Vancouver, British Columbia – October 16, 2026 – Power One Resources Corp. (TSXV: PWRO) (“Power One” or the “Company”) is pleased to announce that it has entered into a non-binding letter of intent (the “LOI”) with Skull Ridge Gold Corp. (CSE: SKUL) (“Skull Ridge”), pursuant to which Skull Ridge proposes to acquire all of the issued and outstanding common shares of Power One by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”).
Under the terms contemplated by the LOI, shareholders of Power One would receive one common share of Skull Ridge for each common share of Power One held, resulting in Power One becoming a wholly owned subsidiary of Skull Ridge upon completion of the Transaction.
The proposed Transaction is intended to combine the mineral exploration assets, resources and management expertise of both companies to establish a larger, more diversified Canadian mineral exploration company with exposure to gold, silver, copper, uranium, nickel, platinum group elements (PGEs), rare earth elements and other critical minerals.
Skull Ridge Gold Corp.
Skull Ridge Gold Corp. (CSE: SKUL) is a Canadian mineral exploration company focused on the acquisition and advancement of prospective gold, silver and base metal projects in Canada, with a particular emphasis on Newfoundland and Labrador.
The Company’s flagship Skull Island Gold-Silver Project is located on the Burin Peninsula of Newfoundland, within the prospective Avalonian Epithermal Belt. In August 2026, Skull Ridge announced the acquisition of 689 mineral claims covering approximately 17,225 hectares at its Crippleback–Stony Lake Gold-Copper Project in Central Newfoundland. The property is strategically positioned along an emerging gold-copper exploration corridor.
The proposed combination with Power One would broaden the combined company’s exploration portfolio beyond precious metals to include uranium, nickel, copper, platinum group elements and rare earth elements, establishing a more diversified Canadian mineral exploration platform.
Transaction Terms
The Transaction is expected to be completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).
In connection with the Transaction, Skull Ridge intends to use commercially reasonable efforts to complete a concurrent subscription receipt financing. The size, pricing and other terms of the financing will be determined by the parties and announced once finalized.
Completion of the Transaction will be subject to a number of customary conditions, including:
– Execution of a definitive business combination agreement;
– Satisfactory completion of mutual due diligence;
– Completion of the concurrent financing;
– Receipt of required shareholder approvals;
– Receipt of applicable court, stock exchange and regulatory approvals;
– Receipt of required third-party consents; and
– Satisfaction of other customary closing conditions.
The parties intend to use good faith best efforts to enter into a definitive agreement on or before November 10, 2026, with completion of the Transaction contemplated on or before March 31, 2027, unless otherwise agreed by the parties.
The LOI is principally non-binding, and there can be no assurance that a definitive agreement will be entered into or that the Transaction will be completed as currently proposed or at all.
Strategic Rationale
The proposed combination represents an opportunity to bring together complementary exploration assets, management teams and shareholder bases to establish a larger and more diversified mineral exploration company.
By combining their respective resources and expertise, the companies believe the proposed Transaction could provide a stronger platform to advance existing projects, improve access to capital and pursue additional exploration and growth opportunities.
Dr. Wazir Khan, Chief Executive Officer of Power One, commented:
“The proposed combination with Skull Ridge represents a significant opportunity for Power One and its shareholders. By bringing together our respective assets, management teams and resources, we believe we can establish a stronger, more diversified exploration company with the ability to advance our projects and pursue new opportunities. We look forward to working with the Skull Ridge team toward completing this transaction and building long-term value for our shareholders.”
References
1. Skull Ridge Gold Corp., April 10, 2026 – Skull Ridge Gold Commences Trading on the CSE and Advances Flagship Skull Island Project. https://rss.globenewswire.com/news-release/2026/04/10/3271992/0/en/skull-ridge-gold-commences-trading-on-the-cse-under-symbol-skul-and-advances-flagship-skull-island-project.html
2. Skull Ridge Gold Corp., August 18, 2026 – Skull Ridge Gold Acquires 17,225-Hectare Strategic Land Position Along Emerging Crippleback–Stony Lake Gold-Copper Corridor. https://www.globenewswire.com/news-release/2026/08/18/3346791/0/en/skull-ridge-gold-acquires-17-225-hectare-strategic-land-position-along-emerging-crippleback-stony-lake-gold-copper-corridor.html
3. Power One Resources Corp., September 16, 2026 – Power One Receives Drill Permit to Deep Test Pecors Magnetic Anomaly. https://www.globenewswire.com/news-release/2026/09/16/3363191/0/en/power-one-receives-drill-permit-to-deep-test-pecors-magnetic-anomaly.html
4. Primary Hydrogen Corp., May 22, 2025 – Primary Hydrogen Expands BC Project Portfolio. https://primaryh2.com/primary-hydrogen-expands-bc-project-portfolio/
ON BEHALF OF THE BOARD OF DIRECTORS
POWER ONE RESOURCES CORP.
“Wazir Khan”
Wazir Khan
CEO & Director
Tel: +1 604 716 0551 Email: info@p1rc.com
ABOUT POWER ONE RESOURCES CORP.
Power One Resources Corp. is a Canadian exploration company focused on advancing high-potential mineral projects in Canada. The Company’s flagship Pecors Property, located near Elliott Lake, Ontario, represents a large-scale, multi-commodity exploration opportunity highlighted by an approximately 12-kilometre-long by 4-kilometre-wide magnetic anomaly interpreted to reflect a large buried intrusive complex. Previous drilling and geophysical work have demonstrated the potential for magmatic nickel-copper-platinum group element (“Ni-Cu-PGE”) mineralization at depth, and Power One is advancing plans to drill-test the system with a proposed hole of up to approximately 1,500 metres. The Company has secured a drill permit covering two drill-pad locations and multiple holes, providing flexibility to systematically evaluate this large geophysical target.
Recent exploration has broadened the geological potential of Pecors beyond its original Ni-Cu-PGE thesis. The discovery of gold mineralization during the Company’s 2024 exploration program, together with uranium mineralization and indications of additional commodities across the broader property, suggests Pecors may represent a substantially larger and more complex polymetallic mineralizing system than previously recognized. Power One believes the scale of the geophysical anomaly, combined with the diversity of mineralization identified to date, supports evaluating Pecors as a potential large polymetallic intrusive-related system rather than as a single-commodity target. The Company’s proposed deep drilling program is designed to test the core of the Pecors anomaly while continuing to build a more comprehensive understanding of the scale, composition and mineral potential of the overall system.
Power One also maintains exposure to the Wicheeda North Project, located approximately 80 kilometres north of Prince George, British Columbia, within an emerging rare earth element district and in proximity to Defense Metals Corp.’s Wicheeda Rare Earth Element Project. Power One has optioned Wicheeda North to Primary Hydrogen Corp. under an agreement whereby Primary Hydrogen may earn up to a 75% interest in the project through staged cash, share and exploration expenditure commitments. Upon completion of the earn-in, Power One would retain a 25% interest and the parties would form a joint venture to advance the project. The arrangement provides for continued exploration investment at Wicheeda North while allowing Power One to focus its capital and technical resources on unlocking the potential of its flagship Pecors Project.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the proposed Transaction, negotiation and execution of a definitive agreement, completion and terms of the concurrent financing, receipt of shareholder, court, regulatory and stock exchange approvals, completion of the Transaction, future exploration activities and the anticipated benefits of the proposed combination.
Forward-looking information is based on management’s current expectations, estimates and assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
There can be no assurance that a definitive agreement will be entered into, that the concurrent financing will be completed, that required approvals will be obtained, or that the Transaction will be completed on the terms contemplated by the LOI or at all.
Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, Power One undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.