The TSX Venture Exchange has accepted for filing documentation pertaining to an asset sale and purchase agreement dated Aug. 12, 2024, between the company, one of the company's wholly owned subsidiaries, Cosmo Gold Ltd. and Adelong Gold Ltd., whereby the company has acquired, through its subsidiary, from Cosmo an 80-per-cent interest in the Cosmo Newbery gold project, located in Western Australia.

According to the agreement, the company has paid $100,000 (Australian) to Cosmo and issued 25 million shares and 7.5 million warrants of the company to Adelong, as directed by Cosmo, in full settlement and release of a debt owed to Adelong by Cosmo. Additionally, the company made payments of $139,000 (Australian) for exploration activities, $112,000 (Australian) for the native title access agreement and $76,000 (Australian) for statutory tenement fees.

The company and Cosmo have formed an unincorporated joint venture (JV) that grants the company an 80-per-cent operatorship of the project, with a free carry of Cosmo's 20-per-cent interest until a decision to mine, after which both parties will finance expenses proportionally, subject to dilution. If either party's interest in the JV drops below 10 per cent, it will automatically convert into a 0.5-per-cent net smelter return (NSR) royalty. The company retains an option to acquire Cosmo's remaining 20-per-cent interest in the project within two years for $1.25-million (Australian), payable in cash or shares of the company, which remains subject to prior acceptance of the exchange in the future.

The transaction is arm's length in nature and no finders' fees are payable.

For further details, please refer to the company's news releases dated June 17, 2024, Aug. 13, 2024, Sept. 24, 2024, and Dec. 5, 2024.