Bathurst Metals Concludes Strategic Review, To Divest Peerless Property And Refocuses On Turner Lake

Bathurst Metals Corp. has agreed to assign its option on the Peerless Property to Big Bear Gold Corp. (TSXV: BEAR) in exchange for 3,555,000 BEAR common shares. As a result of the divestment, the company has cancelled a previously announced private placement financing due to the change in use of proceeds.

Strategic focus is shifting entirely to the Turner Lake project in Nunavut, with management highlighting historical high-grade drill intercepts from 2008-2009. Big Bear Gold assumes all remaining Peerless option obligations, including $350,000 in cash, $2,000,000 in exploration expenditures, and 5,500,000 shares over the next three years. All issued BEAR shares are subject to a four-month-and-one-day hold period.

Daryn Gordon has been appointed Chief Financial Officer effective October 1, 2026.

Bathurst Metals Corp. (BMV) divested the Peerless Property, a move that removes the company’s future financial and equity commitments tied to the asset. This divestment simplifies the balance sheet and reduces operational drag. By cancelling the previous financing, the company avoided immediate dilution, although it must now secure alternative funding for the Turner Lake exploration program.

The transaction allows Bathurst to pivot to a single-asset focus on Turner Lake, aligning capital and management attention with the company's most prospective jurisdiction and historical data. To support this transition, the company appointed Daryn Gordon as CFO, strengthening financial oversight. This portfolio rationalization improves capital efficiency, though the business remains in the exploration stage.

Bathurst Metals Corp. is an exploration-stage mineral company with no revenue, focused on acquiring and exploring gold and base metal properties in British Columbia and Nunavut. Its flagship project is the 125 km² Turner Lake property in Nunavut, located in a prospective Archean greenstone belt near Agnico Eagle’s Hope Bay and B2Gold’s Goose/Black River districts. Historical drilling conducted between 2008 and 2009 returned high-grade intercepts, including 13m @ 13.21 g/t Au and 18m @ 5.60 g/t Au.

The company’s other assets include the previously held Peerless property in British Columbia, which has been divested, as well as the TED, Gela Lake, and Nickel Knob properties. Bathurst Metals recently acquired the Gladstone/Northern and Iron Gold/North Core properties. The company is currently in the pre-resource stage, with no current mineral resource estimates, reserves, or economic studies (NPV/IRR) published.