A recent research report by Terra Studio highlights Castle Minerals’ (ASX:CDT) investment value proposition as a gold exploration company with significant potential in Ghana's gold-rich region. With an enterprise value of just AU$3.4 million, Terra Studio considers Castle Minerals significantly undervalued given its promising drill results, strong government support for its graphite project, and potential for continued discoveries amid record-high gold prices.
The Terra Studio report from April 14, 2025, outlines several compelling reasons why Castle Minerals presents an attractive investment opportunity.
Strategic Location and Recent Discoveries
Castle's projects are located in northern Ghana, which hosts several major gold deposits including Cardinal Resources' 5.1 Moz Namdini deposit. The company's Kpali gold project has confirmed robust mineralization with impressive drill results including 12 m at 8.29 grams per ton (g/t) gold and 9 m at 4.81 g/t gold, while the Kandia gold project has demonstrated promising continuity with results like 7 m at 3.36 g/t gold.
Geological Advantage
The report emphasizes that Castle's Kpali area sits at the convergence of two major fertile greenstone belts and three regional-scale structures that host multi-million-ounce deposits in the region – a geological setting similar to higher-valued projects in West Africa.
Strong Leadership and Financial Position
The company is led by Stephen Stone, who previously grew the nearby Black Volta gold project to 2.80 million ounces of mineral resources. Following a recent AU$3 million placement, Castle Minerals is well-funded to continue its exploration activities.
For the full analyst report, click here.
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Castle Minerals is a compelling investment opportunity, underlined by its 100 percent ownership of two high-potential gold projects, a seasoned management team with a track record of success, and a strategic location near multi-million-ounce gold deposits.
Castle Minerals (ASX:CDT) is an Australia-based exploration company dedicated to advancing high-value gold projects in Ghana, West Africa. The company holds a 100 percent interest in a highly strategic 2,686 sq. km land package within Ghana’s Upper West region, a significantly under-explored yet highly prospective geological setting within the West African gold belt.
Castle Minerals’ core mission is to identify, explore and develop economically viable gold deposits, leveraging the region’s rich mineralization and proven mining history. The company's management team brings extensive experience and a strong track record of successful discoveries, ensuring that exploration efforts are guided by industry-leading expertise and strategic execution.
Castle’s portfolio is centered around its flagship Kpali and Kandia gold projects, both of which exhibit strong potential for resource expansion and economic development. These projects are situated within prolific gold-bearing structures and have demonstrated high-grade mineralization through extensive exploration efforts. With a focus on systematic exploration, the company aims to delineate and expand resources while positioning itself as a leading player in Ghana’s growing gold industry. Castle’s commitment to sustainable exploration practices and strong community engagement further enhances its ability to operate effectively in the region.
The Kpali gold project, a cornerstone of Castle Minerals' exploration efforts, is strategically located approximately 30 kilometers west of the regional town of Sawla in Ghana's Upper West region. Encompassing the Kpali and Bundi prospects, along with several satellite discoveries, the project area lies within the 170 sq km Degbiwu prospecting license (PL 10/26), which is encircled by the 1,033 sq km Gbiniyiri retention license (RL 8/27). Notably, the western boundaries of these licenses are delineated by the Black Volta River, marking the border with Burkina Faso.
Geologically, Kpali is situated at the convergence of two significant greenstone belts — the Bole-Bolgatanga and Wa-Lawra/Boromo belts — and three regional-scale structures. This unique positioning is associated with several major Birimian-hosted gold deposits in the region, enhancing the project's potential for substantial gold mineralization.
Recent exploration activities have yielded promising results. In February 2025, an eight-hole reverse circulation (RC) drilling program intersected shallow, high-grade mineralization in all holes. Notable intercepts include 12 meters at 8.29 grams per ton (g/t) gold from 25 meters, including 6 meters at 11.60 g/t gold from 31 meters, with a peak 1-meter intercept of 20.43 g/t gold at 36 meters. These findings have significantly upgraded the status of the Kpali gold prospect, suggesting the presence of multiple sub-parallel lodes with high-grade gold mineralization.
