International Zeolite Enters an Amended and Restated Mining Operations and Option Agreement

Rhea-AI Summary

International Zeolite has entered into a new Amended and Restated Mining Operations and Option Agreement with Progressive Planet. The agreement stipulates that Progressive Planet will make two final quarterly payments of $31,000 each to increase its stake in the Bromley Creek Zeolite Mine to 31%. Simultaneously, the option agreement for the Sun Group Zeolite Mineral Claims will be terminated, and Progressive Planet's 2.5% ownership in the Sun Group will convert to an additional 2.5% ownership in Bromley Creek. International Zeolite will resume 100% ownership of the Sun Group Mineral Claims. The companies plan to collaborate on sales strategy and customer identification for Bromley Creek. Progressive Planet will remain the operator of the Bromley Creek Mine.

Positive

• Progressive Planet to increase its ownership in Bromley Creek Zeolite Mine to 31%.
• International Zeolite to resume 100% ownership of the Sun Group Mineral Claims.
• Both companies to collaborate on sales strategy and identifying potential customers for Bromley Creek.
• Progressive Planet's continued role as the operator of Bromley Creek ensures operational consistency.

Negative

• Termination of the option agreement for the Sun Group Zeolite Mineral Claims may limit future expansion options for Progressive Planet.
• Progressive Planet required to make additional payments, totaling $62,000, which may impact its short-term cash flow.

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - International Zeolite Corp. (TSXV: IZ) (OTC Pink: IZCFF) (FSE: ZEON) (the "Company"), is pleased to announce the Company and Progressive Planet (PP) have entered into a new Amended and Restated Mining Operations and Option Agreement. PP is currently making payments of $31,000 per quarter to increase its Bromley Creek Zeolite Mine ownership. The new Agreements involves PP making two final quarterly payments. Relatedly, International Zeolite and PP have agreed to terminate their option agreement for the Sun Group Zeolite Mineral Claims. PP's existing 2.5% ownership in the Sun Group will be converted to an incremental 2.5% ownership in Bromley Creek. After making the two final quarterly payments required on the Bromley Creek Mine and the transfer of the 2.5%, PP will have a stake of 31% of the Bromley Creek Mine. Progressive Planet will remain the operator of the Bromley Creek Mine.

"Bromley Creek Mine is a superb zeolite source, and we have no intention of selling or reducing our current 31% interest," said Steve Harpur, CEO PP. Under the terms of the amended agreement International Zeolite and PP have agreed to meet regularly to determine sales strategy and identify potential customers.

Ray Paquette, CEO International Zeolite states, "resuming a 100% ownership in the Company's Sun Group Mineral Claims represents a tremendous opportunity for future development."

About International Zeolite Corp.

International Zeolite Corp. is committed to creating sustainable solutions for agriculture, industry, and consumers.

On Behalf of the Board
"Ray Paquette"
CEO
604.684.3301

For further information, please visit www.internationalzeolite.com
For Investor Inquiries info@internationalzeolite.com

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. International Zeolite does not assume the obligation to update any forward-looking statement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211368

FAQ

What is the new agreement between International Zeolite and Progressive Planet about?

The new agreement involves Progressive Planet making two final quarterly payments to increase its stake in Bromley Creek Zeolite Mine to 31% and converting its 2.5% ownership in the Sun Group to Bromley Creek.

What happens to the Sun Group Zeolite Mineral Claims?

The option agreement for the Sun Group Zeolite Mineral Claims is terminated, and International Zeolite resumes 100% ownership.

What is the financial commitment of Progressive Planet in the new agreement?

Progressive Planet will make two final quarterly payments of $31,000 each.

Who will operate the Bromley Creek Zeolite Mine?

Progressive Planet will continue to operate the Bromley Creek Zeolite Mine.

What is the future collaboration between International Zeolite and Progressive Planet?

Both companies will meet regularly to determine sales strategies and identify potential customers for Bromley Creek.