Four Nines amends Hayden Hill agreement

Executive Summary

• Four Nines Gold Inc. signed an amendment to its agreement with Kinross Gold USA Inc. and Kinam Gold Inc., extending the deadline to Nov 1, 2028 to expand high‑grade mineralization at the Hayden Hill property in California.
• The amendment outlines a schedule of cash payments totaling $560,000 (some already paid) and cumulative qualified expenditures of approximately $4.0 M through 2028, including a firm commitment of 5,000 ft of drilling by Nov 1, 2026.
• Four Nines retains the option to purchase 100 % of Lassen Gold Mining Inc. (and thus acquire the Hayden Hill property) at any time before Nov 1, 2028, and the royalty‑buydown window has been extended from seven to eight years.

Key Details

• Cash Payment Schedule
• $50,000 paid upon entry into the original agreement.
• $60,000 paid on or before Mar 1, 2023 (paid).
• $100,000 due by Nov 1, 2024 (paid).
• $50,000 due by Nov 1, 2025 (paid).

• Additional payments of $100,000 each due by Nov 1, 2026 and Nov 1, 2027.

• Qualified Expenditure Requirements (cumulative)

• ≥ $250,000 incurred by Mar 1, 2023 (completed).
• ≥ $340,000 incurred by Nov 1, 2024 (completed).
• ≥ $175,660 incurred by Nov 1, 2025 (completed).
• ≥ $1,000,000 incurred by Nov 1, 2026, including a firm commitment of 5,000 ft of drilling.
• ≥ $1,000,000 incurred by Nov 1, 2027.

• ≥ $500,000 incurred by Nov 1, 2028.

• Option to Acquire Property

• Four Nines may elect, at any time before Nov 1, 2028, to purchase all shares of Lassen Gold Mining Inc., thereby acquiring 100 % of the Hayden Hill property.

• Royalty Buy‑Down Extension

• The right to buydown the reserved royalty by 0.5 % has been extended from seven years to eight years from the execution date (Aug 19, 2022).

Notable Quotes

“The strong working relationship between the Kinross and Four Nines teams has facilitated the signing of the favourable amendment to the agreement. The amendments give the company until Nov. 1, 2028, to expand the zones of known high‑grade mineralization, both vertically and horizontally.” – Charles Ross, CEO, Four Nines Gold Inc.