09:05 AM EST, 11/21/2025 (MT Newswires) -- New Earth Resources ( OBRUF ) on Friday said it executed an option agreement dated as of Nov. 19, 2025, with Northex Capital Partners to acquire the Red Wine Rare Earth Project.

A statement noted that the project is comprised of 2 non-contiguous mineral claims located in Labrador, Canada, covering approximately 1,575 hectares in total.

Under the agreement, to acquire the project the company is obligated to issue an aggregate of 4.5 million Class A common shares of the company to Northex.

The company said that it is obligated to issue 1.25 million shares within 10 business days of execution of the agreement, an additional 1.5 million shares on or before the first anniversary date of the agreement, and an additional 1.75 million shares on or before the second anniversary date of the agreement.

The company said it will also grant Northex a 2.0% net smelter returns royalty on the project and added that Northex is arm's length to the company.