02:17 PM EST, 11/07/2025 (MT Newswires) -- Highland Critical Minerals (HLND.CN) on Friday said it entered into a binding letter of intent to acquire a 100% interest in mining claims in Nunavut.

The company said it will complete the acquisition of the mining claims through its wholly owned subsidiary, 6025 Nunavut Ltd.

The claims are approximately 3,138.874 hectares of mineral exploration property located in the Yathkyed Lake Greenstone Belt, in the Kivalliq Region of Nunavut.

Under the terms of the acquisition, the company will issue 50,000 class A shares in consideration for the claims, said the company.

Highland Critical Minerals added that the LOI provides for an exclusive negotiating period between the company and the vendor of 120 days from the signing of the LOI and is subject to completion of customary due diligence by company. Before the expiry of the exclusivity period, the parties will negotiate and enter into a definitive purchase agreement with respect to the acquisition, added the company.

"The definitive agreement is expected to include customary covenants, closing conditions, including required regulatory approvals, indemnification provisions and termination rights," said the company. "There can be no assurances that the Company will enter into a definitive agreement or complete the Acquisition."

Shares of the company were last seen up $0.35 to $4.40 on the Canadian Securities Exchange.

Price: 4.40, Change: +0.35, Percent Change: +8.64