Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - Allegiance Resources Corp. (CSE: ALLG) (FSE: BG5) ("Allegiance" or the "Company") is pleased to announce that it has completed the acquisition (the "Transaction") of a 100% interest in the Thanksgiving, Five T's and Rio Grande tungsten projects in British Columbia (collectively, the "Properties"), as previously announced on October 13, 2026.
The Properties comprise 14 mineral claims covering approximately 1,905 hectares near Revelstoke and Shuswap Lake, British Columbia. With the Golden Scheelite project in Nevada, Allegiance now holds four tungsten projects covering approximately 2,046 hectares in Canada and the United States.
Transaction Terms
The Transaction was completed under an asset purchase agreement dated September 27, 2026 (the "Agreement") with the registered holders of the mineral claims (the "Claim Holders") and certain other vendors (collectively with the Claim Holders, the "Vendors").
On closing, the Company issued an aggregate of 1,200,000 common shares (the "Payment Shares") to the Vendors at a deemed price of $0.175 per Payment Share, for aggregate deemed consideration of $210,000. The Company paid the Claim Holders $30,000 in cash on execution of the Agreement and will pay a further $30,000 on March 27, 2027.
The Payment Shares are subject to a statutory hold period of four months and one day from closing. In addition, under the Agreement, 600,000 Payment Shares will be released four months and one day after closing, provided the transfer of the Properties has been registered in Mineral Titles Online, and the remaining 600,000 Payment Shares will be released ten months and one day after closing.
On closing, the Company granted:
- the Claim Holders a 2% net smelter returns royalty, of which the Company may purchase 1% for $1,000,000; and
- the other Vendors a 1% net smelter returns royalty, of which the Company may purchase 0.5% for $500,000.
Each purchase right may be exercised before commercial production. These royalty terms reflect the Agreement and replace the royalty terms described in the Company's news release dated October 13, 2026.
Beneficial ownership of the Properties passed to the Company on closing. The Claim Holders will hold registered title to the Properties in trust for the Company until the transfer is registered in Mineral Titles Online.
The Company has received an independent NI 43-101 technical report on the Thanksgiving property, prepared by Derrick Strickland, P.Geo., with an effective date of October 24, 2026, which has been filed under the Company's profile on SEDAR+.
No finder's fees were paid in connection with the Transaction.
About Allegiance Resources Corp.
Allegiance Resources Corp. (CSE: ALLG) (FSE: BG5), formerly Pegmatite One Lithium and Gold Corp., is a Canadian mineral exploration company focused on tungsten and other critical metals in established mining jurisdictions. The Company holds a 100% interest in the Thanksgiving, Five T's and Rio Grande tungsten projects in British Columbia and, through its wholly owned U.S. subsidiary, Wolfram Critical Minerals Inc., the Golden Scheelite Tungsten Project in Humboldt County, Nevada.
On behalf of the Board of Directors
Allegiance Resources Corp.
Kelly Abbott
President and Chief Executive Officer
For further information:
Kelly Abbott
President and Chief Executive Officer
[email protected]
1-877-892-7633
Cautionary Note Regarding Forward-Looking Information
Certain statements in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the registration of the transfer of the Properties in Mineral Titles Online, the release of the Payment Shares, the deferred cash payment and future exploration of the Properties. Forward-looking information is based on management's current expectations and assumptions, including that the Company will obtain its Free Miner Certificate and that the Claim Holders will complete the transfer of the Properties, and is subject to risks and uncertainties that could cause actual results to differ materially, including title and title transfer risks, availability of financing, and general economic and market conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking information except as required by applicable law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322664
Source: Allegiance Resources Corp.