Chibougamau Updates Agreement with TomaGold

Executive Summary

• Chibougamau Independent Mines Inc. amended its option agreement with TomaGold Corp., granting TomaGold the right to acquire 100 % of five Chibougamau properties.
• Updated consideration includes $2.7 M cash (with $300k already paid), $1.85 M in common shares (9 M shares issued to date), and $5.6 M in committed exploration expenditures over six years.
• Payment milestones are tied to specific anniversary dates, with the next cash tranche of $150 k due by 31 Dec 2025.

Key Details

• Properties Covered: Berrigan South, Berrigan Mine, Antoinette, Elaine Lake and Gwillim (northwest of Chibougamau, Quebec).
• Cash Consideration: Total $2,700,000
• $300,000 paid to date.
• Remaining schedule:
  • $50,000 upon TSXV approval
  • $150,000 by 31 Dec 2025 (Second Anniversary)
  • $200,000 by Third Anniversary (3 yr)
  • $500,000 by Fourth Anniversary (4 yr)
  • $750,000 by Fifth Anniversary (5 yr)
  • $750,000 by Sixth Anniversary (6 yr)
• Share Consideration: $1,850,000 worth of common shares at VWAP on each anniversary.
• 9,000,000 shares (~$450,000) already issued.
• Remaining issuance schedule:
  • $200,000 worth on Second Anniversary
  • $200,000 worth on Third Anniversary
  • $300,000 worth on Fourth Anniversary
  • $350,000 worth on Fifth Anniversary
  • $350,000 worth on Sixth Anniversary
• Exploration Commitment: $5,600,000 total to be spent on the Chibougamau properties.
• Schedule: $600k (Second), $800k (Third), $1.2M (Fourth), $1.5M (Fifth), $1.5M (Sixth) anniversary years.
• Previous Announcement: Initial transaction terms were first disclosed on 13 Sept 2023.

Notable Quotes

• “This amendment solidifies our partnership with TomaGold and provides a clear, phased pathway to unlock the full value of our Chibougamau assets while ensuring continued exploration investment.” – Jack Stoch, President & CEO.