ArcWest Exploration Inc. announced that it has entered into an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc. (Freeport) to advance ArcWest's Todd Creek copper-gold (Cu-Au) project, located in BC's Golden Triangle (the Todd Creek project). ArcWest's 100% owned Todd Creek project adjoins Newcrest Mining's Brucejack mine property; in March 2022, Newcrest acquired Pretium Resources and its Brucejack mine in a transaction valued at CAD 3.5 billion. The Todd Creek project is also situated approximately 40 km southeast of Seabridge Gold's giant KSM-Iron Cap porphyry Cu-Au deposits and Tudor Gold's Treaty Creek Au-Ag-Cu project.

Collectively, the KSM-Iron Cap and Treaty Creek deposits represent one of the largest Au-Cu concentrations in North America. Contained metal within Proven plus Probable Reserves at KSM-Iron Cap total 38.8 million ounces (oz) Au, 183 million oz Ag and 10.2 billion pounds of copper. Tudor has released a measured plus indicated resource estimate for Treaty Creek totaling 17 million oz Au and 93 million oz Ag.

Under the terms of the earn-in agreement, Freeport has a two-stage option to earn up to an 80% ownership interest in the Todd Creek project over up to a 10-year period. To earn an initial 51% interest, Freeport is required to fund CAD 20 million of work expenditures over a 5-year period and make staged cash payments to ArcWest totaling CAD 900,000. ArcWest will be the operator during the initial earn-in period.

Upon Freeport earning such 51% interest, it can elect, at its sole discretion, to earn an additional 29% ownership interest in the Todd Creek project (for a total 80% interest) by sole funding a further CAD 30 million within the following five years and make staged cash payments to ArcWest totaling CAD 750,000. Once Freeport has finalized its earned ownership interest at either the 51% or 80% level, each party will be responsible for funding its pro rata share of project costs on a 51:49 or 80:20 basis.