Tuesday, November 28, 2023

Vancouver, British Columbia based Lexston Mining Corporation (CSE:LEXT) (OTC:LEXTF) entered into the Project 176 and Project Itza Option Agreement dated November 27, 2023 with three optionors to acquire 100% interest in the uranium mineral property, generally known as "Project 176" (claim 103470) and “Project Itza” (claim numbers 103463, 103478 and 103465) located in the Thelon Basin in Nunavut and occupying a total area of 5661.93 hectares.

To exercise the option and earn the 100% interest in the Property, the Company has over a period of two years to pay a total of $400,000 and issue a total of 6,000,000 shares to the Optionors as follows:

upon the execution of the Agreement to pay $10,000;

sixty days from the date of the Agreement to pay $90,000 and issue 1,000,000 shares;

within one year from the date of the Agreement to pay $100,000 and issue 2,000,000 shares; and

within two years from the date of the Agreement to pay $200,000 and issue 3,000,000 shares.

According to the release, the Option is subject to a net smelter return royalty payable by the Company to the Optionors equal to one percent on the proceeds from production for all minerals derived from the Property. The Company may elect to purchase from the Optionors at any time one-half of the net smelter return royalty , upon the payment to the Optionors of $1,000,000.

The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects.  The Company has a mineral exploration project in British Columbia, Canada.

Shares are trading up 1 cent at 9 cents

Industry Competitors: Uranium Energy Corp. (NYSE: UEC), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and Denison Mines Corp. (NYSE: DNN) (TSX: DML)