Xplore Resources Corp. (TSXV:XPLR) signed a non-binding letter of intent to acquire 1,750 Ha Upper Red Lake Gold Project from Abitibi Royalties Inc. (TSXV:RZZ) for CAD 0.34 million on January 13, 2021. Under the terms of the LOI, on execution, Xplore shall issue to Abitibi CAD 62,500 in common shares of Xplore based on the daily volume weight averaged price of Xplore's shares as reported by the TSX.V, for the 14 day period preceding execution of the LOI; and on or before the first anniversary date of signing the acquisition agreement, Xplore shall issue to Abitibi CAD 0.125 million in common shares of Xplore based on the VWAP price of XPLR's shares as reported by the TSX.V, for the 14 day period preceding execution of the anniversary date; and on or before the second anniversary of signing the acquisition agreement, Xplore shall issue to Abitibi CAD 0.15 million in common shares of Xplore based on the VWAP price of Xplore's shares as reported by the TSX.V, for the 14 day period preceding execution of the anniversary date.

On completing the share issuance obligations, Xplore shall have earned a 100% interest in the Upper Red Lake minus a 1.5% net smelter return on any future metal production from the Upper Red Lake. The transaction is subject to obtaining all necessary approvals from the TSX Venture Exchange. On March 3, 2021, Xplore Resources received conditional approval from the TSX Venture Exchange for the acquisition of Upper Red Lake Gold Project.

Xplore Resources Corp. (TSXV:XPLR) cancelled the acquisition of 1,750 Ha Upper Red Lake Gold Project from Abitibi Royalties Inc. (TSXV:RZZ) on March 31, 2023.