Magna Terra Announces Amendment to Great Northern Project Option Agreement
Toronto, Ontario--(Newsfile Corp. - March 18, 2026) - Magna Terra Minerals Inc. (TSXV: MTT) ("Magna Terra" or the "Company") announces that it has completed an amendment to the Purchase Option Agreement dated May 28, 2024, and amended June 10, 2024 (the "Option Agreement") with Gold Hunter Resources Inc. (CSE: HUNT) ("Gold Hunter") regarding the Great Northern Project ("Great Northern" or the "Project") in Newfoundland. The original Option Agreement (please refer to the press release dated May 29, 2024) was structured over a two-year option period, whereby Gold Hunter would pay gross proceeds of $9.5 million to earn a 100% interest in the Project as follows: Term Cash Share Value Total Value Exclusivity (Paid) $75,000 $0 $75,000 On signing (Paid) $300,000 $1,000,000 $1,300,000 1st anniversary (Paid) $450,000 $2,750,000 $3,200,000 2nd anniversary $675,000 $4,250,000 $4,925,000 Total $1,500,000 $8,000,000 $9,500,000 Under the amended Option Agreement, the term of the option period has been extended by two years, with an additional $575,000 in gross proceeds for a total of $10.075 million under the following amended payment terms: Term Cash Share Value* Total Value Exclusivity (Paid) $75,000 $0 $75,000 On signing (Paid) $300,000 $1,000,000 $1,300,000 1st anniversary (Paid) $450,000 $2,750,000 $3,200,000 On signing of amendment $1,250,000 $1,250,000 $2,500,000 3rd anniversary $1,000,000 $1,000,000 $2,000,000 4th anniversary $500,000 $500,000 $1,000,000 Total $3,575,000 $6,500,000 $10,075,000 *Gold Hunter, in its sole discretion, can pay the Share Value payments due on the 3rd and 4th anniversary in cash or a combination of cash and shares.
Mar 18, 2026 | www.newsfilecorp.com
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