic rocks. This structural
corridor, which transects much of the Project’s 40 + kilometre strike length, is recognized as the
principal control on gold mineralization in the region.
The tonalite–basalt contact is a particularly favourable host environment, as competency contrasts
between lithologies create enhanced fracturing and permeability during deformation, allowing gold -
bearing fluids to focus along these boundaries. Within the Project area, these structures range from
discrete high-strain zones only a few metres wide to broad shear corridors up to 30 metres in thickness.
Alteration is typically dominated by sericite, carbonate, and silica, with sulphide assemblages of pyrite,
pyrrhotite, and lesser chalcopyrite and arsenopyrite1. These features are consistent with orogenic gold
systems across the Archean greenstone terranes of the Canadian Shield.
Infrastructure
The Project has excellent year-round road access via the Transtaiga Road and is within close proximity
to hydroelectric power and service centres in Radisson and LG -4. Québec’s James Bay region is
consistently ranked among the top jurisdictions globally fo r mineral exploration and development,
offering a stable regulatory framework, modern infrastructure, and strong community and logistical
support.
Next Steps
Recent work has transformed the La Grande Project’s vast historical dataset into a modern, integrated
exploration dataset. All available geological, geochemical, geophysical, and drilling data have been
digitized, spatially validated, and compiled into a single database capable of supporting advanced 3D
geological modelling. This includes high -resolution drone-based LiDAR and orthophotography, which
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provide excellent topographic and structural control, as well as recent airborne and ground geophysical
surveys that refine the definition of prospective shear zones and associated alteration systems.
This integrated database will allow Lux to rapidly generate and prioritize drill targets by combining
historical results with modern structural interpretations, shortening the timeline from acquisition to
targeted drilling and reducing duplicate early-stage work.
All reported intervals are downhole core lengths; true widths are not known at this time. The drilling
results in this news release are from work conducted by Virginia Gold Mines between 1995 and 2015.
The data is considered historical in nature and has been compiled from public sources believed to be
accurate. The Company has not verified the historical drilling results, and therefore they should not be
relied upon.
Transaction Terms
Under the terms of the Option Agreement, the Company can earn a 100% interest in the Project, subject
to underlying royalties of 4%, by completing the following:
(a) a private placement of not less than C$2,000,000 (the “Financing”); and
(b) following completion of the Financing, issuing to La Pulga the number of common shares
of the Company (“Shares”) equal to 19.9% of the then outstanding Shares following such
issuance.
In the event the Company issues a technical report in accordance with National Instrument 43-101 (“NI
43-101”) by a “qualified person” (as defined in NI 43 -101) over any or all of the Project that
demonstrates “mineral resources” (as defined in NI 43 -101) of at least 500,000 ounces of gold
equivalent mineralization, the Company will issue to La Pulga 4,000,000 Shares. In the event the
Company issues a subsequent technical report in accordance with NI 43 -101 that demonstrates
additional “mineral resources” (as defined in NI 43-101) of at least 2,000,000 ounces of gold equivalent
mineralization, the Company will issue to La Pulga an additional 4 ,000,000 Shares. Notwithstanding
the foregoing, the Company will not issue any Shares to La Pulga to the extent that, after giving effect
to such issuance, La Pulga will hold in excess of 19.99% of the issued and outstanding Shares; provided
that, once the issuance of Shares to La Pulga would not be in excess of 19.99%, the Company will issue
such Shares to La Pulga as soon as reasonably practicable.
For so long as La Pulga holds at least 5% of the issued and outstanding Shares:
(a) La Pulga will have the right to designate one nominee for election or appointment to the Board
of Directors of the Company; and
(b) if the Company desires to sell, transfer or assign its rights in the Project to a third party, La Pulga
will have a right of first refusal to acquire such rights on the same terms and conditions which
the Company offers the same to a third party.
La Pulga’s first Board nominee will be Jean-Félix Lepage, who was elected as a director of the Company
at the Company’s shareholder meeting held on September 9, 2025.
The Transaction is subject to the final acceptance of the TSX Venture Exchange (the “ TSXV”). The
Transaction is not an “arm’s-length transaction” and therefore constitutes a “reviewable transaction”
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pursuant to TSXV Policy 5.3, as Jean-Félix Lepage, a director of the Company, is the CEO and a director
of La Pulga. No finders' fees will be paid in connection with the Transaction.
La Pulga may unilaterally terminate the Option Agreement if the Company fails to obtain the necessary
TSXV approvals within 60 days of the date of the Option Agreement or if the Company does not exercise
the Option prior to the date that is 120 days from the date of TSXV acceptance.
Qualified person
The technical content of this news release has been reviewed and approved by Jonathan Marleau ,
P .Geo., Senior Geologist at Dahrouge Geological Consulting Ltd ., an independent consultant of the
Company, and a Qualified Person pursuant to National Instrument 43-101.
On Behalf of the Board of Lux Metals Corp.
Carl Ginn
President and Chief Executive Officer
For more information, please contact 604-678-5308 or [email protected].
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
Cautionary Note regarding Forward-Looking Statements
This press release contains "forward -looking information" and "forward -looking statements" within the meaning
of applicable securities legislation. The forward -looking statements herein are made as of the date of this press
release only, and the Company does not assume any obligation to update or revise them to reflect new
information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans" , "expects" ,
"is expected" , "budgets" , "scheduled" , "estimates" , "forecasts" , "predicts" , "projects" , "intends" , "targets" , "aims" ,
"anticipates" or "believes" or variations (including negative variations) of such words and phr ases or may be
identified by statements to the effect that certain actions "may" , "could" , "should" , "would" , "might" or "will" be
taken, occur or be achieved. These forward-looking statements include, among other things: statements relating
to the complet ion of the Financing and the Transaction ; including TSXV approval and the closing of the
Transaction; and statements relating to the Project, including the Company’s future exploration plans.
Such forward-looking statements are based on a number of assumptions of the management of the Company,
including, without limitation : that the parties will obtain all necessary corporate and regulatory approvals and
consents required for the completion of the Transaction, including TSXV approval; that the other conditions to the
completion of the Transaction will be fulfilled; that the Company will be able to complete the Financing; and that
the Company will be able to complete planned exploration activities as anticipated.
Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other
factors which may cause the actual plans, intentions, activities, results, performance or achievements of the
Company to be materially different from any future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward -looking statements. Such risks include, without limitation:
the conditions to the consummation of the Transaction may not be satisfie d; the Transaction may involve
unexpected costs, liabilities or delays; the failure of the Company to complete the Financing; the failure of the
Company to obtain all requisite approvals for the Transaction, including the approval of the TSXV ; and the
completion of the Transaction may be adversely impacted by changes in legislation, changes in TSXV policies,
political instability or general market conditions.
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Such forward-looking information represents the best judgment of the management of the Company based on
information currently available. No forward -looking statement can be guaranteed and actual future results may
vary materially. Accordingly, readers are advised not to place undue reliance on forward -looking statements or
information. Neither the Company nor any of its representatives make any representation or warranty, express or
implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the
Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise,
to you or any person resulting from the use of the information in this press release by you or any of your
representatives or for omissions from the information in this press release.