Springbok Ventures Options Maude Lake Property in Ontario

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2026) - Springbok Ventures Inc. ("Springbok" or the "Company") is pleased to announce that it has entered into an option agreement dated June 17, 2026 (the "Option Agreement") whereby Springbok has the option to earn a 100% interest in the Maude Lake Property, located in Pays Plat Area, Lower Aguasabon Lake Area and Priske Township, Thunder Bay Mining District (the "Maude Lake Property") from Transition Metals Corp. ("Transition Metals"), an arm's length vendor.

Pursuant to the terms of the Option Agreement, in order to acquire the 100% interest in the Maude Lake Property, Springbok must pay an aggregate of $400,000 in cash, issue common shares of Springbok ("Shares") and incur an aggregate of $3,000,000 in expenditures, as follows:

1. Pay $50,000 in cash and issue 300,000 Shares upon the signing of the Option Agreement.
2. Pay $50,000 in cash and issue $550,000 worth of Shares on the first anniversary of the Option Agreement.
3. Pay $100,000 in cash and issue $800,000 worth of Shares on the second anniversary of the Option Agreement.
4. Pay $200,000 in cash and issue $1,500,000 worth of Shares on the third anniversary of the Option Agreement.
5. Incur an aggregate of $250,000 in exploration expenditures on the Maude Lake Property prior to the first anniversary of the Option Agreement, an aggregate of $1,000,000 prior to the second anniversary, and an aggregate of $3,000,000 prior to the third anniversary of the Option Agreement.

The initial cash payment of $50,000 and the issuance of 300,000 Shares upon signing of the Option Agreement are firm commitments of Springbok. In addition, Springbok has agreed to grant to Transition Metals a 2.0% net smelter royalty on the portion of the Maude Lake Property that is not encumbered with an existing underlying royalty agreement and a 1.0% net smelter royalty on the portion of the Maude Lake Property that is encumbered with an existing underlying royalty agreement (together, the "Royalty"). Springbok has the right to purchase 0.75% of the unencumbered portion of the Royalty for $1,500,000 and 0.5% of the encumbered portion of the Royalty for $750,000, prior to commercial production, leaving Transition Metals with a 1.25% and 0.5% of the unencumbered and encumbered portions of the Royalty, respectively. In addition, if Springbok acquires a 100% interest under the Option Agreement, Springbok is required to pay Transition Metals $1,000,000 upon the completion of a feasibility study on the Maude Lake Property and $5,000,000 within 12 months of commercial production on the Maude Lake Property.

On behalf of the Board of Directors

SPRINGBOK VENTURES INC.

Alicia Krywaniuk
Corporate Secretary

Email: [email protected]
Tel: +1 (604) 609-6112

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information herein contain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include but are not limited to statements or information with respect to: the payment of cash, issuance of shares, incurrence of expenditures and additional payments upon meeting certain milestones.

Although management of the Company believe that the assumptions made and the expectations represented by such forward-looking statements are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: the Company may not be able to make such payments, issuances of shares, incurrence of expenditures or payment of additional amounts as required under the Option Agreement; the Company may determine that the Maude Lake Property may not be commercially viable; changes in general economic conditions or conditions in the financial markets; and risks related to general economic conditions.

The Company does not undertake to update any forward-looking information, except in accordance with applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302271