Hertz Energy Announces Termination of Option Assignment Agreement

Rhea-AI Summary

Hertz Energy (CSE: HZ, OTCQB: HZLIF, FSE: QX1) has announced the termination of its Option Assignment Agreement with Brascan Resources, BHBC Exploracao Mineral, and RTB Geologia e Mineracao. This agreement, originally signed on August 4, 2023, would have allowed Hertz to acquire the Patriota Lithium Project in Brazil. With the termination, Hertz relinquishes its option to acquire the project and has no further obligations under the agreement. This move signifies a step back from expanding into lithium mining in Brazil.

Positive

• None.

Negative

• Termination of the Option Assignment Agreement for the Patriota Lithium Project signifies a missed opportunity for expansion into the lithium mining sector.
• Relinquishing the option to acquire the Patriota Lithium Project may impact future growth prospects in the lithium market.

Vancouver, British Columbia--(Newsfile Corp. - July 3, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) (the "Company" or "Hertz") announces that it has terminated the Option Assignment Agreement dated August 4, 2023 (the "Assignment Agreement") among the Company, Brascan Resources Inc., BHBC Exploracao Mineral LTDA, and RTB Geologia e Mineracao LTDA. Following the termination of the Assignment Agreement, the Company has relinquished its option to acquire the Patriota Lithium Project located in Brazil. The Company has no further obligation under the Assignment Agreement.

About the Company

The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the AC/DC Lithium Project, and the Snake Lithium Project. The Lucky Mica Project is 939 hectares located within the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26kms southeast of the Covette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Snake Lithium Project is 21,700 hectares located west of AC/DC near other notable projects including Harfang Exploration, Brunswick Exploration and Ophir. The Company's uranium projects include the Cominco Uranium Project located in Bathurst Inlet, Nunavut, Canada and its recent applications for Exclusive Prospecting Licenses in Namibia.

For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.

On Behalf of the Board of Directors

Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215290

FAQ

What did Hertz Energy announce on July 3, 2024?

Hertz Energy announced the termination of its Option Assignment Agreement for the Patriota Lithium Project.

What is the stock symbol for Hertz Energy?

The stock symbol for Hertz Energy is HZLIF.

What was the Option Assignment Agreement about?

The Option Assignment Agreement would have allowed Hertz Energy to acquire the Patriota Lithium Project in Brazil.

Who were the parties involved in the Option Assignment Agreement with Hertz Energy?

The parties involved were Brascan Resources, BHBC Exploracao Mineral, and RTB Geologia e Mineracao.

When was the Option Assignment Agreement originally signed?

The Option Assignment Agreement was originally signed on August 4, 2023.

What are the implications of the termination of the Option Assignment Agreement for Hertz Energy?

The termination means Hertz Energy will not acquire the Patriota Lithium Project and has no further obligations under the agreement.