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Vancouver, British Columbia TheNewswire - July 6, 2026 Majestic Gold Corp. (TSX.V: MJS, FSE: A0BK1D) (the "Company") is pleased to announce that, through Persistence Gold Group Ltd. ("Persistence Gold"), its 58.75%-held subsidiary, it has entered into an investor agreement with GoldStone Resources Limited ("GoldStone"), a company incorporated in Jersey with limited liability and listed on the AIM market of the London Stock Exchange.
Pursuant to the investor agreement, Persistence Gold Group Ltd. has agreed to acquire 351,594,899 ordinary shares of GoldStone at a price of £0.01 per share for total consideration of £3,515,948.99 (approximately CAD$6,668,068), representing an approximately 20.96% equity interest in GoldStone following completion of the investment. In connection with the investment, Persistence Gold will have the right to nominate one representative to the board of directors of GoldStone, for so long as the Persistence Gold retains an interest of 15% or more in the GoldStone's ordinary Shares.
The investment represents Majestic's first strategic investment outside of China and is consistent with the Company's strategy of evaluating opportunities to diversify its asset base and gain exposure to mining and exploration opportunities in additional jurisdictions. The board of directors of the Company believes that GoldStone has potential for further development and that the investment provides an opportunity to expand the Company's exposure to gold resources, diversify its operations and participate in mining exploration and development in Africa.
GoldStone is a mining and exploration company focused on the Ashanti Gold Belt in Ghana, West Africa. GoldStone's primary assets include the Homase Gold Mine and the Akrokeri Underground Gold Mine, which are situated approximately 20 kilometres along strike north of the Obuasi Gold Mine (a third-party mine), as well as having entered into a binding MoU to acquire a 50% interest in a gold project in Sierra Leone, located adjacent to the Boamuhun Gold Mine (a third-party mine).
The Homase Mine is currently an operating open-pit mine exploiting the oxide portion of the deposit using heap leach processing. Based on GoldStone's public disclosure, the Homase Mine has a combined measured, indicated and inferred JORC-compliant resource of approximately 10.6 million tonnes at an average grade of 1.77 g/t gold, representing approximately 600,000 ounces of gold. Mineral Resources have an effective date of October 30, 2012. The Qualified Person responsible for the Mineral Resource estimate is Mr. Andrew Netherwood (AusIMM) and Simon Meadows Smith (IOM3).
The Akrokeri Mine was historically operated as a high-grade underground mine and produced approximately 75,000 ounces of gold at a recovered average grade of approximately 24 g/t gold before operations ceased in 1909. The Homase and Akrokeri licences contain approximately 4.4 kilometres of identified mineralized strike length, with additional parallel gold-bearing structures identified through historical drilling. These additional targets remain underexplored, with the most recent drilling completed in 2012.
The proceeds from the investment are expected to be used by GoldStone for the further advancement of the Homase Mine, including drilling below and around the Homase Mine with the objective of upgrading the project's resource base and commencing a feasibility study in respect of the potential exploitation of sulphide ore.
For further information please visit GoldStone Resources' website: https://www.goldstoneresources.com.
Qualified Person
Stephen Kenwood, P.Geo., is a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects and has reviewed and approved the technical information contained in this news release.
About Majestic Gold Corp.
Majestic Gold Corp. is a junior gold producer engaged in commercial gold production in eastern Shandong Province, China, with mining operations at its Songjiagou Gold Mines and the Mujin Gold Project. Additional information on the Company and its projects is available at www.sedarplus.ca and on the Company's website at www.majesticgold.com.
For further information, please contact:
James Mackie, Chief Financial Officer & Corporate Secretary
Telephone: (604) 560-9060
Email: info@majesticgold.com
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities legislation, including statements regarding the completion of the investment in GoldStone, the expected ownership interest in GoldStone following completion of the investment, the Company's right to nominate a representative to the board of directors of GoldStone, the expected use of proceeds by GoldStone, the potential advancement and development of GoldStone's mineral projects, the potential upgrading of mineral resources, the potential commencement of a feasibility study, and the Company's strategy of evaluating opportunities outside of China.
Forward-looking statements are based on management's expectations and assumptions as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, risks that the investment may not be completed on the terms currently anticipated or at all, risks associated with investing in foreign jurisdictions, risks associated with mining exploration and development activities, risks relating to the accuracy and completeness of third-party disclosure, changes in commodity prices, regulatory risks, market conditions, changes in business objectives and other risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update such statements except as required by applicable law.
Neither the 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 news release.
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