TomaGold Announces an Amendment to its Agreement with SOQUEM relating to the Chibougamau Properties
TomaGold Corp. (TSXV: LOT; OTCPK: TOGOF) ("TomaGold" or the "Company") announces that it has entered into an amendment (the "Amendment") to the mineral property option agreement dated August 11, 2023 (the "Agreement") with SOQUEM Inc. ("SOQUEM"). The Agreement and the Amendment relate to the David, Radar, Dufault, Williams, Brosman, McKenzie, and Bruneau properties.
TomaGold and SOQUEM have agreed to amend the Agreement as follows:
- The anniversary date for Year 3 is extended to June 1, 2027, for work amounting to $1,250,000;
- The anniversary date for Year 4 is set for June 1, 2028, for work amounting to $1,500,000;
- The effective date of the Agreement is amended so that all obligations (cash payments, share payments, and work) are adjusted to correspond to the new due dates established above;
- It is understood that any future renewal of mining titles must be paid for in cash, failing which the Agreement will be terminated.
This Amendment will allow TomaGold to defer its work commitments by approximately one year and optimize the planning of its exploration activities, given the longer-than-expected assay delays, while providing it with increased financial flexibility. The Amendment remains subject to the approval of the TSX Venture Exchange.
About TomaGold
TomaGold Corp. (TSXV: LOT, OTCPK: TOGOF) is a Canadian junior mining company focused on the acquisition, exploration, and development of high-potential precious and base metal projects, with a primary focus on gold and copper in Quebec and Ontario. The Company's core assets are located in the Chibougamau Mining Camp in northern Quebec, where it owns the Obalski gold-copper-silver project and holds options to acquire 12 additional properties, including the Berrigan Mine, Radar, David, and Dufault projects. TomaGold also holds a 24.5% joint venture interest in the Baird gold property near the Red Lake Mining Camp in Ontario. In addition, the Company has lithium and rare earth element (REE) projects in the James Bay region, strategically positioned near significant recent discoveries.
Cautionary Statement on Forward-Looking Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the potential results of exploration and drilling activities, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251205826786/en/
Contact
David Grondin
President and Chief Executive Officer
(514) 583-3490
www.tomagoldcorp.com