The broader district encompassing Kpali contains several other high-conviction prospects, reinforcing its potential as an emerging new exploration frontier. Castle Minerals plans to undertake further drilling programs, including step-out drilling, to delineate the extent of mineralization and assess the project's viability for future development.
In summary, the Kpali Gold Project's strategic location, favorable geology, and recent high-grade drilling results position it as a significant asset within Castle Minerals' portfolio, with the potential to evolve into a major gold production site in Ghana.
The Kandia gold project is situated in Ghana's Upper West Region. Discovered in 2010 during reconnaissance field mapping, the project encompasses a 16-kilometer-long corridor along a significant granite-sediment contact within Birimian greenstone terrain. This geological setting is known for hosting substantial gold mineralization, with the Kandia prospect itself identified through previously unknown artisanal workings spread over approximately 600 meters of strike.
Initial exploration efforts included extensive soil sampling, airborne geophysical surveys and RC drilling, totaling 264 holes over 19,541 meters. These activities led to the identification of two primary mineralized zones: the "4,000 Zone" and the "8,000 Zone."
Strategically, the Kandia project benefits from its proximity to major gold deposits. The 5.1-million-ounce Namdini gold project lies to the northeast on the same Bole-Bolgatanga greenstone belt, while the 2.8-million-ounce Black Volta gold project's Julie deposit is immediately along strike from the Kandia mineralized trend. This favorable location enhances Kandia's economic attractiveness and potential for development synergies.
Future exploration plans for Kandia involve extensional drilling at the "4,000 Zone" and targeted drilling in other areas with historically wide-spaced shallow drilling, such as the "8,000 Zone," where artisanal mining activities are also present. The primary objective is to delineate multiple near-surface, open-pitable deposits along the 16-kilometer prospective contact, advancing the project toward potential development.
Stephen Stone has more than 30 years of experience in mining and exploration. As the former managing director of Azumah Resources, he led the discovery of a 2.5 Moz gold resource and 1.2 Moz ore reserve at the Wa gold project His expertise in West African gold exploration and project development is instrumental in guiding Castle’s strategic direction.
Matthew Horgan brings a strong background in engineering, business development, and investor relations. His experience in strategic corporate growth and resource sector financing supports Castle’s development initiatives.
James Guy is a geologist with extensive expertise in mining and exploration, specializing in gold and base metals projects across Africa and Australia. He has held senior executive positions with several ASX listed junior resources companies and with banking group, NR Rothschild & Sons. He is currently principal of James Guy & Associates
David Renner has a strong track record in operations and corporate strategy for resource development. He is a key contributor to advancing the Kambale graphite project.
Hecto Nyinaku focuses on administration, finance and logistics within the mining industry. His strong networks in Ghana’s resource sector provide valuable operational support.
George Asomoah Boadu has extensive field experience in Ghana’s gold and graphite exploration projects. His expertise is integral to defining Castle’s resource base and implementing effective exploration strategies.
Advancing strategic gold exploration assets in Ghana’s prolific Upper West region
All amounts expressed in US dollars
As the world moves towards the United Nations' Sustainable Development Goals 2030 target, Barrick Mining Corporation (NYSE:B) (TSX:ABX) remains committed to playing its part by driving economic growth, enabling social progress and protecting the environment, says president and chief executive Mark Bristow in the company's 2024 Sustainability Report published today.
Called Beyond the Horizon , the report highlights Barrick's journey from the transformational merger in 2019 to becoming a leader in responsible mining, underscoring its commitment to sustainability-driven growth, community empowerment and environmental stewardship, focused on long-term value creation and measurable outcomes.
"When we created the new Barrick in 2019, our vision was to build a business that delivers sustainable value for generations to come. Today, that vision is becoming reality. We're contributing meaningfully to our host countries' economies, developing local business capacity, and leaving a lasting legacy across every region where we operate. At Barrick, sustainability is not part of the business — it is the business. We make concrete plans, invest in their delivery and measure our impact at the community level to ensure real, lasting change. As Barrick grows, so do the opportunities for our host communities," he says.
