Mr. Jack Stoch reports

CHIBOUGAMAU UPDATES AGREEMENT WITH TOMAGOLD

Chibougamau Independent Mines Inc. has amended its agreement with TomaGold Corp. wherein TomaGold has the opportunity of acquiring, under an option, a 100-per-cent interest in Chibougamau's Berrigan South, Berrigan Mine, Antoinette, Elaine Lake and Gwillim properties northwest of the town of Chibougamau, Que.

Consideration under the updated agreement now stands at:

• $2.7-million in cash payments, of which $300,000 has been completed, and the balance to be paid as follows: (i) $50,000 upon receipt of the TSX Venture Exchange approval; (ii) $150,000 no later than Dec. 31, 2025; (iii) $200,000 no later than three years after the effective date; (iv) $500,000 no later than four years after the effective date; (v) $750,000 no later than five years after the effective date; and (vi) $750,000 no later than six years after the effective date;
• $1.85-million in common shares of the company at the volume-weighted average price on the applicable anniversary date, of which $450,000 worth has been completed by the issuance of nine million consideration shares, and the balance to be issued as follows: (i) $200,000 worth on the second anniversary; (ii) $200,000 worth on the third anniversary; (iii) $300,000 worth on the fourth anniversary; (iv) $350,000 worth on the fifth anniversary; and (v) $350,000 worth on the sixth anniversary; and
• $5.6-million in exploration expenditures on the Chibougamau properties as follows: (i) $600,000 no later than the second anniversary; (ii) $800,000 no later than the third anniversary; (iii) $1.2-million no later than the fourth anniversary; (iv) $1.5-million no later than the fifth anniversary; and (v) $1.5-million no later than the sixth anniversary.

The initial exchange-approved transaction terms were announced on Sept. 13, 2023.

We seek Safe Harbor.