Cambria Gold Mines to Retain Mt. Margaret Copper-Gold Porphyry in Portfolio; Announces New Director Kim Colloton and Cleve Rueckert as VP Corporate Development and Announces Equity Grants
Cambria retains the Mt. Margaret copper-gold asset after cancelling the planned spin-out, maintaining its strategic focus on the project.
Cambria Gold Mines Inc. has terminated the binding term sheet with ECC Ventures 4 Corp. to spin out its Mt. Margaret copper and gold porphyry deposit in Washington State. The company will retain ownership of Mt. Margaret, citing the potential for the deposit to become a "Tier 1" asset and the belief that greater value can be realized by advancing it within the current portfolio alongside the Premier Gold Mine Complex and Red Mountain Gold Deposit.
Significant management changes were announced as Major General (Retired) Kim Colloton joins the board, bringing extensive U.S. Army Corps of Engineers experience. Cleve Rueckert is promoted to Vice-President of Corporate Development. Equity grants were issued to directors, officers, employees, and consultants: * 2,800,000 incentive stock options at $0.90/share (expiring Sept 16, 2031) * 700,000 RSUs * 180,000 DSUs
Regarding the Mt. Margaret project status, Cambria controls 50% mineral rights of select patented claims (with the Federal Government holding the remaining 50%) and 100% interest in 184 surrounding lode claims. Historical resource data from Duval Corporation (1980) totals 577Mt grading 0.36% Cu, 0.24 g/t Au, 0.011% Mo, and 1.58 g/t Ag. The company has begun engagement with local communities and federal/state/tribal representatives regarding permitting.
Cambria Gold Mines Inc. (CAMB) has terminated the spin-out of its Mt. Margaret project, reversing the strategic direction announced on July 7, 2026. The original plan aimed to unlock independent valuation and raise up to US$100 million, but the cancellation removes that immediate capital infusion. By retaining Mt. Margaret, management is adhering to a long-term vision of building a growth-oriented company anchored by near-term gold production at Premier and a potential Tier 1 copper asset.
To address the complex U.S. federal and tribal permitting landscape, which serves as a critical path dependency for Mt. Margaret, the company appointed Kim Colloton. However, the equity grants issued at the current market price of $0.90 add to existing dilution. With the cancellation of the $100 million financing, Cambria Gold Mines Inc. must now fund the advancement of Mt. Margaret internally or seek alternative capital, introducing near-term liquidity pressure.
Cambria Gold Mines Inc. (formerly Ascot Resources Ltd.) is a development-stage mining company focused on the Premier Gold Project (PGP) and Red Mountain Project (RMP) in British Columbia's Golden Triangle. The Premier Gold Project features a 2,500 tonnes per day mill, grid-connected hydroelectric power, and paved road access. It includes the Premier, Silver Coin, Big Missouri, Dilworth, and Martha Ellen deposits. The company is conducting a 27,000-metre infill drilling program to upgrade resources and plan for a mill restart.
The Red Mountain Project is a high-grade underground gold deposit located approximately 15 km northeast of Stewart, BC, with 3.19M tonnes of Measured & Indicated resources averaging 7.63 g/t Au. A 75/25 blending strategy with Premier ore is planned to utilize the mill capacity. Construction on a ~23 km access road commenced in June 2026.
The Mt. Margaret Project is a calc-alkaline porphyry copper-gold deposit in Washington State. Historically estimated at 577Mt grading 0.36% Cu and 0.24 g/t Au, the company recently expanded its claim package by ~7 sq km and is engaging with U.S. federal and tribal entities for permitting.