Portofino Resour - PFFOF STOCK NEWS

Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) has announced plans to settle outstanding debt through a shares-for-debt arrangement. The company has executed agreements with arms-length creditors to settle up to $205,000 in debt by issuing 20,500,000 common share Units at $0.01 per Unit.

Each Unit will consist of one share and one-half warrant, with a full warrant being convertible into one share at $0.05 per share for a two-year period from closing. The transaction requires TSX Venture Exchange approval to proceed.

Portofino Resources (TSXV: POR) (OTC: PFFOF) is seeking TSX Venture Exchange approval for a one-year extension of 21,875,000 common share purchase warrants. The warrants, exercisable at $0.10, include 13,000,000 warrants expiring November 03, 2024, and 8,875,000 warrants expiring November 29, 2024. These warrants were originally issued as part of a non-brokered private placement of 23,500,000 Units priced at $0.04/Unit, with 1,625,000 warrants previously exercised at $0.06 during the first year. If approved, the new expiry dates will be November 03 and November 29, 2025.

Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) has provided an update on its priority projects and corporate activities. The company is re-activating a drill permit for its South of Otter Gold Project in Red Lake, Ontario, following Kinross Gold Corp.'s positive PEA announcement for the nearby Great Bear project. Portofino is also preparing a new work program and budget for South of Otter.

For the Gold Creek Property in Thunder Bay, Ontario, Delta Resources has applied for an exploration and drilling permit. Portofino continues discussions with potential partners to advance its Yergo Lithium Project in Argentina to the drilling stage. The company also announced the resignation of director Kenneth Cawkell and the termination of the Greenheart Lake, Ontario lithium property agreement.

Portofino Resources has initiated discussions with multiple international groups regarding lithium supply from its Argentine projects, Yergo and Arizaro. The company is exploring strategic financing options to advance these projects. Yergo, located in Catamarca Province, has shown high lithium brine quality with values up to 373 mg/L Lithium and 8,001 mg/L Potassium. Arizaro, in Salta Province, also exhibits significant lithium potential with aquifer depths up to 1000m. Despite public market interest, international groups are actively conducting due diligence on these projects. However, there is no assurance that these discussions will lead to material transactions.

Portofino Resources has finalized an Option Agreement with Delta Resources, allowing Delta to acquire a 100% interest in Portofino's Gold Creek property in Ontario. The deal includes $300,000 in cash and 2,000,001 Delta shares, staggered over three years, with 50% of shares locked for 12 months post-issuance. Portofino retains a 2% Net Smelter Return (NSR) royalty, with Delta having buyback options. Additionally, Portofino closed a claim purchase agreement for 700 acres adjacent to Gold Creek, entailing a $2,200 cash payment and 250,000 Portofino shares. The private vendor retains a 1.25% NSR, with a buyback option for $200,000.

Portofino Resources has signed an agreement with Delta Resources to option its Gold Creek property, which spans 4,324 hectares near Thunder Bay, Ontario. The terms include $300,000 cash and 2,000,001 Delta shares, distributed over three years upon TSX approval. The deal also grants Portofino a 2% Net Smelter Return (NSR) royalty, with Delta having buyback options. Additionally, Portofino executed a claim purchase agreement for a contiguous 700-acre property, costing $2,200 and 250,000 Portofino shares, with a 1.25% NSR for the vendor. These agreements aim to enhance Portofino's financial position and expand its resource portfolio.

Portofino Resources Inc. has granted stock options to consultants, allowing them to purchase 360,000 common shares at an exercise price of $0.05 per share. The options are subject to vesting conditions and expire five years from the grant date.

Portofino Resources Inc. provides updates on its lithium brine projects in Argentina, including progress on securing funding for the Yergo Project and a partnership agreement for the Arizaro Project. The Company also highlights advancements in the lithium industry in Argentina and its participation in the upcoming PDAC convention.

Portofino Resources Inc. announces an amending agreement with EMX Royalty Corp. for the South of Otter, Red Lake, Ontario gold project, allowing the company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000. The agreement involves issuing 176,056 shares at a value of $.071 per share and making a cash payment by February 28th. The South of Otter project is located near the Great Bear Resources project, which was acquired for $1.8 Billion by Kinross Gold, and contains promising targets for gold mineralization and gold-bearing base metal prospects. The amended terms and share issuance are subject to approval of the TSX Venture Exchange.