Poor Buzzard sold, and is trying to buy back cheaperjust ignore the clown, let hime keep chasing.
Meanwhile NXS has 4 or 5 properties on the go...get ready for some JV NEWS;)))
Look how much these guys just laid out, cash/shares + $10 M in expenditures for 51% of NFLD property, Ouch....
NXS should be able to get some great JVs going in the days/weeks ahead...
2021-06-08 09:55 ET - News Release
Mr. Daniel Wilton reports
FIRST MINING ANNOUNCES CLOSING OF EARN-IN TRANSACTION WITH BIG RIDGE GOLD
Further to First Mining Gold Corp.'s news release dated April 6, 2021, Big Ridge Gold Corp. has received final approval from the TSX Venture Exchange in relation to the earn-in transaction that has been agreed to between First Mining and Big Ridge with respect to the Hope Brook gold project located in Newfoundland, Canada. Accordingly, the transaction has now closed, and Big Ridge has commenced its earn-in of up to an 80-per-cent interest in Hope Brook pursuant to the terms of the definitive earn-in agreement that was entered into between First Mining and Big Ridge on April 6, 2021.
In accordance with the terms of the earn-in agreement, Big Ridge paid $500,000 in cash and issued 11.5 million shares of Big Ridge to First Mining upon closing the transaction. Big Ridge can earn a full 80-per-cent interest in the project through a two-stage earn-in over five years by incurring a total of $20-million of qualifying expenditures, and issuing up to a further 25 million shares of Big Ridge to First Mining over this five-year period. The other key terms of the earn-in agreement are presented farther herein
"We are extremely pleased with the addition of Big Ridge to our partnership portfolio and look forward to seeing the Big Ridge team unlock the value of our Hope Brook project and the surrounding highly prospective land package," stated Dan Wilton, chief executive officer of First Mining. "Hope Brook has one of the largest existing resource endowments in Newfoundland, which has become one of the hottest exploration jurisdictions on the planet. First Mining shareholders will retain significant exposure to Hope Brook through an initial 19-per-cent equity interest in Big Ridge, a retained 20-per-cent project interest in Hope Brook, milestone share and cash payments, and a highly attractive NSR royalty. We are confident that the team at Big Ridge, with their deep development and operating experience, will unlock value for our shareholders through their $20-million investment in Hope Brook."
Earn-in details
On closing
First Mining received the following from Big Ridge upon closing of the transaction:
- $500,000 cash;
- 11.5 million shares of Big Ridge, representing 19.8 per cent of Big Ridge's outstanding common shares.
Stage 1 earn-in
Up until the third anniversary of the closing date of the transaction, Big Ridge can acquire a 51-per-cent interest and form a joint venture with First Mining by:
- Spending $10-million on qualifying expenditures at Hope Brook;
- Issuing an additional 15 million shares of Big Ridge to First Mining;
- Issuing to First Mining a 1.5-per-cent net smelter return royalty on Hope Brook; 0.5 per cent of the royalty can be bought back for $2-million by Big Ridge.
Stage 2 earn-in
Following the completion of the stage 1 earn-in and up until the fifth anniversary of the closing date of the transaction, Big Ridge can increase its ownership in the joint venture to 80 per cent by:
- Spending an additional $10-million on qualifying expenditures at Hope Brook;
- Issuing shares to First Mining in the amount that is the lesser of i) 10 million shares of Big Ridge; or ii) such number of Big Ridge shares that will result in First Mining owning 19.9 per cent of Big Ridge's outstanding shares following the issuance.
Additional terms
- First Mining has exercised its right to nominate one individual to the Big Ridge board (Ken Engquist, chief operating officer of First Mining, has been nominated);
- First Mining will be free carried to a feasibility study;
- $2-million cash payable to First Mining upon the declaration of commercial production at Hope Brook;
- Once formed, the joint venture will pay First Mining a royalty of $1 (U.S.) per tonne in respect of any aggregate material sold from Hope Brook.
HOPE BROOK MINERAL RESOURCE ESTIMATE FOR GOLD AT 3.00 G/T AU CUT-OFF Category Tonnes Grade Au (g/t) Contained Au (oz) Indicated 5,500,000 4.77 844,000 Inferred 836,000 4.11 110,000
Qualified person
Hazel Mullin, PGeo, director, data management and technical services, of First Mining, is a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral projects, and she has reviewed and approved the scientific and technical disclosure contained in this news release.
About First Mining Gold Corp.
First Mining is a Canadian gold developer focused on the development and permitting of the Springpole gold project in Northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada. The results of a positive prefeasibility study for the Springpole gold project were announced by First Mining in January, 2021, and permitting activities are continuing with submission of an environmental impact statement for the project targeted for 2021. The company also holds a large equity position in Treasury Metals Inc. which is advancing the Goliath-Goldlund gold projects toward construction. First Mining's portfolio of gold projects in Eastern Canada also includes the Pickle Crow (being advanced in partnership with Auteco Minerals Ltd.), Cameron, Hope Brook, Duparquet, Duquesne and Pitt gold projects.
First Mining was established in 2015 by Keith Neumeyer, founding president and chief executive officer of First Majestic Silver Corp.
We seek Safe Harbor.