Mackay Gold & Silver Completes Acquisition of the Historic Big Bonanza, Consolidating the Entire Length of the Comstock Lode, Nevada

Mackay Gold & Silver Corp. has officially closed the acquisition of the historic Big Bonanza properties from Consolidated Virginia Mining Company and Marshall Earth Resources, Inc. The transaction adds 392 hectares to the company's land package, bringing the total to 4,747 hectares and uniting the entire 6-km length of the Comstock Lode under single ownership for the first time in its 167-year history.

Consideration for the deal totaled US$6.3 million, structured as US$2.0 million in cash on closing, US$2.0 million in common shares representing 934,575 shares, and a US$2.3 million deferred payment due on the first anniversary of closing. The seller retained a 2.0% Net Smelter Returns (NSR) royalty, with Mackay holding the right to repurchase 1.0% for US$2.0 million and a right of first refusal on the remaining 1.0%.

This news serves as the closing confirmation of the definitive agreement announced on September 9, 2026. Post-transaction, the share count stands at 88,702,048 common shares.

Mackay Gold & Silver Corp. (MACK) has completed the acquisition of the district's primary vein structure, removing the final regulatory hurdle of TSX Venture Exchange approval. The transaction terms, strategic rationale, and dilution impact were disclosed on September 9, 2026, allowing the market to price in the deal prior to closing. The execution legally consolidates the land package, validating management's land consolidation thesis without introducing new financial or operational surprises.

The deal involves a US$2.0 million equity issuance and a US$38 million reported cash position. A US$2.3 million deferred payment and a 2% net smelter return (NSR) are part of the agreement. The NSR is a standard industry term that does not materially impair near-term exploration economics.

The primary market-moving catalyst remains the ongoing 20,000-meter drill program. Investors are awaiting upcoming assay results from the Occidental South and the Sutro Target, rather than focusing on the administrative closing of the acquisition.

Mackay Gold & Silver Corp. is an exploration-stage gold and silver company focused on the historic Comstock District in Nevada. The company operates as a Tier 2 mining issuer on the TSX Venture Exchange and trades on the OTCQB under the symbol MKGSF.

The company’s flagship project is the Comstock District, a 47.5 km² contiguous land package. Mackay’s strategy centers on consolidating fragmented historical claims to enable modern, large-scale exploration. Key targets include the Occidental South area, which features a shallow oxide gold-silver zone showing high-grade intersections in early drilling, and the Sutro Target, where deep core drilling is testing a historic 30-meter wide vein intersection at approximately 450 meters depth.

The Silver City Lode includes the Lucerne and Dayton deposits, which have historical SK 1300 estimates. This area also features a permitted 4,500 tpd processing facility, American Flats, which is currently on care and maintenance.