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Strategic Equity · Ontario · LCT Pegmatite

Ontario Pegmatite Portfolio

An LCT-type pegmatite portfolio (lithium, cesium, tantalum) in the Thunder Bay Mining Division. Three core properties have been monetized through strategic transactions — Rubidium Ridge to Panther Minerals, White Willow to Totec Resources, Gathering and Triangle Lake to Molten Metals — preserving meaningful equity upside while focusing operating capital on Southern Arm and Jackpot Lake. Non-core claims are held in the belt.

4.5M
Panther Shares
1.3M
Molten Shares
5.5M
Totec Shares
2% NSR
Rubidium Royalty
Property Status

Where each Ontario property stands.

Three core pegmatite properties have been monetized through strategic transactions; non-core claims are held in the belt.

Property Commodity Status Notes
Rubidium Ridge Rb · Cs · Li Acquired by Panther Acquired by Panther Minerals (March 2026). Usha retains 4.5mm Panther shares (~21.6%), a 2.0% NSR with $1mm partial buyback right, and a potential $1mm milestone payment.
White Willow Lithium pegmatite Sold to Totec Sold to Totec Resources via QT (January 2026, post 2:1 consolidation). Usha holds 5.5mm Totec shares (~15.0%).
Gathering Lake / Triangle Lake Lithium pegmatite Sold to Molten Sold to Molten Metals (May 2025). Usha holds 1,306,250 Molten shares.
Nym Lake Lithium pegmatite Held · Non-core Held under option to earn 100%. No active program; non-core to current strategy.
Bingo East Lithium pegmatite Held · Non-core Satellite property, fully owned. Non-core to current strategy.
Bingo West Lithium pegmatite Held · Non-core Satellite property, fully owned. Non-core to current strategy.
Portfolio Map

Ontario pegmatite portfolio map.

An updated regional map distinguishing held claims from monetized properties is in preparation. In the interim, the property-status table above is the authoritative reference for the current standing of each holding.

Map update in preparation
A revised Ontario portfolio map is being prepared to clearly distinguish properties held by Usha from those monetized via the Panther, Totec, and Molten transactions. Until then, please refer to the property-status table above.
Deposit Model

LCT-type pegmatites.

The Ontario portfolio sits within highly evolved lithium-cesium-tantalum pegmatite systems in the Thunder Bay Mining Division.

Geochemical signature.

Sampling across the portfolio has identified the geochemical fingerprint typical of evolved LCT pegmatites: low K/Rb ratios (often <30), low Nb/Ta ratios, spessartine-rich garnets, and blue-green apatite.

Surface assay maxima reported across the broader Ontario portfolio (including divested properties) include up to 0.5% Li2O (~2,310 ppm Li), 1,833 ppm Cs, and 4,100 ppm Rb. Surface grab samples are selective by nature and not necessarily representative of mineralization on the properties.

Disciplined portfolio optimization.

Three core pegmatite properties have been monetized: Rubidium Ridge (Panther), White Willow (Totec), and Gathering / Triangle Lake (Molten). Usha retains meaningful equity in each acquirer plus a 2.0% NSR over Rubidium Ridge — preserving long-term upside without ongoing operating spend.

Non-core claims (Nym Lake, Bingo East, Bingo West) remain held in the belt as the company focuses operating capital on Southern Arm and Jackpot Lake.

Qualified Person. The technical content on this page has been reviewed and approved by Deepak Varshney, P.Geo., a qualified person under National Instrument 43-101.

Cautionary statement on sampling. Surface grab and historical channel samples are selective by nature and not necessarily representative of mineralization on any property. Where adjacent-property data is referenced for geological context, mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on Usha's properties.