Vulcan amends option deal with Gander

Executive Summary

• Vulcan Minerals amended its 2025 option agreement with Gander Gold Corp., increasing the share component to 1 million common shares (versus 500,000) and receiving a $100,000 cash payment, resulting in ownership of 1,177,240 Gander Gold shares.
• The company holds 800,000 common shares of Sassy Gold Corp. and continues active field programs on its Newfoundland projects (Colchester/Springdale, Red Cross Lake, Carbonear).
• A long‑standing lawsuit filed by Geophysical Service Inc. in 2014 has been voluntarily discontinued by the plaintiff, removing a legal risk for Vulcan Minerals.

Key Details

• Option Agreement Amendment – Original 2025 option called for 500,000 Gander Gold common shares and $100,000 cash; amended to 1,000,000 Gander Gold common shares plus the same cash amount, payable in stages by Nov 11 2025.
• Resulting Ownership – Upon receipt of the full share allotment, Vulcan will hold 1,177,240 Gander Gold common shares.
• Existing Equity Positions – Vulcan already owns 800,000 common shares of Sassy Gold Corp. (the original option holder).
• Field Activity Update – Summer field crews operated on all active projects:
• Colchester/Springdale – prospecting mineral showings, geochemical soil sampling, ground‑truthing geophysical anomalies.
• Red Cross Lake – similar exploration activities; access delayed by forest fires but now normalizing.
• Carbonear – continued prospecting and target optimization.
• Future Plans – Technical update on the three projects forthcoming; additional fieldwork scheduled for fall 2026.
• Legal Update – Geophysical Service Inc.’s litigation initiated in 2014 has been discontinued by GSI, confirming Vulcan’s position that the claim lacked merit and eliminating the pending legal exposure.

Notable Quotes

(No direct quotes were provided in the release.)