Québec Nickel Corp Signs Definitive Agreement to Acquire the Ecru Project, Nevada

Québec Nickel Corp. (“Québec Nickel” or the “Company”) has announced a major corporate milestone: it has signed a definitive purchase and sale agreement to acquire a 100% interest in the Ecru Project in Nevada, USA. The agreement was signed on February 26, 2026, following the conclusion of negotiations that began with a non-binding letter of intent dated December 12, 2025. This move places the Company into one of the world’s best-known gold regions—Nevada’s Cortez/Battle Mountain Trend—and signals a clear shift toward building value through gold exploration and project advancement.

The Ecru Project is located in the Cortez Gold Camp, a prolific gold-producing area. The property sits north of a major deposit cluster that includes Pipeline, Cortez, Goldrush, and Robertson—names widely associated with large-scale exploration success in Nevada. Along with the mining claims, the acquisition also includes the transfer of a sublease agreement involving additional real property rights held by Nevada Gold Mines LLC, which may provide strategic access and flexibility for future work.

Key Highlights of the Announcement

• Definitive agreement signed: February 26, 2026
• Target asset: 100% of the Ecru Property (Nevada, USA)
• Property size: 112 mining claims
• Total consideration: US$540,000 (cash + shares)
• Royalty: 2.0% net smelter return (NSR) to Orogen
• Strategic shift: Proposed corporate name change to Aurbis Resources Corp.
• Leadership update: Johan Lambrechts becomes CEO; David Patterson becomes Executive Chairman

Why the Ecru Project Matters: Location, Neighbors, and Opportunity

In mining, location is often everything. The Ecru Project is positioned in a place many geologists and investors watch closely: the Cortez Gold Camp in Nevada. The Company described the property as being directly northeast and adjacent to Nevada Gold Mines’ Robertson Deposit. That matters because districts with proven deposits can offer a powerful advantage: the geology has already shown it can host significant mineralization, and nearby mines and projects often provide valuable regional data that explorers can build on.

According to the announcement, the property lies along major regional structural corridors including the Cortez Fault system and the Battle Mountain–Eureka trend, both associated with strong gold endowment in the district. These structures can act like “pathways” in the earth that help concentrate mineralizing fluids over long periods of time. When exploration teams find the right combination of structure, host rocks, and alteration, the probability of defining a meaningful target can improve dramatically.

Previous work at Ecru included geophysical surveys, geochemical datasets, and minor drilling, and it has already identified multiple untested targets. The Company highlighted two main styles of potential mineralization:

• Robertson-style intrusive-related gold targets that may be shallow and linked to intrusive events
• Carlin-type mineralization possibly associated with carbonate host rocks at depth (“lower plate” carbonates)

Both styles are recognized within the Cortez district, which supports the view that Ecru may have a strong geological “address,” even though it still requires further evaluation and disciplined exploration planning.

Transaction Terms: Purchase Price, Share Issuances, and Royalty

Under the definitive agreement, Québec Nickel will acquire the Ecru Property for total consideration of US$540,000, structured as a combination of cash and equity payments. The announced terms include:

1) Cash Payment at Closing

The Company will pay US$250,000 in cash on closing.

2) Share Issuance at Closing

On closing, Québec Nickel will issue 1,000,000 common shares to Orogen at an issue price of $0.165 per share, which the Company stated represents the permitted discount to the closing price of the common shares on February 26, 2026.

3) Additional Share Issuance Within Six Months

Within six (6) months of closing, Québec Nickel will issue an additional $125,000 worth of common shares to Orogen, priced using the 10-day volume weighted average price (VWAP) on the Canadian Securities Exchange (CSE) at the date of issuance.

4) Non-Refundable Commitment Fee

The Company has already paid a non-refundable commitment fee of $25,000. This amount will be credited against the cash portion payable at closing.

5) Royalty to Orogen: 2.0% NSR

In addition, Québec Nickel will grant Orogen a 2.0% net smelter return (NSR) royalty on the Ecru Property. NSR royalties are common in mining transactions because they allow the vendor to retain long-term upside if the asset becomes a producing mine, while the acquirer controls exploration and development.

