Falco Resources Ltd. announced that it has entered into an option agreement with First Quantum Minerals Ltd. pursuant to which First Quantum grants the corporation the sole and exclusive right to acquire an undivided 100% ownership interest in the Norbec and Millenbach sites located in the vicinity of the City of Rouyn-Noranda. The Properties will serve as the corporation’s tailings management facilities and are located at a former tailings facility (the old Norbec Mine), which has already been impacted by historical mining activities and is situated approximately 11 km from the Horne 5 Project’s mining complex site. The corporation is required to pay $1,000,000 to First Quantum by August 20, 2021, in the form of (i) a cash payment of $500,000, and (ii) the issuance of such number of common shares of Falco having an aggregate value of $500,000 based on the volume weighted average trading price of the common shares for the five trading-day period ending as of two business days before the date of the Cash Payment, subject to a minimum price of $0.30 per common share pursuant to the policies of the TSX Venture Exchange which results in a maximum of 1,666,667 Consideration Shares issuable under the Option Agreement. Upon the exercise of the Option by the corporation, (i) First Quantum will transfer the Properties to the corporation; (ii) the corporation will assume historical and contingent environmental liabilities related to the Properties’ former mining site; and (iii) First Quantum will make cash payments to the Corporation representing the reimbursement of the Option Price, together with additional payments totaling $3,500,000 ($500,000 on the date of transfer of the Properties and $1,000,000 at each of the three consecutive anniversaries thereof). The Option is exercisable until December 31, 2022. First Quantum will retain a 2% net smelter royalty on any production from the area represented by the mining concessions 177 and 517, which form a part of the Properties.