VR Resources Transfers Ontario Copper-Nickel-PGM Properties to Athos Metals in Strategic Deal
VANCOUVER, British Columbia — VR Resources Limited has executed a binding definitive agreement with private company Athos Metals Corp. to divest its complete interest in the Empire and Silverback projects located in northwestern Ontario. The transaction, dated February 25, 2026, marks a strategic shift for VR Resources as it redirects its exploration focus toward Nevada while maintaining financial exposure to the Ontario properties through equity participation.
Transaction Details and Financial Considerations
The agreement stipulates that Athos Metals will acquire VR Resources' 100 percent stake in both the Empire and Silverback projects. As consideration, VR will receive $400,000 in cash—with $200,000 paid upfront and non-refundable—along with a 9.9 percent equity position in the resulting issuer following Athos Metals' planned go-public transaction. This public listing is anticipated to occur on either the TSX Venture Exchange or the Canadian Securities Exchange.
Dr. Michael Gunning, Chief Executive Officer of VR Resources, emphasized the transaction's benefits for shareholders, stating, "We believe in the potential for Empire-Silverback, and our 9.9% position will preserve the future upside potential of the district-scale copper-nickel-PGM exploration strategy that we developed via active exploration on the ground at Empire and Silverback during the past two years."
Exploration Commitments and Geological Context
Prior to closing the transaction, Athos Metals has committed to conducting an airborne VTEM+ survey over the Empire property and securing a drill contract for a minimum 2,000-meter follow-up drilling program. These exploration activities build upon VR Resources' established work in the region, which targeted ultramafic intrusions with high magnesium, sanukitoid classification—a signature commonly associated with base metal and platinum group mineral deposits in Archean rocks of the Superior Craton.
The geological significance of these properties was highlighted by samples from the Highway Showing in the southwestern part of the Westwood ultramafic intrusion, displaying pegmatoidal texture with disseminated pyrrhotite and chalcopyrite. Athos Metals intends to make the district-scale copper-nickel-PGM exploration strategy initiated by VR in 2024 its core focus, leveraging local infrastructure to advance discovery efforts.
Due Diligence and Closing Conditions
The agreement follows an intensive month-long due diligence process conducted by Athos Metals, which included a site visit to the Empire project on February 17, 2026. Dr. Gunning praised the diligence, noting, "The due diligence has been engaged, active, and constructive; no stone was left unturned in terms of work done to date, mineral potential established, and exploration strategies going forward."
Closing conditions for the transaction include conditional approval from the relevant exchange for the go-public transaction, receipt of all requisite regulatory approvals, and any necessary shareholder approvals from both companies. Additionally, Athos Metals will assume all existing royalties and payments associated with the projects, while VR Resources retains the right to nominate one individual to the board of directors of the resulting issuer.
Strategic Shift to Nevada Exploration
The cash component from this transaction will significantly bolster VR Resources' treasury, enabling enhanced focus on current and ongoing exploration activities in Nevada. This strategic realignment allows the company to concentrate resources on its Nevada properties while maintaining exposure to the Ontario projects through its equity stake.
Dr. Gunning highlighted the near-term potential of the Ontario properties, noting that upside potential is imminent with planned airborne surveys this spring and follow-up drilling scheduled for summer, based on continuous integration of expanding exploration data sets.
