COMMITMENTS AND CONTINGENCIES

6 Months Ended

Aug. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 6 - COMMITMENTS AND CONTINGENCIES

On March 29, 2023, Minerva Gold Inc. signed a Mineral Property Option Agreement with Tuzashuu Ken Limited Liability Company, which holds License No. 5862 MP for the exploration of the Arsy deposit. According to this Agreement, in order to maintain the Option, the Company was obligated to make aggregate cash payments of $500,000 within six months of the execution of the Share Purchase Agreement (SPA), fund exploration and development work on the property in 2024 totaling at least $300,000, and transfer to the Optioner no less than 30% of the Company’s shares by the end of the Option Period.

As of the date the financial statements were issued, the Company has not executed the SPA, made the required cash payments, or funded any exploration or development work on the property. Consequently, since the period for meeting the initial obligations has passed, the Option Agreement is considered terminated, and the Company no longer holds any rights to the Arsy deposit.

As of the date of this Quarterly Report, the Company does not have any material commitments other than those previously discussed in this Note. As of August 31, 2024, the Company is not aware of any contingent liabilities, legal disputes, or other obligations that could impact its financial position and that should be reflected in the financial statements.