Emergent Metals Corp. announced that it has expanded its New York Canyon Property ("New York Canyon" or the "Property" in Nevada by acquiring 634 unpatented lode claims from Kennecott Exploration Company ("KEX"). The Property now consists of 21 patented claims and 786 unpatented mining claims totaling about 16,000 acres (6,500 hectares).

Located about 30 miles (48 kilometers) east of Hawthorne, New York Canyon hosts copper skarn and porphyry exploration targets including Longshot Ridge, Copper Queen, Champion, and Emma. As part of the transaction, Emergent is acquiring 266 claims (the "Option Claims") that were staked by KEX as part of an Earn-in with Option to Joint Venture Agreement (the "Agreement") between Emergent and KEX. This Agreement was terminated in June 2023 by KEX after spending over USD 6.7 million in exploration on the Property.

KEX is transferring these claims to Emergent as part of that Agreement. In addition, Emergent is acquiring 368 claims (the "Additional Claims") that were staked By KEX outside the area of influence of the Agreement. Emergent will grant KEX a 1.0% Net Smelter Royalty ("NSR") on the Additional Claims. Most of these claims surround the Emma exploration target, identified by KEX as part of their 2022 exploration program.

The northern boundary of New York Canyon is adjacent to and abutting Lahontan Gold Corporation's ("Lahontan") Santa Fe Project, a past producing gold mine, being explored and advanced towards production by Lahontan. Emergent will reimburse KEX for 2023/2024 Bureau of Land Management and Mineral County claim maintenance fees paid by KEX in September 2023 for both the Option and Additional claims no later than thirty (30) days after closing of the transaction.