Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) has announced several corporate developments, including a change in chief financial officer, amended terms to the sale of its Highland Valley Project, updates related to royalties on its Cariboo properties, and the issuance of stock options.
The company said on Friday that Richard Lee, CPA, CMA, has retired and stepped down as chief financial officer and corporate secretary, effective immediately.
Lee served in the role for more than 15 years. Happy Creek appointed Mathew Lee, CPA, CA, of Manning Lee Management as the new CFO and corporate secretary, also effective immediately.
Happy Creek also reported that it has agreed with Metal Energy to amend the terms of the asset purchase agreement for the Highland Valley Project.
The amendment, dated August 27, 2025, provides a nine-month extension to milestone payments and financing obligations included in the original sale agreement.
Under the revised schedule, Metal Energy will issue $6 million in shares to Happy Creek between 2026 and 2029.
The new timeline includes payments of $1 million in shares on August 6, 2026, and August 6, 2027, followed by $1.5 million on August 6, 2028, and $2.5 million on August 6, 2029.
Metal Energy is also required to complete an equity financing of at least $1.5 million by August 6, 2026.
As consideration for entering into the amendment, Metal Energy will pay Happy Creek $25,000 within five days of completing its next financing and will issue 1 million common shares to the company, subject to TSX Venture Exchange approval.
Further, Happy Creek announced that the Net Smelter Return royalties over its Cariboo Projects, including Silverboss, Hen/Art/DL, and Fox, have been purchased by unrelated third parties.
On October 1, 2025, Happy Creek entered into an agreement with the new royalty holders confirming ownership of a 2.5% NSR over the original 20,000 hectares of mineral claims acquired in 2005.
The agreement also extinguishes Happy Creek’s right to buy down 1% of the Cariboo Property NSR for $2 million. In exchange, the company received a cash payment of $25,000 from the new royalty holders.
Happy Creek also granted 4.7 million incentive stock options to its directors, officers, and consultants.
Each option allows the holder to purchase one common share at $0.13 per share for five years. All options vest upon grant and are subject to TSX Venture Exchange approval.