Gold Basin Resources looks to set aside Helix contract

Executive Summary

• Gold Basin Resources Corp. has announced that its newly appointed board of directors intends to support a shareholder petition to set aside a joint venture agreement with Helix Resources Ltd., citing breach of a Supreme Court of British Columbia restraining order and alleged undisclosed conflicts of interest by former directors.
• The announcement coincides with the replacement of the company's entire board of directors at a court-ordered annual general meeting held on March 16, 2026, just hours after Helix announced the JV.
• The new board plans to retain independent counsel to finalize a strategy to void the agreement and intends to seek personal contempt orders and financial recovery from the former directors for breaches of the restraining order and fiduciary duties.

Key Details

• Joint Venture Dispute: Helix Resources Ltd. announced on March 16, 2026, that it executed a formal joint venture agreement to earn up to a 40% interest in Gold Basin’s 42-square-kilometre Gold Basin project in Mohave County, Arizona.
• Legal Violation: The new board states the Helix agreement violates a restraining order issued by the Supreme Court of British Columbia on February 11, 2026.
• Shareholder Petition: A previous conditional letter agreement between Helix and Gold Basin (announced April 29, 2025) is subject to a shareholder petition filed on October 28, 2025, alleging former directors had undisclosed material interests in Helix and that the agreement was not fair or reasonable.
• Board Strategy Shift: Although the company initially filed a one-page objection to the court's jurisdiction, the new board intends to withdraw this objection and actively support the shareholders' petition to set aside the Helix agreement.
• Action Against Former Directors: The company intends to seek contempt orders against former directors personally for breaching the restraining order and will pursue legal steps to recover alleged losses and gains resulting from the Helix agreements.
• Project Details: The Gold Basin project hosts large mineralized trends with near-surface oxide gold mineralization and has seen over 800 historic and current drill holes into deposits up to 1.7 kilometres in length.

Notable Quotes

• "The new board of Gold Basin is composed of highly experienced industry professionals who are working diligently to address the current state of the company and create value for all stakeholders. Pending further discussion with independent counsel, we envision that setting aside this self-interested and commercially unreasonable contract with Helix will benefit the company and its stakeholders." — Shane Ebert, President and CEO