Idaho Champion Gold Mines Canada Inc. (CNSX:ITKO) entered into a binding memorandum of understanding to acquire Two Prospective Lithium Pegmatite Projects in Eeyou Istchee James Bay territory of Quebec from Quebec Precious Metals Corporation (TSXV:QPM) for CAD 1.2 million on September 19, 2022. Idaho Champion Gold Mines Canada Inc. (CNSX:ITKO) entered into an definitive agreement to acquire Two Prospective Lithium Pegmatite Projects in Eeyou Istchee James Bay territory of Quebec from Quebec Precious Metals Corporation (TSXV:QPM) for CAD 1.2 on November 3, 2022. The consideration is CAD 100,000 in cash and 12 million common shares of the Company, of which 50% will be subject to escrow for 18 months.

QPM will also retain a 2% net smelter return royalty ("NSR") on claims retained by Idaho Champion upon completion of the acquisition. Idaho Champion Gold Mines Canada Inc. has the option to repurchase 1% of the NSR from QPM for CAD 1 million. Closing of the acquisition is subject to usual conditions for this type of transaction including a 45-day due diligence period, and regulatory and stock exchange approval.

In the related transaction Idaho Champion Gold Mines Canada Inc. announces a private placement with the Agreement. Idaho Champion will issue up to 20 million shares at a price of CAD 0.05 per share for gross proceeds of CAD 1 million. Proceeds of the private placement will be used for the acquisition payment and related transaction costs, preliminary field work on the Projects and for general working capital purposes.

Closing expected to occur as soon as possible, but not later than November 30, 2022.