Alaros Exploration Inc. Signs Letter of Intent to Acquire Tungsten Properties in Nevada

24.04.2026  |  Newsfile

Alaros Exploration Inc. (CSE: ALAR) (the "Company"), is pleased to announce it has entered into a letter of intent with 1001528518 Ontario Inc. (the "Target") on April 23, 2026, to acquire certain exploration leases for tungsten properties located in the state of Nevada, USA (the "Transaction", and such properties, the "Properties"). The Company intends to acquire the Properties by acquiring the Target, which is the lessee of the Properties.

Pursuant to definitive documentation to be entered into, the Company will issue an aggregate of 10,500,000 common shares, at a deemed issuance price of $0.05 per share, to the shareholders of the Target in exchange for all of the issued and outstanding shares of the Target. The Company currently has 15,391,557 common shares issued and outstanding. The Transaction values the Target at CDN $525,000.

The Properties comprise the Toy Property, consisting of 5 claims located in Churchill County, Nevada, and the Nightingale Property, consisting of approximately 223 acres in the Nightingale District within Pershing County, Nevada. The Nightingale district has a rich mining history dating back to the 1920s, when several small but high-grade tungsten mines operated along the 8-mile mineralised trend. Both properties have excellent year-round access via state and secondary roads, and close infrastructures within the Churchill and Pershing Counties of Nevada.

The Target holds exploration leases (with options to purchase) with Blacklight Holdings LLC of Nevado, the owner of the Properties. Pursuant to such agreements, the Target is required to make annual leasing payments of USD $50,000 over six years, and at any time during the term of the lease can purchase the Properties for USD $1.4 million.

The Target and the Company are arm's length to one another. Completion of the Transaction will not result in the creation of any new "control person", as such term is defined under the policies of the Canadian Securities Exchange. No finder's fees are payable in connection with the Transaction.

Upon completion of the Transaction, David Benavides, President of the Target, will join the Company's board of directors. Mr. Benavides is the founder of Montana Strategic Resources, a company focused on structuring and advancing mining projects for Canadian capital markets. He has cross-border experience in the development and structuring of resource projects, and holds a degree in international business from the British Columbia Institute of Technology.

Completion of the Transaction is subject to a number of closing conditions, including due diligence, the entering into of mutually acceptable definitive documentation, and regulatory and (if applicable) shareholder approval. There can be no assurance that definitive documentation will be successfully negotiated or entered into, or that the Transaction will be completed.


About Alaros Exploration Inc.

The Company is engaged in the business of mineral property exploration and development. The Company has the exclusive option to acquire a 100% interest, subject to a 3% net smelter returns royalty, in the Birk Creek Property, which collectively consists of 13 mineral claims covering approximately 2786 hectares located in the Kamloops Mining Division, British Columbia.



For further information please contact:

Alaros Exploration Inc.
Alex Norton, President, Chief Executive Officer, and Director
Phone: (778) 902-2527
Email: alaros.inc@yahoo.com



The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.


Cautionary Statement Regarding Forward-Looking Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of any proposed mine and process facilities, capital and operating expenditures, the timing of receipt of permits, rights and authorizations, and any and all other timing, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions, as such matters may be applicable. There can be no assurance that the transactions described herein will be completed as proposed, or at all. Readers are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Source: Alaros Exploration Inc