On March 17, 2025, Sun Summit Minerals Corp. (“Sun Summit”) was granted a two-stage option to acquire up to a 100% interest in the mining property known as the “Theory project” located in the Toodoggone district in north-central British Columbia (the “Property”) pursuant to the terms of an option agreement between Sun Summit and Eagle Plains Resources Ltd. (“Eagle Plains”).
In order to exercise the first option to acquire a 75% interest in the Property (the “First Option”), Sun Summit will complete cash payments totaling $250,000 to Eagle Plains, issue an aggregate of 750,000 common shares of Sun Summit to Eagle Plains and incur an aggregate of $3,000,000 of exploration expenditures on the Property over a four-year period. Upon the exercise of the First Option, Sun Summit will obtain a 75% interest in the Property and Eagle Plains will retain a 2% net smelter returns royalty on the Property, which may be bought down to 1% through a cash payment of $1,000,000 to Eagle Plains. Following the completion of the First Option, Sun Summit may acquire the remaining 25% interest in the Property (the “Second Option”) by making an additional cash payment of $1,000,000 to Eagle Plains, half of which may be settled in common shares of Sun Summit. If the Second Option is not exercised following the completion of the First Option, Sun Summit and Eagle Plains will form a joint venture to further explore the Property, with Sun Summit holding a 75% interest and Eagle Plains holding a 25% interest in the joint venture on formation, and each party proportionately funding their share of expenditures on the Property.
Sun Summit is a mineral exploration company focused on the discovery, expansion and advancement of district scale gold and copper assets in British Columbia. Sun Summit’s diverse portfolio includes the JD and Theory projects in the Toodoggone region of north-central British Columbia, and the Buck Project in central British Columbia.
Further details regarding Sun Summit and the Property can be found on Sun Summit’s website. Sun Summit trades under the symbol “SMN” on the TSX Venture Exchange.