In the six years since the merger, Barrick has distributed over $100 billion in economic value across its host countries through wages, local business support and tax contributions. Barrick's Community Development Committees (CDCs), established at every site, have invested more than $200 million in community-led projects. These include schools, clinics, water infrastructure and sustainable farming programs, all managed directly by local communities to ensure projects meet real needs and drive long-term economic resilience. This year's report demonstrates that the value invested is only the start, and key metrics, aligned with the SDGs, are focused on tangible improvements to eradicate poverty, are tracked through time, and with ambitious targets set for 2030.
As Barrick Mining Corporation enters a new growth phase through the rest of the decade, it has also recalibrated its greenhouse gas (GHG) emissions profile and reduction roadmap to align with its expanding production base, and increased renewable energy footprint supporting its ambitious Net Zero by 2050 target.
"We're not buying our growth — we're building it," says group sustainability executive Grant Beringer. "That means we're adding new emissions, not inheriting existing ones. Our forecast has been updated to transparently reflect this, and we continue to invest in renewables, energy efficiency and supplier engagement to ensure we scale with discipline. Our 2050 Net Zero commitment remains firm – while our medium-term emissions targets are still aligned with our original principles, albeit linked to emissions intensity reductions, in line with our evolving production profile."
This year, Barrick introduced a new site-level Sustainable Development Goal (SDG) performance framework, setting a benchmark for transparent, community-focused progress. This framework tracks site-level development across indicators such as clean water, education and healthcare, reflecting Barrick's commitment to measurable impact in line with the United Nations SDGs.
"We use the SDGs not as a communications tool but as a delivery framework," says Beringer. "Whether it's reducing malaria in the DRC, improving maternal health in Pakistan, or restoring water infrastructure in Argentina, our success is measured in real-world outcomes for real people."
Other highlights for the year include the fact that 97% of Barrick's employees and 76% of its senior site management are host country nationals. In 2024, Barrick spent $7.1 billion with local and in-country suppliers, driving local business growth and economic resilience. The company also reused or recycled 85% of its water intake, and major solar and hydro investments are currently underway in Pakistan, Argentina and the DRC.
The full 2024 Sustainability Report, Beyond the Horizon , is available on Barrick's website at www.barrick.com/sustainability .
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this release and the Sustainability Report, including any information as to our sustainability strategy and vision, targets, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as "vision", "strategy", "believe", "expect", "target", "plan", "commitment", "objective", "aim", "goal", "continue", "budget", "potential", "may", "will", "can", "should", "could", "would", and similar expressions. In particular, this release and the Sustainability Report contain forward-looking statements including, without limitation, with respect to: (i) Barrick's sustainability strategy and vision; (ii) Barrick's environmental, health and safety, corporate social responsibility (including social and economic development, water management, tailings, hazardous waste management, diversity, equity and inclusion, community relations, resettlement and disease prevention), human rights and biodiversity programs, policies and performance; (iii) Barrick's climate change strategy and associated greenhouse gas emissions reductions targets, including with respect to our Scope 3 emissions and associated targets, as well as the estimated capital expenditures required and our ability to meet our greenhouse gas emissions reduction targets; (iv) climate risks and opportunities identified through our climate scenario analysis; (v) the estimated timing and ability of Barrick to achieve environmental, social, health and safety, and energy reduction targets, including our greenhouse gas emission reduction targets; (vi) Barrick's strategy to address legacy human rights issues and planned independent site assessments; (vii) the anticipated benefits of Barrick's renewable energy investments, including solar projects at Reko Diq, Nevada Gold Mines and Kibali; (viii) Barrick's 2025 materiality assessment; (ix) the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; and (x) our joint ventures, partnerships and industry association memberships.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Barrick as at the date of this Sustainability Report in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: damage to the Barrick's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick's handling of environmental matters or dealings with community groups, whether true or not; changes in national and local government legislation, taxation, controls or regulations, and/or changes in the administration of laws, policies, and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which Barrick does or may carry on business in the future; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with diseases, epidemic and pandemics; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; risks associated with working with partners in jointly controlled assets; whether benefits expected from recent transactions are realized; employee relations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; Barrick's ability to achieve its sustainability goals, including our climate-related goals and greenhouse gas emissions reduction targets, in particular our ability to achieve our Scope 3 emissions targets which requires reliance on entities within Barrick's value chain, but outside of the Company's direct control, to achieve such targets within the specified time frames risks associated with artisanal and illegal mining; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licences by governmental authorities; failure to comply with environmental and health and safety laws and regulations; and our ability to successfully close and integrate acquisitions or complete divestitures. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance.
