Toogood Gold Corp. Options Golden Nugget Property, Expanding Contiguous and Highly Prospective Toogood Gold Project in Newfoundland

Executive Summary

• Toogood Gold Corp. announced it has acquired an option to earn a 100% interest in the 3,000‑hectare Golden Nugget Property adjacent to its flagship project in Newfoundland.
• The property adds >12 km of underexplored gold‑bearing strike and hosts historic outcrop samples with average grades of ~7 g/t Au (some up to ~26 g/t Au) over an 8.5‑km coastline trend.
• The option agreement requires a total consideration of CAD $700,000 (CAD $330,000 cash + CAD $370,000 common shares) payable over four years, plus a 2.0% NSR royalty with an optional buy‑out for 50% of the royalty at CAD $1.5 million before commercial production.

Key Details

• Property Overview
• Golden Nugget comprises ~3,000 ha and >12 km of contiguous gold trend.
• Adds >10 km of Mélange Contact, bringing total prospective strike to >15 km across the property.

• Historic rock sampling:

  • 148 samples averaging ~7 g/t Au; 87% sourced from outcrops.
  • 36 samples along a 6.5‑km trend averaging ~26 g/t Au; 83% outcrop‑sourced.
  • High‑grade channel samples reported: 50.2 g/t Au over 1.1 m, 87 g/t Au over 0.8 m, 29.2 g/t Au over 2.5 m.

• Exploration Plans

• Comprehensive coastline rock sampling and mapping program to commence mid‑October to verify historic results.

• Option Agreement Terms

• Cash Payments (CAD): $50k within 1 yr, $70k within 2 yrs, $90k within 2 yrs, $120k within 2 yrs (total $330k).
• Common Shares: Issued at the Consideration Share Price:
  • 90k shares after TSX‑V approval,
  • 40k shares at 1 yr,
  • 60k shares at 2 yr,
  • 80k shares at 3 yr,
  • 100k shares at 4 yr (total $370k value).

• Royalty: 2.0% NSR royalty granted to optionors; optionee may acquire 50% of the NSR for CAD $1.5 million prior to commercial production.

• Qualified Person

• Colin Smith, M.Sc., P.Geo., CEO and Director, reviewed and approved technical information (not independent).

Notable Quotes

“The Golden Nugget acquisition represents a compelling opportunity for Toogood, adding 3000 hectares and >12 kilometers of highly prospective strike along a highly underexplored, fertile gold trend,” – Colin Smith, CEO, Toogood Gold Corp.

All forward‑looking statements are subject to risks and uncertainties detailed in the release.