Recent amendments to Redhill; cash; 1% royalty; Golden Eagle --Bessor still retains Redhill per recent amendment found on later Sedar.com MD&A
--Current cash: $300,000
--1% of royality still owned for Key property sold to New Gold (the other 1% was sold to New Gold several years ago for $300,000)
--Golden Eagle...100% owned
Redhill Property – Copper, Gold, Zinc and Silver
Bessor holds an option to acquire a 100% interest in the 3,689.75-hectare Redhill property, located
approximately 80 kilometres west of Kamloops and 10 kilometres south of Ashcroft, British Columbia.
Under the terms of the option, dated July 8, 2015, and as amended July 30, 2019, September 15, 2020, September 22, 2022 and September 20, 2023, the Company may acquire a 100% interest in the Redhill property located in British Columbia by making option payments as follows:
• $5,000 upon signing of the agreement (paid);
• $5,000 on or before each of July 8, 2016 and July 8, 2017 (paid);
• $10,000 on or before July 8, 2018 (paid);
• $7,500 and 300,000 common shares of the Company upon TSX-V acceptance of the July 30, 2019
amendment (paid and issued);
• $5,000 and 300,000 common shares of the Company upon TSX-V acceptance of the September 15,
2020 amendment (paid and issued);
• $17,500 and 500,000 common shares of the Company on or before July 8, 2021 (paid and issued);
• $15,000 and 500,000 common shares of the Company on or before October 7, 2022 (paid and issued);
• $10,000 in accordance with the September 20, 2023 amendment (paid);
• $40,000 on or before July 8, 2024; and
• $295,000 on or before July 8, 2025.
In addition to the option payments, the Company must spend $650,000 on exploration under the terms of the
original agreement as follows:
• $20,000 on or before the first anniversary of the agreement (spent);
• $50,000 on or before the second anniversary of the agreement (spent);
• $150,000 on or before the third anniversary of the agreement (spent);
• $30,000 on or before the fourth through ninth anniversaries of the agreement (spent);
• As a result of the September 15, 2020 and September 22, 2022 amendments:
o An additional $50,000 on an exploration program to commence prior to December 31, 2022
(spent);
o An additional $100,000 on or before December 31, 2024; and
• $100,000 on or before the tenth anniversary of the agreement