In December 2024, Valkea announced that it has entered into a definitive agreement with S2 Resources Corp (“S2”) whereby S2 was granted the right to acquire up to an 80% interest in the Company’s Yuengroon, Ballarat West and Silver Spoon tenements located in Victoria, Australia.

Pursuant to the agreement, the Company agreed to grant S2 the right to earn an 80% interest in the Projects by sole-funding total expenditures of A$1.2 million within four years.

Upon exercise of the Option, S2 will hold an 80% interest in the Projects, and Valkea will retain a 20% interest. If a party’s joint venture interest is diluted below 10%, it will automatically convert to a 2% net smelter return royalty.