All of the forward-looking statements made in this release and the Sustainability Report are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this release and the Sustainability Report.
Barrick Mining Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
Highlights
Uvre Executive Chairman Brett Mitchell said:
“This transaction is an exceptional opportunity for Uvre on several levels.
“Norm and Peter will bring a wealth of knowledge and experience in the resources business, along with a track record of creating substantial shareholder value through resource asset exploration and proįect development.
“The Otagold proįects led by Waitekauri have compelling gold exploration upside in a tier-one įurisdiction, as shown by the extensive mineralisation and drilling targets already identified.
“The combination of Norman’s well-known record in building successful mining proįects combined with the talented Uvre team, the immense exploration upside at these proįects and the strong financial position which will follow the placement will leave Uvre very well-placed to create significant value”.
Norman Seckold said:
“This transaction will enable Uvre to unlock what we believe is the substantial value of these proįects.
“We will have the assets, the team, the experience and the financial strength to conduct the immediate exploration programs which will maximise our ability to create value.
“The work we have already done on the proįects shows they are highly prospective and with the support of the Uvre team and access to capital, we can take them to the next level with the aim of building substantial gold inventories in a tier one location”.
Otagold Projects Summary
Otagold holds a 100% interest in three exploration permits, one prospecting permit and one prospecting permit application on New Zealand’s North and South Islands, covering 332km2 of highly prospective ground.
Click here for the full ASX Release
A Canadian exploration company poised for discovery, Bold Ventures is focused on the exploration and development of high-potential precious and battery minerals projects in tier 1 jurisdictions in Canada.
Bold Ventures (TSXV:BOL) is a Canadian mineral exploration company focusing on battery, critical and precious metals located in Northern Ontario and Quebec. The company's asset portfolio demonstrates its focus on these commodities to create consistent value with gold and meet the growing demand for battery and critical metals.
Bold Ventures' key projects are located within three active regions throughout Ontario: Thunder Bay West, Wawa West and the Ring of Fire camp located in the James Bay Lowlands. The Thunder Bay properties host gold and copper mineralization, while the Wawa and Ring of Fire properties have copper, gold, and chromium mineralization with additional potential for zinc, nickel, silver and PGE mineralization. The newly added Springpole East gold and Joutel gold and base metal projects expand Bold’s footprint into additional high-potential areas.
The Burchell gold and copper project, west of Thunder Bay, is Bold’s flagship property with a newly discovered high-grade gold occurrence as well as historical drill intersections of highly anomalous gold and copper. The project is ideally positioned next to Goldshore Resources Inc.’s Moss Gold Project hosting the Moss Gold Deposit of nearly 6 million ounces of gold in the indicated and inferred resource categories.
The 100 percent owned Traxxin gold project, west of Thunder Bay, has shown numerous high-grade gold intersections in drilling. The project is a joint venture between Bold Ventures, as the operator, and Lac des Mille Lacs First Nation, where the joint venture can earn up to 100 percent of the property.
An experienced team of explorers leads the company toward fully realizing the potential of its portfolio. The company's leadership team has participated in three significant world-class discoveries, including:
This wealth of experience allows Bold Ventures to strategically acquire undervalued assets and apply sophisticated exploration techniques to identify significant mineral deposits.
The Burchell claim group covers 4,607 hectares (11,384 acres) comprising 242 claims and is located 100 kilometers west of the port city of Thunder Bay in Northwestern Ontario. The project is road-accessible south of the Trans-Canada Highway 11.
Project Highlights:
The 100 percent owned Traxxin gold project is 130 km west of Thunder Bay and has 209 claims covering 3,885 hectares (9,600 acres). The project has excellent existing infrastructure and is road-accessible, located between two major highways, cutting down on future development costs.
