Piedmont Lithium Exercises Initial Earn-In Right For Interest in Killick Lithium; Issues $1 Million in Shares Each to Benton and Sokoman

Rhea-AI Summary

Benton Resources Inc. (BEX) and Sokoman Minerals Corp. (SICNF) Announce Piedmont Lithium Inc.'s (PLL) Exercise of Initial Earn-In Right for Killick Lithium Inc. (Killick)

Positive

• Piedmont is a leading lithium company in North America.
• Newfoundland is a top-ranked jurisdiction for mineral exploration and development.
• Piedmont's vast technical and geological knowledge aligns with Killick's pegmatites.
• Piedmont's investment in Vinland and Killick demonstrates confidence in the project's potential.
• Benton and Sokoman will retain a 2% royalty on precious metals and lithium returns from Killick.

Negative

• None.

Thunder Bay, Ontario--(Newsfile Corp. - November 23, 2023) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") are pleased to announce that further to their respective press releases issued on October 11, 2023, Piedmont Lithium Inc. (NASDAQ: PLL) (ASX: PLL) ("Piedmont") provided formal notice to exercise its Initial Earn-In Right to acquire a 16.35% voting and participating interest in Killick Lithium Inc. ("Killick") (the "Initial Interest"). Pursuant to this exercise notice, Piedmont issued to each of Benton and Sokoman, shares of its common stock having an aggregate subscription price of CAD$2.0M based on Piedmont's ten-day volume weighted average price ("VWAP") up to the date of the Initial Interest exercise notice, amounting to 26,099 Piedmont shares issued to each company. In addition, as part of its Initial Earn-In Right, Piedmont will fund work expenditures in the aggregate amount of at least CAD$6.0M (the "Initial Earn-In Amount") within the 30-month period following the Initial Earn-In Right exercise notice. Upon exercise of the Initial Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland Lithium Inc.) ownership interest in Killick will be equal to approximately 33%.

Piedmont transaction highlights:

• Piedmont is one of North America's leading lithium companies
• Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
• Benton and Sokoman incorporated Vinland Lithium Inc. ("Vinland") and its wholly-owned subsidiary Killick Lithium Inc. ("Killick"), into which they transferred the Golden Hope Project
• Piedmont has vast technical and geological knowledge in similar geology to that of Killick pegmatites
• Piedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9%
• Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an aggregate CAD$12.0M in exploration and development during the option period
• Upon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up to a total of CAD$10.0M in Piedmont shares
• Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick

Figure 1: Killick Lithium Project relative to Piedmont's asset portfolio

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3657/188553_1198d132b4b11afd_003full.jpg

About Benton Resources Inc.

Benton Resources Inc. (TSXV: BEX) is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow. Benton entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (available for option) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, Sokoman has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.

For further information, please contact:

Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-474-9020
Email: sstares@bentonresources.ca

Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com

Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 ext 251
Email: cathy@chfir.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation including statements regarding exploration and development activities; plans for mineral projects; strategy; and expectations regarding future expenditures. Such forward-looking statements involve substantial and known and unknown risks, uncertainties and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance or achievements expressed or implied by the forward-looking statements. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; the potential for delays in exploration or development activities or the completion of feasibility studies; risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions the uncertainty of profitability); risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays; uncertainties inherent in the estimation of lithium resources; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies; changes in the market prices of lithium and lithium products; and other risks and uncertainties related to Benton's and Sokoman's respective prospects, properties and businesses detailed elsewhere in each of their respective disclosure records. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Benton and Sokoman do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Benton's and Sokoman's respective expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188553

FAQ

What is the announcement about Benton Resources Inc. (BEX) and Sokoman Minerals Corp. (SICNF)?

The announcement is about Piedmont Lithium Inc.'s (PLL) exercise of the Initial Earn-In Right to acquire a 16.35% interest in Killick Lithium Inc. from Benton and Sokoman.

What is the significance of Newfoundland in mineral exploration and development?

Newfoundland is ranked as one of the top jurisdictions for exploring and developing mineral potential.

What is the investment amount and ownership interest of Piedmont in Killick Lithium Inc.?

Piedmont issued shares worth CAD$2.0M to Benton and Sokoman and will fund work expenditures of at least CAD$6.0M to acquire a 33% ownership interest in Killick.

What is the role of Vinland Lithium Inc. and Killick Lithium Inc. in this announcement?

Benton and Sokoman incorporated Vinland and Killick, transferring the Golden Hope Project to these entities.

What is the future potential for Benton and Sokoman from this transaction?

Benton and Sokoman will retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick.

What is the graphic in the press release about?

The graphic shows the Killick Lithium Project relative to Piedmont's asset portfolio.