Pedro Resources Ltd. announced that it has executed a Collaboration Agreement dated July 13, 2023 (the "CA") with Fixed Earth Innovations Ltd. ("FEI"). The CA follows a letter of intent announced March 20, 2023. Under the CA, Pedro and FEI agree to collaborate in respect of the development and use of biotechnology for contaminant remediation in resource extraction projects, including mining.

In particular, under the CA Pedro and FEI will focus on the development of heat tolerating microbes, metals remediation microbes, tetrachloroethylene (commonly referred to as PERCs or PCEs) and poly and perfluoroalkyl substances (PFAS, commonly referred to as "forever chemicals"). The CA provides for the licensing of certain intellectual properties, projects, and products to Pedro and, in return, Pedro will make a $200,000 cash payment to FEI, payable over six months. The first payment will be made within twenty-one days following regulatory approval of the CA.

The CA also includes provisions for the future acquisition of FEI if warranted.