09:07 AM EDT, 03/11/2024 (MT Newswires) -- Rokmaster Resources Corp. ( RKMSF ) , trading near 52-week lows, over the weekend said that it has received a notice of default from Huakan International Mining Inc. for failing to make an option payment of C$19.4 million to Huakan due on Feb. 25.

The payment was due under the terms of an option agreement dated Dec. 23, 2019, between the company, Huakan, and Huakan's shareholders.

Under the option agreement, Huakan granted to the company an option to buy a 100% interest in Huakan's J&L Property located about 45 kilometers from Revelstoke, British Columbia.

As per the notice of default, the company has until 4:30 pm Vancouver time on April 8 to pay Huakan the current option payment in full.

If Rokmaster is unable to make such payment then Huakan will terminate the option agreement.