Project Highlights:
The Farwell project covers 6,440 hectares (15,914 acres) comprising 133 claims. The property is located in the Lake Superior east region of Northeastern Ontario, approximately 55 km northwest of Wawa, and in a proven gold camp.
Project Highlights:
The Wilcorp gold project covers 264 hectares (652 acres) and consists of four patented claims, 15 single cell and three boundary cell mining claims. The asset is 17 kilometers south of Agnico Eagle's Hammond Reef Deposit and 32 kilometers west of Traxxin, within the Thunder Bay Mining Division. New drill targets have been identified for follow-up exploration.
Project Highlights:
Project Highlights:
The asset comprises 1,024 hectares and is located less than 300 meters from Ring of Fire Metals' (formerly Noront Resources) Eagle's Nest Nickel-copper massive sulphide deposit, which is in the permit stage.
The Ring of Fire asset is a future key project that will be given further attention as the Ring of Fire regional infrastructure and First Nation agreements are developed.
Project Highlights:
In June 2024, Bold Ventures signed an agreement to option a 100 percent interest in two claim groups out of the 14 claim groups within the Ring of Fire region to an arm’s-length party. The two claim groups total 1,050 hectares and comprise approximately 90 claim units. The option agreement includes aggregate cash payments totaling C$135,000 and aggregate exploration expenditures of C$250,000 over a four-year period. The deal also includes a 3 percent net smelter royalty for Bold, after the optionee earns a 100 percent interest by fulfilling the terms of the agreement.
The Springpole East gold project is one of Bold Ventures’ newest project acquisitions strategically positioned in an established mining district. This property covers 4,180 hectares across 208 single cell claims in northwestern Ontario, located just 120 km east-northeast of Red Lake and merely 9 km east of First Mining Gold's substantial Springpole gold deposit (containing 4.6 Moz of gold at 0.94 g/t in the indicated category and an additional 0.3 Moz at 0.54 g/t in the inferred category). The project shares a boundary with First Mining's land package, positioning it within a proven gold-bearing geological trend.
Despite its promising location, Springpole East has seen relatively limited systematic exploration. The most recent work in 2022 by GoldON Resources included high-resolution airborne magnetic surveys and prospecting that yielded encouraging results, including the discovery of altered granitic boulders with gold values ranging from 191 to 1,270 ppb. Of particular interest is the nearby Canamer or Birch Lake East Occurrence just 1.3 km west of the property boundary, where First Mining reported impressive grab samples yielding 15.3 g/t gold in 2022. This showing occurs in banded iron formation – a rock type that has been mapped in the northwest portion of Springpole East and corresponds with prominent magnetic anomalies identified during previous surveys.
Complementing its Ontario-based acquisition, Bold has also added the Joutel gold and base metal project in Quebec to its exploration portfolio. Located 140 km northwest of Val d'Or with favorable logging road access, this property comprises 41 claims across two claim groups covering 2,269 hectares. Bold is already familiar with the area, having conducted airborne VTEM and magnetic surveys in 2012, identifying several anomalies that remain underexplored.
The Joutel project sits in a historically productive mining region, just 6.5 km south-southeast of the former mining town of Joutel in Poirier Township. Its strategic location places it within 12 km of the past-producing Joutel gold mine and less than 10 km from previous base metal operations. A particular point of interest is its proximity (6 km) to the Explo-Zinc deposit, which hosts a 2006 mineral resource estimate of 588,000 tons grading 7.63 percent zinc and 0.35 percent copper in the indicated category, plus 273,000 tons at 6.64 percent zinc and 0.21 percent copper in the inferred category.
Historical drilling of VTEM anomalies in the area has produced encouraging results, including intersections of 0.83 percent nickel over 3.7 meters (including a higher-grade section of 1.27 percent nickel over 2.3 meters) and 0.51 g/t gold over 3.05 meters. These results highlight the property's polymetallic potential, with Bold targeting nickel, gold, silver, copper and zinc mineralization.
