SAGA Metals to acquire Wolverine rare earth project in Labrador

SAGA Metals Corp. (TSXV: SAGA) signed an agreement to acquire the Wolverine rare earth element project in Labrador, Canada, according to a statement from the company.

Under the share purchase agreement dated April 13, 2026, SAGA will acquire all outstanding shares of Catalyst Rare Metals Ltd., which holds a 100% interest in the Wolverine project. The initial consideration includes 4.25 million SAGA shares and $1 million in cash to be paid within 120 days of closing.

The deal also includes milestone payments tied to resource estimates and technical studies. SAGA will pay additional shares and cash totaling up to $20 million if specific targets are met, including establishing mineral resource estimates and completing economic assessments with net present values of at least $2.5 billion.

The Wolverine project covers 230.5 square kilometers located 50 kilometers west of Hopedale, Labrador. Recent drilling in 2025 identified rare earth mineralization across a 1.7 by 1.2 kilometer area, with intercepts including 48.8 meters at 0.77% total rare earth oxides.

The project is situated within the Flowers River Igneous Suite, described as the largest peralkaline intrusive complex in Labrador. Heavy rare earth oxides comprise approximately 28% of the total rare earth content, according to drilling results.

SAGA plans to advance the project toward an initial mineral resource estimate through diamond drilling and metallurgical testing. The company's existing portfolio includes titanium, uranium, vanadium and lithium projects in Canada.

The transaction requires approval from the TSX Venture Exchange and execution of an investor rights agreement. Closing conditions include standard regulatory approvals for the acquisition.

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