07:57 AM EST, 11/12/2025 (MT Newswires) -- PMET Resources ( PMETF ) on Wednesday said it entered into a definitive agreement to expand its land position immediately west of the Shaakichiuwaanaan Property through the acquisition of the Pikwa Property, located in the James Bay region of Quebec.

The company will acquire a 100% interest in the Pikwa Property from Azimut Exploration ( AZMTF ) , a mineral exploration company focused on Quebec, and SOQUEM, a mineral exploration subsidiary arm of Investissement Quebec.

Azimut Exploration ( AZMTF ), in a separate release, also announced the signing of a sale and purchase agreement with PMET Resources ( PMETF ) for the Pikwa Property.

A statement noted that the Pikwa Property is comprised of 509 Exclusive Exploration Rights covering approximately 10 km of highly prospective greenstone belt trend extending immediately west of the company's flagship Shaakichiuwaanaan Property.

Pursuant to a property purchase agreement dated Nov. 11, 2025, PMET agreed to acquire a 100% interest in the Pikwa Property from Azimut Exploration ( AZMTF ) and SOQUEM for the consideration of an aggregate of 841,916 common shares in the capital of the company at a deemed issue price of $3.68 per share to be issued equally to each of Azimut and SOQUEM upon closing of the acquisition.

The consideration also includes a 1% net smelter return (NSR) royalty interest in the Pikwa Property granted to Azimut and a 1% NSR royalty interest in the Pikwa Property granted to SOQUEM.

The completion of the acquisition is subject to customary closing conditions for a transaction of this nature, including obtaining the approval of the Toronto Stock Exchange, obtaining all necessary consents and the absence of material adverse change occurring in respect of the Pikwa Property, said PMET.

"The acquisition of the Pikwa Property is a strategic addition to our significant land holdings in the region and consolidates some of the most prospective LCT pegmatite trend globally," said Darren L. Smith, Executive Vice President of Exploration for PMET Resources ( PMETF ). "The Pikwa Property includes over 10 km of greenstone belt, including its northern and southern margins, in addition to numerous base and precious metal prospects where historical work has been focused. We look forward to integrating the Pikwa Property into our 2026 exploration programs in the region."