Rover Metals Provides Detailed Terms FOR the Indian Mountain Lake Acquisition, NT, Canada
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ROVER METALS PROVIDES DETAILED TERMS FOR THE INDIAN MOUNTAIN LAKE
ACQUISITION, NT, CANADA
Vancouver, British Columbia – (September 22, 2022) – Rover Metals Corp. (TSXV: ROVR) (OTCQB:
ROVMF) (FSE:4XO) (“Rover” or the “Company”) at the request of the Toronto Venture Exchange (“TSXV”),
and further to its release of August 16, 2022 and September 14, 2022, the Company is providing more detailed
disclosure with respect to the terms of its option agreemen t for a staged -ownership of up to 90% of the Indian
Mountain Lake Volcanic-Massive-Sulphide project (the “Option Agreement”).
Terms of the Indian Mountain Lake Option Agreement
In accordance with the terms of the Option Agreement, during the first year following the date of the Option
Agreement, the Company has committed to incurring $200,000 in exploration expenditures on the project and
making a cash payment of $20,000 to Panarc Resources Ltd. (“Panarc” or the “Optionor”). In addition, and subject
to the approval by the TSXV, Rover will issue Panarc an aggregate of 3,500,000 common shares in the capital of
the Company (the “Common Shares”) within six months of the signing of the Option Agreement. The Common
Shares, if authorized for issuance by the TSXV, will be subject to the standard four-month regulatory hold period.
Within the first 24 months of the Option Agreement, the company has committed to making an additional
$1,800,000 in exploration expenditures on the project, and a cash payment of $100,000 to Panarc. The Company
will have earned a 51% carried interest in the project (the “First Option”) after fulfilling its year two requirements.
The additional staged ownership milestones, for up to a 90% ownership interest are as follows:
Second Option
To earn the second option, a carried ownership of 65% (the “Second Option”), the Company will:
• on or bef ore the third anniversary of the Option Agreement, mak e a cash payment to the Optionor of
$150,000;
• on or before the fourth anniversary of the Option Agreement, make a cash payment to the Optionor of
$200,000;
• disclose a “mineral resource” as defined in National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) for the Property and making cash payments to the Optionor as follows:
(i) $50,000 within 120 business days of such technical disclosure; provided, that the Company only
moves the existing “historic estimate” (as defined in NI 43-101) to the “inferred mineral resource”
(as defined in 43-101) category (both the August 16, 2022 and September 14, 2022, news releases
make reference to the historical estimate).
(ii) of an additional $350,000 within 120 business days of such technical disclosure, provided that
the historic estimate resource can be upgraded to an inferred mineral resource that is more than the
historical estimate resource.
Upon achieving the above milestones, the Company will have earned the Second Option.
Third Option
To earn the third option, a carried ownership interest of 75% (the “Third Option”), the Company will:
• Obtain a preliminary economic assessment on the property and, within 30 business days of the receipt of
such preliminary economic assessment, make a cash payment to the Optionor of $500,000.
Upon achieving the above milestones, the Company will have earned the Third Option.
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Fourth Option
To earn the fourth and final option, a 90% carried ownership interest in the project, the Company will:
• obtain a feasibility study on the property and, within 30 business days of the receipt of such feasibility
study, making a cash payment to the Optionor of $637,600.
Upon achieving the above milestones, the Company will have earned the Fourth Option.
An updating release will be provided once the Company has received final approval from the TSXV for the Indian
Mountain Lake Option Agreement.
About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB
under symbol ROVMF, and on the FSE under symbol 4XO . The Company is now developing both: (1) critical
minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of
Canada and the U.S. Five of the Company’s mineral resource development projects are located near to the city of
Yellowknife, 60th parallel, Canada.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: [email protected]
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward -looking statements." Such forward -looking
statements involve known and unknown risks, uncertainties and other factors that may cause Rover's actual results,
performance or achievements, or deve lopments in the industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward -looking statements. Forward -looking
statements are statements that are not historical facts and are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions,
or that events or conditions "will," "would," "may," "could" or "should" occur. There can be no assurance that such
statements prove to be accurate. Actual results and future events could differ materially from those anticipated in
such statements, and readers are cautioned not to place undue reliance on these forward -looking statements. Any
factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to
update these forward -looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.
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THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT
AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.