Expected Closing Timeline and Conditions

The acquisition remains subject to customary closing conditions. The Company stated it expects to close the transaction within the next 30 days, as contemplated in the definitive agreement.

Strategic Rationale: Entering a Premier Gold District

Québec Nickel described the acquisition as a meaningful entry into “one of the world’s premier gold mining districts.” This is more than a headline phrase. Nevada is widely known for hosting major gold operations and a long track record of discoveries. By positioning itself within a proven gold camp, the Company aims to apply its technical and corporate expertise to create value through exploration success and strategic decision-making.

For junior exploration companies, acquisitions like Ecru often serve three goals:

• Portfolio evolution: Shifting into commodities or jurisdictions with strong discovery reputations
• Market differentiation: Building a narrative around district-scale potential and quality targets
• Value creation pathway: Advancing from early-stage concepts to drill-ready targets supported by compliant reporting

In this case, the Company explicitly stated its intention to move forward with a systematic technical review and disciplined exploration planning, including the preparation of a NI 43-101 compliant technical report—a key step for communicating technical information in a recognized disclosure format.

Planned Work Program: From Technical Review to NI 43-101 Reporting

After closing, Québec Nickel plans to advance the Ecru Project through a structured process. While the announcement did not list every technical step in a detailed budget-like format, it did outline a clear direction:

• Systematic technical review: Organizing and analyzing past datasets, historical drilling, and regional geology
• Disciplined exploration planning: Prioritizing targets using modern interpretation methods
• NI 43-101 compliant technical report: Preparing a formal technical document to support future evaluation and strategic decisions

For investors and stakeholders, this approach matters because it suggests the Company is not rushing blindly into drilling. Instead, it is prioritizing step-by-step work designed to improve confidence and reduce exploration risk. In many cases, this includes validating old data, checking sampling quality, confirming claim boundaries, and building a coherent geological model before committing larger capital to drilling programs.

Ecru Property Overview: Claims, Geology, and Untested Targets

The Ecru Property consists of 112 mining claims in Nevada. The Company emphasized that the property is positioned along major regional structural corridors and near known deposits, and that prior exploration has already highlighted multiple targets that remain untested.

The announcement also referenced potential similarities to the Robertson deposit and the possibility of encountering lower plate carbonate host rocks at depth—two ideas that may guide target selection. In simple terms, the project may offer more than one “shot on goal.” Some exploration targets might be nearer surface and intrusive-related, while deeper targets could align with Carlin-type models. That kind of optionality can be attractive because it allows exploration teams to test different concepts without being locked into only one geological hypothesis.

At the same time, it’s important to note that these are exploration concepts, not guarantees. The Company itself framed the project’s potential as subject to further evaluation. That’s a responsible statement because mineral exploration is inherently uncertain, and success depends on many variables, including geology, target quality, execution, and market conditions.

Proposed Corporate Name Change: Québec Nickel Corp to Aurbis Resources Corp

Alongside the Ecru acquisition, the Company announced a proposed name change: Quebec Nickel Corp. (CSE: QNI) intends to change its name to Aurbis Resources Corp. (CSE: AURR). The stated purpose is to align with the Company’s new focus on gold exploration. The Company indicated it will provide updates once it receives regulatory approval for the name change and closes the acquisition.

A corporate name change can be more than branding. It often reflects a strategic re-positioning—helping the market understand what the company wants to become. In this case, the Company suggests the name “Aurbis” is meant to reflect a global gold exploration identity and a focus on value creation across the exploration landscape.

Board and Management Updates: Leadership Aligned With Growth Strategy

Québec Nickel also announced updates to its Board and management, connecting these changes directly to the Company’s growth strategy and the Ecru acquisition.

