Psyence Group's RTO Target, GoldCoast Resource Corp., Granted Offshore Reconnaissance License for Gold Exploration on Ghana's Shallow Continental Shelf

Executive Summary

• GoldCoast Resource Corp., the proposed reverse‑takeover target of Psyence Group Inc., received ten contiguous offshore reconnaissance licenses covering ~10,000 km² on Ghana’s western offshore continental shelf.
• The licences have an initial 12‑month term and allow GoldCoast to conduct reconnaissance work that could lead to prospecting or mining licences, subject to further regulatory approvals and successful exploration results.
• Psyence reiterated that the reverse‑takeover transaction remains pending completion of technical disclosures, financial statements, shareholder approval and CSE acceptance.

Key Details

• Licences Granted: Ten contiguous offshore reconnaissance licences issued by Ghana’s Minerals Commission for an area of approximately 10,000 km².
• Term: Initial term of 12 months, renewable per Ghanaian regulations.
• Purpose: Reconnaissance activities to identify zones warranting further evaluation; potential progression to prospecting and mining licences if results are favorable and approvals obtained.
• Regulatory Context: Licences issued under Ghana’s mineral tenure framework; subject to compliance with Ghanaian mining regulations.
• Impact on Reverse Takeover: The licences represent a development milestone for GoldCoast, enhancing the asset package underlying Psyence’s proposed reverse takeover.
• Transaction Status: Still subject to customary conditions – NI 43‑101 technical disclosure, financial statement requirements, shareholder approval, and acceptance by the Canadian Securities Exchange (CSE).
• Forward‑Looking Statements: Includes expectations regarding licence renewal, potential advancement of licences, and completion of the reverse takeover; all subject to risks and uncertainties.

Notable Quotes

(No direct quotes were provided in the release.)