Graphite One Resources Inc. on Jan. 26 said it extended the deadline to buy a 2% net smelter returns royalty on 28 mining claims in Alaska, until 2021.

The company's subsidiary, Graphite One (Alaska) Inc., acquired an option in January 2012 to buy the NSR within three years for C$1 million, but the agreement was amended in 2015.

Under the amendment, the company was to exercise the option before the earlier of either Jan. 24, 2017, or within six months of a feasibility study on the claims, by issuing 769,231 common shares at 13 cents each.

Graphite One can exercise the option by issuing 1,666,667 shares at 9 cents each and 1,153,846 share purchase warrants, exercisable at any time before Jan. 24, 2021, at 13 cents per share.