The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated May 29, 2023, and as amended on June 27, 2023, amending the terms of a purchase agreement, dated May 23, 2014, and as amended on March 3, 2015, May 13, 2020, and Oct. 28, 2021, between the company and an arm's-length party.

Pursuant to the terms of the amending agreement, the company may acquire and eliminate all encumbrances, including a 3-per-cent net smelter return (NSR) royalty and certain future cash bonus payments based on gold resources, on the Kutuvuoma and Silasselka projects, originating from the purchase agreement.

As consideration, the company will issue 37,500 shares to the optionor for the grant of the option and the option may be exercised by the payment of an additional five million euros, to be paid in either cash or shares, or a combination of both, at any time on or before Sept. 30, 2023. The number of consideration shares that may be issued to the optionor under the amending agreement will be restricted to the optionor having control or direction to no more than 9.9 per cent of the company's then issued and outstanding.

For further details, please refer to the company's news releases dated May 31, 2023, and July 10, 2023.