David Graham has been active in the mineral exploration industry for over 40 years. Between 1997 and 2004 he was co-founder, president and CEO of Normiska Corporation, an industrial minerals and materials company with four production facilities in Canada and the United States.
Between 2006 and 2010 he was a director and vice-president of Noront Resources. During this time the company made major discoveries at Windfall Lake in Urban Twp., Quebec and the Ring of Fire in the James Bay Lowlands of Ontario. From 2010 until 2017 he was executive vice-president of Bold Ventures Inc. at which time, he was appointed president and CEO.
Mr. Graham has worked extensively in Canada as well as in the United States, Scandinavia and Africa. His experience has frequently included working with First Nations and regulatory agencies on projects that ranged from a grassroots stage to advanced development. He is a member of the discovery team for Eagle River, Windfall, and the "Ring of Fire" Noront deposits.
With over 40 years of experience in the exploration industry, Bruce MacLachlan is a proven exploration manager and has been a key member of a number of mineral discovery teams, including Eagle River. He has managed a wide range of exploration projects from grassroots through to the post-discovery stage. MacLachlan has been responsible for project presentation, marketing and coordination within the investment space. He has worked with multiple exploration companies, including Noranda Exploration, Battle Mountain Gold and CanAlaska Uranium. He was the exploration manager at Noranda Exploration, Battle Mountain Gold, and CanAlaska Uranium. He is a co-founder and president of Emerald Geological Services (EGS), a consulting company created in 2001.
Coleman Robertson is a professional geologist who has worked exploring for gold, base metals and rare earth elements. His experience includes a wide range of exploration activities from grassroots to discovery stage projects. Employed by EGS since 2017, Robertson is vice-president of exploration for EGS and has experience with multiple projects in multiple jurisdictions, including Bold's gold and copper projects in Northwestern Ontario.
Robert Suttie currently serves as CFO with over 40 years' experience as a consultant raising capital for emerging companies. He has been a director/executive at several private/public corporations.
William Johnstone is the company's corporate counsel and corporate secretary. Johnstone has been a partner at Gardiner Roberts LLP since February 2005, practicing in the areas of corporate and securities law for over 40 years.
Ian Bodie-Brown is an industry consultant with over 35 years' experience. He is chairman of Rio Silver (on the TSX Venture Exchange) and a professional geologist.
Steve Brunelle is a professional geologist with over 35 years' experience and is the chairman of Rio Silver (on the TSX Venture Exchange).
Azimut Exploration Inc. ("Azimut" or the "Company") ( TSXV: AZM ) ( OTCQX: AZMTF ) is pleased to report that on May 16, 2025, it has closed its previously announced non-brokered placement with Centerra Gold Inc. ("Centerra") (TSX: CG) (NYSE: CGAU) ( see press release of April 28, 2025 ) and has issued 9,935,000 common shares to Centerra for gross proceeds of $5,961,000.
Azimut is also pleased to report that on May 16, 2025, it closed a concurrent non-brokered private placement with the following entities, for additional gross proceeds of $2,751,400:
In total, 14,520,666 common shares of the Company were issued at a price of $0.60 per share for aggregate gross proceeds of $8,712,400 (the "Offering").
Azimut welcomes Centerra as new strategic investor. Centerra now owns approximately 9.9% of the issued and outstanding common shares of the Company.
Azimut believes that the Offering reflects a strong support for the Company's exploration strategy and the quality of its project portfolio, and that the Offering will put the Company in a position to generate and advance quality targets for precious metals and critical minerals. The proceeds from the Offering will be used by Azimut to expand its exploration activities on its wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper) properties , and for business development and general corporate purposes. Together with the partner-funded exploration planned for the Kukamas (nickel-copper-platinum-palladium) , a significant level of activity is expected over the next 12 months. Refundable tax credits ranging from 22.5% to 45% are anticipated to be recovered on qualified exploration expenditures incurred by the Company.
In connection with the Offering, Azimut has executed an investor rights agreement with Centerra pursuant to which, subject to certain conditions, Centerra will have the right to participate in future equity issuances to maintain its ownership interest in the Company.