Johan Lambrechts Appointed CEO

Mr. Johan Lambrechts was appointed as a non-executive director on December 12, 2025 and will now assume the role of Chief Executive Officer (CEO). The Company described him as an experienced geologist with over 23 years of exploration and resource development experience across Australia and Africa, with exposure to multiple commodities including copper, gold, and lead-zinc-silver.

David Patterson Becomes Executive Chairman

Mr. David Patterson, who was serving as CEO, will transition to Executive Chairman of the Board. The Company cited his more than 30 years of experience in mining and exploration, and noted prior leadership roles including CEO positions and corporate finance experience.

Leadership transitions like this often aim to match skills to the next stage of a company’s plan. A geologist-CEO can be especially important during exploration cycles, where technical decision-making and disciplined targeting are critical.

About Orogen Royalties Inc.: The Vendor and Royalty-Focused Company

Orogen Royalties Inc. (“Orogen”) is described as a company focused on organic royalty creation and royalty acquisitions in western North America, spanning precious and base metals. The announcement highlighted Orogen’s existing royalty portfolio, including a 2.0% NSR royalty on the Ermitaño gold and silver mine in Sonora, Mexico, operated by First Majestic Silver Corp., and noted that Orogen is well financed with projects being advanced by joint venture partners.

This context helps explain why the Ecru deal includes an NSR royalty. Royalty companies commonly structure transactions to maintain future upside, especially when they believe a project has strong discovery potential.

About Québec Nickel Corp.: Company Background and Public Listing

Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing critical metals projects. The Company trades under CSE: QNI, and also has listings noted in the announcement as FSE: 7lB and OTCQB: QNICF. More company information is available through its official website: https://www.quebecnickel.com.

Qualified Person and Technical Disclosure

The news release stated that Johan Lambrechts is the Company’s Qualified Person (QP) under NI 43-101 and that he reviewed and approved the scientific and technical information supporting parts of the release. It also noted he is not independent of the Company because he is a director.

Frequently Asked Questions (FAQs)

1) What exactly is Québec Nickel acquiring?

The Company is acquiring a 100% interest in the Ecru Property, which consists of 112 mining claims located on Nevada’s Cortez/Battle Mountain Trend.

2) Who is selling the Ecru Project?

The vendor is Orogen Royalties Inc., a company focused on royalty creation and acquisitions in western North America.

3) How much is the deal worth and how will it be paid?

The total consideration is US$540,000, paid through US$250,000 cash at closing, 1,000,000 shares at closing, and a further $125,000 in shares within six months priced using a 10-day VWAP.

4) Does the deal include any royalty obligations?

Yes. Québec Nickel will grant Orogen a 2.0% net smelter return (NSR) royalty on the Ecru Property.

5) When is the acquisition expected to close?

The Company stated it expects to close within the next 30 days, subject to customary closing conditions.

6) What work does Québec Nickel plan to do after closing?

The Company plans a systematic technical review, disciplined exploration planning, and the preparation of a NI 43-101 compliant technical report to support evaluation and decision-making.

7) Is Québec Nickel changing its name?

Yes. The Company proposed changing its name from Quebec Nickel Corp. to Aurbis Resources Corp., subject to regulatory approval.

8) Who is the new CEO?

Johan Lambrechts will assume the CEO role, while David Patterson transitions to Executive Chairman.

Conclusion: A High-Profile Entry Into Nevada Gold Exploration

By signing a definitive agreement to acquire the Ecru Project, Québec Nickel Corp. is taking a clear step into Nevada’s high-profile gold exploration landscape. The deal structure—cash, equity, and a retained NSR royalty—reflects a common approach in mining transactions where both parties share in future potential. Just as important, the Company is pairing the acquisition with a proposed name change to Aurbis Resources Corp. and leadership updates that it believes support a renewed strategic focus.

As the Company moves toward closing and begins technical review and exploration planning—including the preparation of a NI 43-101 report—stakeholders will be watching for the next set of milestones: regulatory updates, closing confirmation, and early exploration results that can validate the project’s geological promise.

External reference: For more company information, visit https://www.quebecnickel.com.

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