Chibougamau amends option with optionee TomaGold

Executive Summary

• Chibougamau Independent Mines Inc. amended its option agreement with TomaGold Corp., granting TomaGold the right to acquire a 100 % interest in several Chibougamau properties.
• Total consideration now totals $9.15 million split among cash payments, common‑share issuances, and mandatory exploration expenditures over six years.
• Cash paid to date: $300,000; share consideration issued to date: $450,000 (nine million shares).

Key Details

• Option Scope: 100 % interest in Berrigan South, Berrigan Mine, Antoinette, Elaine Lake and Gwillim properties (northwest of Chibougamau, Québec).
• Cash Consideration: $2.7 M total; $300k already paid. Remaining schedule:
• $50k upon TSX‑V approval
• $150k by 31 Dec 2025
• $200k by Year 3 of effective date
• $500k by Year 4
• $750k by Year 5
• $750k by Year 6
• Share Consideration: $1.85 M total at VWAP on each anniversary; $450k (9 M shares) already issued. Remaining schedule:
• $200k on 2nd anniversary
• $200k on 3rd anniversary
• $300k on 4th anniversary
• $350k on 5th anniversary
• $350k on 6th anniversary
• Exploration Expenditure Commitment: $5.6 M total, to be spent on the Chibougamau properties:
• $600k by Year 2
• $800k by Year 3
• $1.2 M by Year 4
• $1.5 M by Year 5
• $1.5 M by Year 6
• Original Terms: First announced on 13 Sept 2023; this amendment updates timing and amounts of cash, share, and exploration commitments.

Notable Quotes

(No quotes were provided in the release.)