In 2016, Fuse entered into an option agreement to acquire up to a 100% interest, subject to a 2% net smelter royalty (“NSR”), on the Teledyne Cobalt Property then in the spring of 2018, Fuse announced that it had amended and accelerated the option agreement and had earned a 100% interest in the Property with the vendors retaining the 2% NSR. The Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 705.99 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.

Based on historical drilling and data a cobalt resource was developed in the 1980’s however it is not consistent with current 43-101 standards and will require work to be completed by a QP in order to be brought up to current NI -43-101 resource standards. As such the Company is not treating the historical reserve estimate as a current mineral resource or mineral reserve. Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the vein.