Hercules Resources Corp. entered into a binding letter of intent to acquire a 51% interest in the P3 Los Tres Mineral Concession Code 10000775, located at Ponce Enriquez Mining District, Province of Azuay, La Independencia Parish, Republic of Ecuador for $0.31 million.

Hercules Resources Corp. entered into a binding letter of intent to acquire a 51% interest in the P3 Los Tres Mineral Concession Code 10000775, located at Ponce Enriquez Mining District, Province of Azuay, La Independencia Parish, Republic of Ecuador for $0.31 million on September 22, 2023. Consideration for the Property purchase is $0.31 million plus a proportional share of payments still owed to the property vendors (?Additional Payments?).

The Additional Payments are expected to come from alluvial gold production. The Company is currently performing due diligence on the Property and anticipates executing a definitive agreement on or before October 30, 2023.