Bayridge Resources Signs Definitive Agreement on Baker Lake Uranium Project in Nunavut

Executive Summary

• Bayridge Resources Corp. signed a definitive Share Purchase Agreement to acquire a 51 % equity stake in the Baker Lake Uranium Project (Baker Lake) for $1.4 million in common shares.
• The transaction gives Bayridge joint‑venture control, a right of first refusal on the remaining 49 % and board representation on both Bayridge and Privco.
• Baker Lake is an advanced‑stage uranium property with ~5,500 m modern drilling, historic intercepts (e.g., 17.3 m @ 0.30 % U₃O₈) and a $7 million exploration value at 2025 cost equivalencies.

Key Details

• Target: 1461433 B.C. Ltd (“Privco”), the 100 % owner of the Baker Lake Uranium Project (83 claims, 619 km², 60 km south of Baker Lake town).
• Consideration: 5,600,000 Bayridge common shares at a deemed price of $0.25 per share → total consideration $1,400,000.
• Equity Impact: Post‑closing, Privco owners will hold ~43 % of Bayridge; Bayridge will own 51 % of Baker Lake and have the right to appoint one director to Privco’s board (and vice‑versa).
• Joint‑Venture Terms: Privco retains a free carried interest until completion of a Pre‑Feasibility Study. Bayridge obtains first right of refusal on the remaining 49 % of Privco shares.
• Closing Conditions: Subject to customary conditions, required consents and approval by the Canadian Securities Exchange (CSE). A finders’ fee will be paid to unrelated parties. No new control blocks will be created.
• Project Highlights:
• Advanced uranium district adjacent to ATHA’s Angilak and Orano’s Kiggavik deposits.
• Historical drilling returned multiple significant intercepts, e.g.:
  • (L7‑07‑07) 17.3 m @ 0.30 % U₃O₈
    – (L7‑07‑10) 10.0 m @ 0.35 % U₃O₈
    – (L7‑07‑06) 15.3 m @ 0.20 % U₃O₈ (incl. 0.9 m @ 2.74 % U₃O₈)
    – (KZ 06‑02) 11.5 m @ 0.31 % U₃O₈ (incl. 5.5 m @ 0.56 % U₃O₈)
• Modern exploration value already completed: $7 million (≈5,500 m drilling, 23.5 km² surface grids, 7,851 line‑km airborne geophysics).
• Qualified Person: Mark Richardson, P.Geo., reviewed and approved the technical content under NI 43‑101.

Notable Quotes

• “The acquisition of a controlling interest in Baker Lake significantly expands Bayridge’s uranium portfolio and positions us to advance a high‑potential project in a world‑class district,” – Saf Dhillon, President & CEO.