Ridgeline and South32 Ink Exploration Earn-In Deal of Selena Project at Nevada

Ridgeline Minerals Corp. has signed an earn-in agreement with South32, a leading mining company, to potentially acquire a significant stake in its Selena carbonate replacement deposit project. The Selena project is strategically located near Freeport-McMoRan's Butte Valley copper porphyry project, offering potential for significant copper mineralization. This partnership with South32 provides Ridgeline with a valuable opportunity to advance the development of its Selena project and unlock its potential value.

To secure an initial 60% ownership interest in the Project, South32 is required to make a US$100,000 execution payment to Ridgeline and commit to funding at least US$10.0 million in qualifying exploration expenditures over the first five years, with US$2.0 million guaranteed. After this initial term, South32 has the option to increase its ownership stake to 80% by investing an additional US$10.0 million, bringing the total expenditure to US$20.0 million. Ridgeline will continue to operate the Project during the Initial Phase 1 Earn-in Option period.

The initial year's work program is structured to fulfill the US$500,000 minimum spending requirement outlined in the earn-in agreement. Ridgeline has partnered with South32 to conduct a ground magnetotelluric (MT) geophysical survey at the Chinchilla Sulfide target. The survey is expected to be completed by the end of the year. Additionally, the program includes drilling and installing a production water well, which has already been permitted by Ridgeline.

Chad Peters, Ridgeline’s President, CEO, and Director, expressed his enthusiasm about partnering with South32, marking the third earn-in agreement with a major mining company in Ridgeline's exploration portfolio. He emphasized that the Selena project holds significant potential in the base metal sector and highlighted South32 as the ideal partner to accelerate the advancement and de-risking of their high-grade CRD discovery at Selena.

Mr. Peters further explains that Ridgeline's combined earn-in agreements with South32 and Nevada Gold Mines offer up to $60 million in potential exploration expenditures across the Selena, Swift, and Black Ridge projects. He highlights that these agreements include non-dilutive, debt financing options, allowing Ridgeline to retain a 20% to 25% interest in each project as they advance to production. This strategic setup provides Ridgeline with a balanced portfolio, offering both leveraged discovery potential through partnerships and 100%-owned opportunities, led by their flagship Big Blue porphyry copper project.

Selena, located in White Pine County, Nevada, approximately 64 kilometers north of Ely, shares a property boundary with the Butte Valley project, where Freeport-McMoRan is involved in a US$33.0 million earn-in agreement with Falcon Butte Minerals to potentially acquire up to 80% ownership. The Selena Project itself is under an earn-in agreement with South32 for up to US$20.0 million and spans 39 km² of promising exploration ground. The area includes Ridgeline's Chinchilla discovery, known for shallow oxide Ag-Au ± Pb-Zn, and further drilling suggests potential high-grade CRD-type mineralization between Chinchilla and the adjacent Butte Valley porphyry.