Psyence RTO target receives reconnaissance licences

Executive Summary

• GoldCoast Resource Corp., the proposed reverse takeover target of Psyence Group Inc., has been granted 10 contiguous offshore reconnaissance licenses by the Minerals Commission of Ghana.
• The licenses cover approximately 10,000 square kilometers along Ghana's western offshore continental shelf, permitting initial reconnaissance activities for gold exploration.
• The proposed reverse takeover transaction between Psyence and GoldCoast remains ongoing, subject to customary conditions including technical disclosure (NI 43-101), financial statements, shareholder approval, and CSE acceptance.

Key Details

• License Grant: GoldCoast Resource Corp. received 10 contiguous offshore reconnaissance licenses.
• Location: Ghana's western offshore continental shelf.
• Area Covered: Approximately 10,000 square kilometers.
• License Term: Initial term of 12 months, renewable in accordance with Ghanaian regulations.
• Permitted Activities: Reconnaissance activities in accordance with Ghanaian mining regulations to identify areas for follow-up evaluation.
• Future Potential: Subject to exploration results and regulatory approvals, portions of the license area may be advanced to prospecting licenses and subsequently mining licenses.
• Transaction Status: Psyence Group Inc. and GoldCoast continue to advance their proposed reverse takeover transaction.
• Transaction Conditions: The transaction is subject to:
  • Completion of technical disclosure in accordance with National Instrument 43-101.
  • Financial statement requirements.
  • Shareholder approval.
  • Canadian Securities Exchange (CSE) acceptance.
• Company Focus: Upon completion, the resulting issuer is expected to pursue the business of GoldCoast (offshore gold exploration), while Psyence's current operations focus on nature-derived psilocybin products for mental health and wellness.

Notable Quotes

• "The licences represent the initial stage of Ghana's mineral tenure framework. Reconnaissance work is intended to identify areas that may warrant follow-up evaluation."
• "There can be no assurance that commercially viable mineralization will be identified or that any licence will be advanced."