M&A / Property
Colibri Provides Update on Diamante Project Acquisition and Jackie Project Disposition
Colibri acquires the Diamante project and divests Jackie, a portfolio shift driven by cash burn that necessitates a near-term capital raise.
Executive Summary
- Colibri Resource Corporation announced a portfolio rebalancing transaction with Silver Spruce Resources Inc. (SSE) dated June 15, 2026.
- The company is acquiring an additional 10% interest in the Diamante Project, increasing its total ownership from 50% to 60%.
- Consideration for the Diamante acquisition is the forgiveness of $80,000 in outstanding exploration expenditures owed by SSE to Colibri.
- Colibri is simultaneously disposing of its 50% interest in the Jackie Project to SSE.
- Consideration for the Jackie disposition includes 166,667 SSE common shares (valued at $25,000) and a 1% Net Smelter Return (NSR) royalty on future production.
- Both transactions are non-arm's length due to common director Kevin O'Connor, who has abstained from voting.
- The deals require TSX Venture Exchange approval and are exempt from MI 61-101 and TSXV Policy 5.9, bypassing minority shareholder approval and valuation requirements.
- Management states the rationale is to eliminate joint venture coordination, increase management flexibility, and concentrate capital on core assets: EP Gold, Pilar, and Diamante.
Material Impact
- Not an earnings release — no new results to assess; prior-period context: Q3 2025 shows a net loss of $785,367 CAD and a cash balance of $6,734 CAD.
- The transaction is a routine corporate housekeeping move. It simplifies the corporate structure by converting a 50/50 JV into a 60% interest and divesting a non-core asset (Jackie).
- There is no cash outlay for the Diamante acquisition (debt forgiveness) and a negligible cash/share consideration for Jackie ($25,000).
- The market likely already anticipated a focus on core assets given previous financing rounds and drilling programs. The announcement does not alter the company's financial position, cash runway, or exploration timeline materially.
- Rating aligns with Routine - Neutral as it is an expected, incremental strategic adjustment without immediate financial or operational impact.
CBI · Price
Company Overview
- Colibri Resource Corp. is an exploration-stage gold and silver company focused on projects in Sonora, Mexico.
- Flagship Projects:
- EP Gold Project: 100% owned, 4,766 hectares in the Caborca Gold Belt. Maiden Phase 1 RC drilling (March 2026) intersected 7.5m @ 2.92 g/t Au and 30m @ 0.73 g/t Au at the San Perfecto target, confirming a ~1.2 km mineralized corridor.
- Pilar Gold & Silver Project: 49% owned JV with Tocvan Ventures. Advanced exploration stage with historical high-grade drilling (e.g., 83.5m @ 1.3 g/t Au) and a permitted 50,000-tonne pilot leach facility nearby.
- Diamante Project: Now 60% owned following the June 2026 transaction.
- Development Stage: Exploration and early-stage drilling. No production or revenue.
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Jul 09, 2026 · 19:38