Lithium Corporation signs option agreement on rare earth prospect
Mineral exploration company Lithium Corporation has announced the execution of an option agreement on the company's Las Pilas prospect, in southern British Columbia, Canada, where enriched rare earth element (REE) mineralisation has been identified.
Under the terms of the agreement, and subject to regulatory approval, Lithium Corporation says mineral exploration company Ridgestone Mining will pay Lithium Corporation $315 000, issue 500 000 common shares to the company, and complete $600 000 in exploration expenditures over the next three years to earn a 100% interest in the property.
The optioned interest is subject to a 2% net smelter return royalty retained by Lithium Corporation, preserving long-term exposure to potential future production while optimising near-term capital efficiency.
"This agreement establishes a clear pathway for advancing Las Pilas under a committed exploration program, while enabling the company to concentrate technical and financial resources on our Yeehaw REE property, the newly staked Midway Range REE prospect in the general area, and ongoing generative work planned for the summer 2026 field season.
“Ridgestone's involvement will accelerate the evaluation of Las Pilas and deepen our understanding of REE-enriched Eocene intrusive systems in southern British Columbia,” says Lithium Corporation president Tom Lewis.
The company says it looks forward to supporting technical advancement at Las Pilas through its retained royalty position while progressing priority exploration initiatives across its growing critical minerals portfolio.
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