Gold State Resources Inc. (TSXV: GOST) has signed a binding letter of intent to acquire Panteria copper-gold (Cu-Au) Porphyry Project from Peruvian Metals Corp. (TSXV: PER) for CAD 2.5 million on November 22, 2021. An initial payment of CAD 0.01 million was paid to Peruvian Metals upon entering the LOI.

Upon signing the Definitive Agreement, the Project will be transferred to a Peruvian subsidiary owned by Gold State, and Gold State will pay Peruvian Metals CAD 0.25 million and issue 9,275,000 common shares of Gold State. Additional bonus/milestone payments of CAD 1.5 million will be paid based on exploration success which will be based on the amount of drilling on the Project In addition, Gold State will grant upon the signing of the Definitive Agreement, a 1.0% net smelter return royalty on the project. The LOI will allow Gold State to conduct its due diligence to execute a definitive agreement by January 15, 2022.

Gold State Resources Inc. (TSXV: GOST) signed an agreement to acquire Panteria Copper-gold (Cu-Au) Porphyry Project from Peruvian Metals Corp. (TSXV: PER) on April 21, 2022. The proposed transaction is subject to the TSX Venture Exchange acceptance of a filing required to be made in respect of the Acquisition and all other necessary regulatory approvals and acceptances.

Upon signing the sales agreement, Gold State paid Peruvian Metals' subsidiary Hatum Minas SAC the first installment of CAD 100,000 and will issue Peruvian Metals 4,637,500 shares of Gold State. The balance of the shares and cash will be paid 6 months after the initial payment.