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Halifax, Nova Scotia-(Newsfile Corp. – May 12, 2023) – Antler Gold Inc. (TSXV: ANTL) (“Antler” or the “Company“) is pleased to announce that Antler and its subsidiary Antler Exploration Zambia Limited (“Antler Exploration“) have entered into an option agreement (the “Option Agreement“) with Prospect Resources Limited (ASX: PSC) (FSE: 5E8) (“Prospect” or the “Partner“) pursuant to which Prospect has an option to acquire 51% interest in Antler Exploration, which holds the Kesya Rare Earth Project (“Project“) located in southern Zambia.

Deal Highlights:

• Prospect has up to two years to acquire a 51% interest in Antler Exploration which holds the Kesya Rare Earth Project via a total combined counterparty consideration and project expenditure payments amounting to US$3.05 million.
• Phase 1 commitment by Prospect is two cash payments of an aggregate of US$150,000 and US$350,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of the completion of Phase 1.
• Phase 2 option commitment by Prospect is a cash payment of US$150,000 and US$750,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of electing to proceed to Phase 2.
• The final phase commitment by Prospect is a cash payment of US$150,000 as well as an issuance of US$500,000 worth of Prospect common shares at the end of the 2 year option period which will then earn Prospect 51% of Antler Exploration.

Project Highlights:

• The Project covers a Large-Scale Exploration License Application where geological mapping and surface sampling conducted by Antler Exploration has identified a large, rare earth-element enriched carbonatite.
• Rock chip samples assayed by Antler Exploration outline very encouraging total rare earth element oxide (TREO) mineralisation contained within monazite and bastnaesite with low levels of uranium and thorium.
• The Kesya rock chip results provide highly anomalous surface values in rare earth elements with the highest grab sample to date assaying 6559 ppm (0.66%) TREO.
• The grab samples are enriched in neodymium (Nd) and praseodymium (Pr) oxides which average 29% of the TREO content and makes this a very encouraging basket distribution.
• Keysa’s large amount of carbonatite outcrop allows for easy drill targeting offering  prospectivity to rapidly delineate a mineral resource and make a significant new rare earth element discovery in Zambia.
• Antler Exploration along with its partner Prospect are preparing for an initial 1,500m diamond drilling program to test the subsurface expression and depth extent of the mapped and sampled rare earth element enriched carbonatite.