Bolt Metals Completes Acquisition of Florália Iron Project

Bolt Metals Corp. has finalized the option to acquire 100% of the Florália High Purity Iron Property in Minas Gerais, Brazil. This agreement with Max Iron Brazil Ltd. allows Bolt to tap into one of Brazil's main iron ore-producing regions. The project, located near Belo Horizonte, benefits from its strategic location close to major infrastructure and markets, including Vale and ArcelorMittal.

The Florália site holds promising exploration potential, targeting 50 to 70 million tonnes of iron ore with 55% to 61% Fe. Low-cost magnetic tests have shown favorable results, predicting efficient processing. The project's advanced stage is supported by historical operations and existing geological studies, enabling expedited permitting processes without the need for tailings dams.

The agreement outlines that Bolt will issue shares to Max Iron over 30 months, potentially exceeding 19.9% of its total shares upon shareholder approval. Max Iron gains the right to a board nomination, reinforcing its influence. This move reflects Bolt's strategy to expand operations in resource-rich regions, aligning with global infrastructure demands.