Pacific Bay Signs Weaver Gold Property Option/Joint Venture Agreement

On January 6, 2026, Pacific Bay Minerals Ltd. (PBM) announced the signing of a Letter of Intent (LOI) with Aurwest Resources Corporation for an option/joint venture agreement on PBM’s 100% owned Weaver Gold Project in British Columbia. Under the terms, Aurwest can earn a 50% interest over three years by making cash payments totaling $70,000, issuing $245,000 worth of shares, and completing $325,000 in exploration work. The immediate benefit to PBM is $10,000 in cash and 500,000 shares of Aurwest upon signing.

This news is a minor positive development but must be viewed in the context of the company's precarious financial position. - Funding Relief: The $10,000 initial cash payment is negligible compared to PBM’s $600,000+ in current liabilities. However, the shift to a JV model allows the property to be explored without PBM needing to raise and spend its own scarce capital. - Strategic Pivot: This marks a return to the company’s BC asset base following the material failure of the "Pereira Velho" acquisition in Brazil, which was terminated in December 2025. - Dilution and Value: While the JV preserves some upside (50%), the market is likely to remain skeptical until the company addresses its "going concern" status. The news does not provide the immediate multi-million dollar capital injection required to settle outstanding debts.

Pacific Bay Minerals is a Canadian junior explorer. Following the collapse of its Brazilian gold ambitions, its focus has returned to British Columbia. - Weaver Gold Project: Located in southern BC, it is an exploration-stage gold-silver project now under JV LOI. - Haskins-Reed Project: Located in the Cassiar district of NW BC. This is currently the company’s internal flagship, focusing on "Critical Minerals" (Tungsten, Bismuth, Copper, Silver, Zinc). It benefits from 100% ownership and existing historical drilling and underground workings.