Vancouver, British Columbia — February 11, 2026 — Leads & Copy — Cosa Resources Corp. has signed an option agreement with Traction Uranium Corp., granting Traction the right to earn up to an 80% interest in Cosa’s Aurora uranium project. The agreement, effective February 10, 2026, involves significant investment in the Aurora Project.
Under the agreement, Traction Uranium is committed to funding over $9 million in exploration, making $1.5 million in cash payments, and issuing 5 million shares of Traction to Cosa Resources for up to 80% ownership of the Aurora Project. Cosa Resources will initially operate the project and receive an operator fee.
Cosa Resources’ President and CEO, Keith Bodnarchuk, stated that while the company’s primary focus remains on the Darby and Murphy Lake North Joint Ventures with Denison Mines, they are dedicated to advancing their eastern Athabasca portfolio with partners. Bodnarchuk added that the company is excited to work with Traction Uranium on the Aurora project.
According to the agreement, Traction can earn up to an 80% interest in the Aurora Project through sole funding work, cash payments, and share issuances over five phases. Key terms include:
Phase 1 requires $1,150,000 in exploration expenditures, $75,000 in cash payments, and 500,000 Traction shares by December 31, 2026, resulting in 20% Traction ownership.
Phase 2 requires $2,000,000 in exploration expenditures, $100,000 in cash payments, and 500,000 Traction shares by December 31, 2027, resulting in 35% Traction ownership.
Phase 3 requires $2,000,000 in exploration expenditures, $100,000 in cash payments, and 750,000 Traction shares by December 31, 2028, resulting in 49% Traction ownership.
Phase 4 requires $2,000,000 in exploration expenditures, $200,000 in cash payments, and 1,000,000 Traction shares by December 31, 2029, resulting in 65% Traction ownership.
Phase 5 requires $2,000,000 in exploration expenditures, $1,000,000 in cash payments, and 2,000,000 Traction shares by December 31, 2030, resulting in 80% Traction ownership.
Traction has the option to continue the earn-in or enter a joint venture with Cosa after completing phases 2 through 5. Traction can expedite the earn-in and exploration work plan. If Traction terminates the agreement before completing phases 1 and 2, all consideration paid to Cosa will be forfeited, and Cosa’s ownership of Aurora will revert to 100%. Cosa will be the initial operator and entitled to charge an operator fee, but Traction can assume operatorship after completing Phase 4.
Shares of Traction issued to Cosa will be subject to a standard four-month and one-day hold period, as per Canadian securities regulations.
The Aurora project covers a 17-kilometer section of the southeastern rim of the Athabasca Basin, 16 kilometers east of Key Lake and 40 kilometers south of the GMZ. Sandstone cover is expected to be less than 100 meters thick in the northern third of Aurora and absent in the remainder. Historical drill hole logs have identified zones of hydrothermal alteration, and airborne gravity gradient and VTEM surveying by Cosa in 2024 identified initial target areas.
Future plans include property-wide airborne radiometric surveying, ground-truthing, prospecting, and surficial sampling. Cosa and Traction aim to begin drilling at Aurora in 2027.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan, with a portfolio of roughly 237,000 ha across multiple projects in the Athabasca Basin region.
In January 2025, Cosa entered a strategic collaboration with Denison Mines, securing access to additional eastern Athabasca uranium exploration projects. Denison Mines is Cosa’s largest shareholder.
Cosa’s management team received the AME Colin Spence Award for the discovery of the Hurricane uranium deposit in 2022 and played roles in the discovery of Denison’s Gryphon deposit and the founding of NexGen and IsoEnergy.
Cosa’s focus throughout 2026 is drilling at the Darby and MLN projects in the eastern Athabasca Basin, operated by Cosa as 70/30 joint ventures with Denison. Drilling is ongoing at Darby, and drilling at MLN will follow up 2025 results which intersected broad zones of structurally controlled alteration.
Traction Uranium Corp. is in the business of mineral exploration and the development of discovery prospects in Canada, including its uranium project in the Athabasca Region.
Historical drilling results from Aurora are available within the Saskatchewan Mineral Assessment Database references 74H-0024, 74H07-0017, and 74H07-0031. Confirmatory relogging of these drill holes has not been completed.
Andy Carmichael, P.Geo., Vice President, Exploration for Cosa, has reviewed and approved the technical information in this release.
Source: Cosa Resources Corp.
