ProAm acquires right to Golden Ridge option
ProAm Gambles on Golden Ridge Pivot with Empty Pockets and 520,000 Ounces of History
On January 12, 2026, ProAm Explorations Corp. announced the acquisition of the right to option a 100% interest in the Golden Ridge gold project in New Brunswick. The deal requires $1.44 million in cash payments over seven years, with an immediate $180,000 due upon signing. The project contains a historical inferred resource (2013) of 520,200 ounces of gold at a grade of 0.91 g/t Au. The company must also commit to $250,000 in work expenditures, with $75,000 required in the first year. The vendor retains a 2% NSR, half of which can be bought back for $2.5 million.
The news is Material - Positive in terms of project scale but carries extreme financial execution risk. - Project Scale: A 520k-ounce historical resource is significant for a micro-cap company. The CEO notes the 2013 resource was calculated at $1,500/oz gold, suggesting potential for improved economics at current spot prices. - Pivot Strategy: This acquisition follows the total write-off of the company’s previous flagship "Jet" and "Samuel Lake" properties in late 2024/early 2025, which resulted in over $500,000 in impairments. - Insolvency Risk: As of September 30, 2025, the company held only $11,863 in cash against $256,391 in current liabilities. The requirement to pay $180,000 upon signing the Golden Ridge deal effectively mandates an immediate dilutive financing. - Management Credibility: The company has been kept afloat through small private placements and shares-for-debt settlements primarily involving the CEO, Jason Cubitt.
ProAm Explorations is a Canadian junior explorer that recently pivoted from Nevada and Ontario assets to the Golden Ridge Project in New Brunswick. - Flagship: Golden Ridge Project. - Stage: Advanced Exploration (historical resource). - Key Data: 16,001 meters of historical drilling; mineralization open at depth and strike.