FRom inevestinggold.ca blog https://investingold.ca/2023/05/02/the-merger-acquisition-landscape-for-gold-exploration-companies/
Vanstar Mining
An example of an earn-in type of acquisition is Vanstar Mining’s option agreement with IAMGOLD on the Nelligan Project in Qubec. In the terms of the agreement made in 2014, IAMGOLD had the option to earn 80%, initially by spending $4 million on gold exploration over four years to earn 50%. IAMGOLD then took the option to increase their stake to 75% in 2019 when they published an initial 3.2 Moz gold resource by paying Vanstar $225,000 over 3.5 years and delivering a pre-feasibility study by the end of the term. The upside is Vanstar does not have to spend any money to get this project into production. The resource was upgraded in February of this year to 5.6 Moz of gold (1.99 Moz indicated + 3.6 Moz inferred). Based on Vanstar’s 25% interest (1,375,000 oz of gold in the ground) and the current market capitalization of US$16 million, the entire company is valued at only US$11.63 per ounce of gold. To find out more about this undervalued company, check out their website https://vanstarmining.com/