West Point Gold signs deal to acquire Baxter Spring

Executive Summary

• West Point Gold Corp. entered a share purchase agreement to acquire 100 % of the Baxter Spring project by purchasing all issued shares of Baxter Gold Corp. for 13.5 million West Point common shares (≈ C$0.435 per share).
• The acquisition adds an advanced‑stage Nevada exploration asset located near the company’s Jefferson Canyon and Kinross’ Round Mountain mines, expanding West Point’s regional footprint.
• The transaction is subject to TSX Venture Exchange approval and includes staggered statutory/voluntary hold periods on the issued shares; no cash consideration or finders’ fees are involved.

Key Details

• Consideration: 13.5 million West Point common shares valued at C$0.435 per share (≈ C$5.9 M).
• Target: Baxter Gold Corp., a private Canadian corporation, and its U.S. subsidiary Baxter Spring Mining (U.S.) Corp., which holds the Baxter Spring project.
• Project Location: Manhattan mining district, Nye County, Nevada – ~40 km south of Kinross’ Round Mountain mine and West Point’s Jefferson Canyon property.
• Historical Work: 128 drill holes (~11,000 m RC + 1,850 m core), surface geochemical & geophysical surveys; notable intercepts include 12.2 m @ 60.3 g/t Au (including 3.0 m @ 240 g/t) and 24.4 m @ 2.49 g/t Au.
• Land: 137 unpatented federal lode claims covering ~2,830 acres; split between BLM and USFS administration.
• Royalty: 2 % net smelter return royalty payable to Pilot Gold (USA) Inc. (Liberty Gold Corp. subsidiary).
• Hold Periods on Shares Issued to Baxter Shareholders:
• Statutory hold: 4 months + 1 day from closing.
• Voluntary holds: 25 % of shares locked for each of the following periods – 6, 12, 18, and 24 months post‑closing.
• Regulatory Condition: Acquisition pending approval by the TSX Venture Exchange.
• Future Plans (2025–2026): Compile historical data, create digital geological layers, perform 3‑D modelling, conduct field studies, design step‑out drill holes, and commence permitting for a 5,000 m drilling program in 2026.

Notable Quotes

“While Gold Chain remains our flagship asset, Baxter Spring provides an attractive opportunity to acquire an advanced exploration project… we believe the replacement cost of the work completed to date far exceeds the value of the shares West Point Gold is paying to acquire the project.” – Quentin Mai, CEO

Qualified Person: Robert Johansing, MSc (economic geology), PGeo, VP Exploration, NI 43‑101 qualified.