Jul. 11 at 12:18 PM
$HIRU ~ Ameerex Advances North American Resource Program and Ameerex–Patagonia Lithium JV
https://www.otcmarkets.com/stock/HIRU/news/Ameerex-Advances-North-American-Resource-Program-and-AmeerexPatagonia-Lithium-JV?id=527906
ATLANTA, GA – July 10, 2026 – Ameerex Corporation, also known as HIRU Corporation (OTC: HIRU), today provided an update on its North American resource program, including the Corcoran silver-gold project and its Canadian oilfield interests, alongside continued progress on the Ameerex–Patagonia lithium joint venture.
North American Program
Ameerex is advancing two North American projects: the Corcoran silver-gold project and a Canadian oilfield business.
These projects will be acquired and held by Qatar-based investment entities linked to the Company's Chairman and other major shareholders. These entities provide the funding and hold the assets for now. Ameerex holds contractual rights to share in the projects' future economics.
The program is backed by USD 10,000,000 in private capital committed by the Chairman and other major shareholders. This funding covers project review, closing costs, and transaction execution.
The projects are expected to be integrated into Ameerex at a later stage, after completion of the audit. Definitive documentation and transaction milestones will be announced as they are completed.
The acquisition documentation for both projects will follow the Company's new acquisition structure plan, consistent with the terms to be confirmed by the sellers.
This structure allows technical review, permitting, and deal execution to proceed using private shareholder capital — with no public-market financing and no dilution for Ameerex shareholders.
The Chairman has previously contributed substantial assets to Ameerex, including the Balfour copper-cobalt project in Australia, which has been the subject of prior technical evaluation and disclosure. He is committed to ensuring future assets are integrated under a structure that properly reflects their value. The acquisition structure, the audit, and the shareholder value plan all serve that objective.
Ongoing Audit
The Company's audit is in progress and is expected to result in updated financial statements. A target completion timeline will be communicated as part of the Company's ongoing disclosure updates. The Company will provide further guidance on integration of the North American projects once the audit is complete.
Legal Matters
Ameerex has retained new legal counsel in connection with the previously disclosed AFCU matter and is pursuing formal responses and further legal proceedings, as outlined in the Company's prior release. Additional detail will be provided as the matter progresses.
Shareholder Value Plan
The Company's Board is evaluating a potential share buyback program. If authorized, it would be implemented following completion of the audit and in compliance with applicable securities regulations. Further details on program timing will be announced in due course.
Ameerex–Patagonia JV
The Ameerex–Patagonia lithium joint venture (ASX: PL3), disclosed via ASX announcement on January 9, 2026, is focused on Ameerex's participation in Patagonia Lithium's ("PL3") development pipeline, including an updated JORC Mineral Resource Estimate, a Scoping Study, and a Bankable Feasibility Study supporting a proposed 1,000-tonne lithium carbonate demonstration plant at the Formentera project in Jama, Argentina. Ameerex and PL3 are in discussions regarding funding participation in the demonstration plant and potential involvement in PL3's rare earth assets in Brazil.
PL3 recently reported drilling results at Cilon Lithium Well 8 in Argentina, including 116 metres drilled, a successful first packer test, and favorable brine indicators.
PL3 has reported a lithium carbonate equivalent (LCE) resource estimate of approximately 551,400 tonnes at the Formentera/Cilon project. For illustrative purposes only, PL3 has noted that each 100,000 tonnes of LCE corresponds to approximately USD 2.4 billion in gross contained commodity value at a lithium carbonate price of USD 24,000 per tonne — a figure that does not account for recovery rates, development costs, taxes, royalties, permitting, financing, or project-level discounting, and should not be relied upon as an estimate of project value.
This JV is separate from Ameerex's directly held Balfour copper-cobalt project in Australia.