Agnico Eagle has subscribed for 833,333 common shares of the Company for gross proceeds $499,999.80 (the "Agnico Offering"). The Agnico Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), due to the fact Agnico Eagle had, prior to the Agnico Offering, beneficial ownership of, or control or direction over, securities of the Company carrying more than 10% of the voting rights attached to all the outstanding voting securities of the Company. The Company is relying on Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement under MI 61-101, as the Company is not listed on specified markets. The Company is relying upon the exemptions from the minority shareholder approval requirements pursuant to Section 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Offering and/or the Agnico Offering exceeds 25% of the Company's market capitalization calculated in accordance with MI 61-101. No formal valuation or other prior valuation has been prepared in respect of the Company. A material change report will be filed by the Company less than 21 days in advance of the closing date of the Agnico Offering as the final details thereof were not settled until shortly prior to the closing of the Agnico Offering and the Company wished to close the Agnico Offering in a timely manner for sound business reasons. Upon closing of the Offering, Agnico Eagle beneficially owned, or exercised control and direction over, an aggregate of 11,034,058 common shares of the Company, representing approximately 11% of its issued and outstanding common shares.
The Offering is subject to the final approval by the TSX Venture Exchange. All securities issued under the Offering will have a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities legislation.
About Centerra
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra owns and operates the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. It also owns exploration and development assets and operates the Molybdenum Business Unit in Canada and the United States.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2024, CDPQ's net assets totalled CAD 473 billion. For more information about CDPQ, visit cdpq.com , consult our LinkedIn or Instagram pages, or follow us on X .
About SIDEX
SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ. Its mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province's mineral base, to promote innovation and to encourage new entrepreneurs.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of 795,374 shareholders. With net assets of $21.7 billion as at November 30, 2024, the Fonds supports nearly 4,000 companies through direct and indirect venture and development capital investments based on the belief that impact is created as much by financial as societal returns. For more information, visit fondsftq.com or our company page on LinkedIn .
About NQIM
NQ Investissement Minier (NQIM) is a Matagami-based regional investment fund dedicated to mining development in Northern Quebec. The fund offers financial support and strategic expertise to exploration companies, with investments guided by a sustainable and responsible approach, promoting positive spin-offs for local and aboriginal communities.
About Azimut Exploration
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec, controlling strategic land positions for gold, copper, nickel and lithium.
The Company's wholly owned flagship project, the Elmer Gold Project , is at the resource stage ( 311,200 oz Indicated and 513,900 oz Inferred using a gold price of US$1,800 per ounce* ) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. The Company's competitive edge is based on systematic regional-scale data analysis. Azimut maintains rigorous financial discipline and a strong balance sheet, with 100.4 million shares issued and outstanding.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.), Azimut's President and CEO, prepared this press release and approved the scientific and technical information disclosed herein, acting as the Company's qualified person within the meaning of National Instrument 43-101–Standards of Disclosure for Mineral Projects .
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.
This news release does not constitute an offer of securities for sale in the United States. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933 , as amended, and such securities may not be offered or sold in the United States absent registration in the United States or an applicable exemption from the registration requirements in the United States.
Contact and Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President Corporate Development
Tel.: (604) 202-7531
info@azimut-exploration.com www.azimut-exploration.com
___________________________________________________________________________________
* " Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, Canada ", prepared by Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., Vincent Nadeau-Benoit, P.Geo. and Simon Boudreau, P.Eng. of InnovExplo Inc., dated January 4, 2024.
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events related to the Offering. Forward-looking statements contained in this press release include, but are not limited to, the use of proceeds. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and "believe". The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There are many factors that could cause such differences, particularly volatility and sensitivity to market metal prices, impact of change in foreign currency exchange rates and interest rates, imprecision in reserve estimates, recoveries of gold and other metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, community and non-governmental organization actions, changes in government regulations and policies, including laws and policies, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Report filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company's business.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce that it has entered into an option agreement dated May 15, 2025 (the "Option Agreement") with Hudbay Minerals Inc. ("Hudbay") pursuant to which Hudbay has granted Canadian Gold an option to acquire 100% of the Tartan West property (the "Option") that is immediately adjacent to the Company's Tartan Mine (Fig. 1 & 2), near Flin Flon, Manitoba. This Option, if exercised, significantly expands the outlook for the Company as it looks to add additional high-grade gold resources into the future plan to restart the Tartan Mine.
