Zeus North America Mining Corp. has announced the successful completion of its previously announced plan of arrangement with Kelso Mining Inc. The transaction, finalized on February 5, effectively spins off Zeus's Chlore Property in British Columbia to Kelso, while Zeus retains its working capital and continues operations as a junior exploration company.

This strategic move, initially disclosed on August 27, 2024, and further detailed in subsequent releases, allows Zeus to focus on its core exploration activities while providing Kelso with a dedicated platform to develop the Chlore Property. The property is situated in the Clore River Valley at about 55 kms east of Kitimat, British Columbia and 62 kms south-east near Terrace, BC. The 1,005 hectares of project boasts of a rich deposit of copper and molybdenum.

The culmination of the arrangement involved several key steps. Zeus distributed 394,621 common shares of Kelso (Spinco Shares) to Zeus shareholders on a pro rata basis. Shareholders received one Spinco Share for every 150 common shares of Zeus held as of the record date of January 29, 2025. This distribution provides Zeus shareholders with a direct interest in Kelso and the future potential of the Chlore Property.

Concurrently, Zeus transferred the Chlore Property assets to Kelso. Detailed information regarding these assets can be found in the Company's management information circular dated November 5, 2024, which was filed on SEDAR+ on November 15, 2024, under Zeus's SEDAR+ profile. This transfer allows Kelso to immediately commence development and exploration activities on the Chlore Property.

In conjunction with the spin-off, Kelso has become a reporting issuer in the provinces of British Columbia, Alberta, and Ontario. This status ensures regulatory compliance and transparency for Kelso's operations and its shareholders.

Zeus North America Mining Corp. retains its working capital and remains listed on the Canadian Securities Exchange under the symbol “ZEUS.” The company continues to operate as a junior exploration company and maintains its reporting issuer status in British Columbia, Alberta, and Ontario. This positions Zeus to pursue new exploration opportunities and further develop its existing projects.

Dean Besserer, President and CEO of Zeus, commented on the successful completion of the arrangement. The company believes this strategic move will unlock value for its shareholders by allowing dedicated focus on both the Chlore Property through Kelso and Zeus's ongoing exploration efforts.

This transaction represents a significant development for both Zeus and Kelso. The spin-off allows each company to concentrate on its respective strengths, with Zeus focusing on exploration and Kelso dedicated to the development of the Chlore Property.