The TSX Venture Exchange has accepted for filing the company's proposal to enter into a loan agreement offering with various arm's-length and non-arm's-length parties (together, the lenders) pursuant to the subscription agreements between the company and the lenders. Pursuant to the terms of the offering, the lenders subscribed for 24,264 units of the company for an aggregate of $24,264,000 (U.S.) in principal amount. Each unit consists of unsecured gold-linked notes of $1,000 (U.S.) in principal (notes) and 710 detachable common share purchase warrants of the company. The notes bear a coupon rate of 12 per cent per annum, calculated and payable quarterly in arrears, and will mature on Dec. 31, 2029. Commencing Jan. 1, 2026, the company will cause gold to be placed in escrow on a quarterly basis into a gold trust account. The aggregate principal of the notes outstanding will be reduced by the company on a quarterly basis (subject to exchange approval), commencing on March 31, 2026, through the final payment on Dec. 31, 2029. The notes will amortize based on a guaranteed floor price of $1,800 (U.S.) per gold ounce and any excess proceeds by which the gold price exceeds the floor price will be paid to noteholders as a premium. Each warrant will entitle the holder thereof to purchase one common share in the capital of the company at an exercise price of 95 cents per Shares for a period of 60 months following their issuance.

The offering was conducted by Raymond James Ltd. as sole bookrunner and lead agent on behalf of a syndicate of agents. The agents were paid a cash commission of $1,126,89 (U.S.), calculated to be 6 per cent of the gross proceeds raised under the offering.

For any further details, see the company's news releases dated Feb. 27, 2024, March 1, 2024, March 20, 2024, and April 4, 2024.