Rationale For Entering into Option Agreement for the Tartan West Property
Exploration Potential:
Potential to Leverage Future Infrastructure Investments Over an Expanded Resource Base, Delivering Enhanced Economies of Scale:
"We are very excited to have been able to work with Hudbay to secure the Option to acquire the Tartan West property. The addition of the Tartan West property would double our land position over the Tartan Shear Zone from 8 to 16 km. We believe the addition of this property would significantly increase the scope and scale of exploration opportunities for the Company. In time, we believe that additional high-grade resources that may be present on this property could deliver significant operational synergies that will bolster the already compelling economics for the restart of the Tartan Mine." - Michael Swistun, CFA, President & CEO of the Company.
Next Steps for Tartan West Project
The Company intends to begin the exploration work at the Tartan West property at the start of the 2025 field season. Initial work will consist of a detailed mapping, prospecting, and sampling program to evaluate and verify the historic high-grade surface showings, which will aid with prioritization of areas for additional work such as trenching, stripping and diamond drilling. The Option Agreement was structured in a way that allows the Company to complete a property-wide review to develop priority drill targets without incurring significant upfront costs.
Terms of the Option Agreement
Under the terms of the Option Agreement and subject to the approval of the TSX Venture Exchange, over a five-year period Canadian Gold will be required to (i) make the following cash and share payments to Hudbay and (ii) make the following work and exploration commitments outlined in Table 1 in order to exercise the Option. Upon exercise of the Option, Canadian Gold will hold a 100% interest in the Tartan West property and Hudbay will also be granted a 2.5% NSR on the Tartan West property. Under the terms of the Option Agreement, certain share payments listed below may be made in cash.
Table 1. Option Terms
| Date | Cash Payments | Share Payments | Work Commitments |
| Upon commencement of the earn-in period | 185,185 | - | |
| 1 Year Anniversary | - | 555,555 | C$100,000 Initial field work program |
| 2 Year Anniversary | - | 1,111,111 | C$250,000 Advanced field work program |
| 3 Year Anniversary | C$150,000 | 1,296,296 | C$800,000 Initial drill program |
| 4 Year Anniversary | C$325,000 | 3,148,148 | C$1,500,000 Secondary drill program |
| 5 Year Anniversary | C$350,000 | 3,703,703 | C$1,700,000 Third drill program |
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Qualified Person and QAQC
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
The Qualified Person has not completed sufficient work to verify the historical data for the Tartan West property, and it remains uncertain whether further exploration will define a mineral resource on the property. The Company has not independently verified the third-party data referenced and cannot guarantee its accuracy or completeness and investors should therefore use caution in placing reliance on such information. However, the Qualified Person believes that the historical drilling and analytical results referenced were completed to industry standard practices. Overall, the information highlights the exploration potential of the Tartan West property but may not reflect actual results.
Historical Exploration References
(1) Spooner, A.J., 1987. Tout Lake Joint Venture Diamond Drilling. Manitoba Mineral Assessment Report 71523. NTS REF. No. 63K-13SW
(2) Spooner, A.J., 1988. Tout Lake Joint Venture Diamond Drilling. Manitoba Mineral Assessment Report 81737. NTS REF. No. 63K-13SW
(3) Spooner, A.J., 1989. Tout Lake Joint Venture Diamond Drilling. Manitoba Mineral Assessment Report 72046. NTS REF. No. 63K-13SW
(4) Historical scanned paper maps on Company database
About Canadian Gold Corp.
Canadian Gold Corp. is a Canadian-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) holds a 5.7% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Mining, holds a 32.9% interest in Canadian Gold.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements including but not limited to the receipt of regulatory approval for the transactions contemplated by the Option Agreement and the exercise of the Option by the Company.
Figure 1. Location of the Tartan West Property.
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Figure 2. Location of highlight historic gold occurrences on the Tartan West Property.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252366
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