Author: GlobalData

Montage Gold (Montage) has entered a strategic partnership with Aurum Resources, bolstering its presence along the Boundiali greenstone belt in Côte d’Ivoire, home to Montage’s Koné gold project.

The collaboration involves Montage acquiring a 9.9% interest in Aurum through the issuance of 2.89 million common shares, representing a deemed consideration of approximately C$10.4m ($7.5m).

The partnership will see Montage investing alongside Zhaojin Mining and the Lundin Family, each securing a 9.9% interest in Aurum through a non-brokered private placement.

Aurum, valued at A$82.7m ($53.49m) before the offering, is expected to raise A$35.6m in aggregate gross proceeds.

Aurum’s Boundiali and Napié gold projects are adjacent to Montage’s Koné project.

The Boundiali project boasts an inferred resource of 50 million tonnes (mt) at 1 gram per tonne (g/t) gold, containing 1.59 million ounces (moz) of gold.

A 100,000m drill programme targets the high-grade Nyangboue gold deposit, with an updated resource estimate and preliminary feasibility study anticipated by year-end.

The Share Exchange Transaction between Montage and Aurum will result in Montage obtaining Aurum ordinary shares and Aurum receiving Montage Shares, equating to an 0.8% ownership in Montage.

The transaction, based on both companies’ share prices, requires approval from Aurum shareholders and the Toronto Stock Exchange, which is expected to close in late June this year.

Proceeds from the offering will fund drilling at the Boundiali project, exploration at the Napié project, and advance technical studies and permit applications.

This development follows Montage Gold’s previous C$170m equity raise in July last year, which included investments from Zijin Mining Group and Lundin Family Trusts, aimed at developing the Koné gold project, which has received a mining permit from the Côte d’Ivoire Government.

“Montage Gold partners with Aurum Resources to enhance presence in Côte d’Ivoire” was originally created and published by Mining Technology, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Canada-focused gold exploration company Fury Gold Mines has completed the acquisition of Québec Precious Metals (QPM) by acquiring all the issued and outstanding common shares of QPM.

The acquisition agreement was signed between the companies in February this year.

The acquisition provides Fury with a prospective gold and critical minerals exploration portfolio exceeding 157,000ha in Quebec. The portfolio includes the Sakami, Elmer East and Kipawa projects.

The transaction also enhances Fury’s position in the mining sector, particularly within the James Bay gold camp and the Témiscaming region, where the Kipawa project is located.

Under the terms of the arrangement, QPM shareholders received 0.0741 of a Fury common share for each QPM share held, resulting in the issuance of approximately 8.4 million Fury shares.

Options and warrants of QPM are now exercisable for Fury shares, adjusted according to the exchange ratio.

Fury CEO Tim Clark said: “We are pleased to officially complete this transformative transaction, which doubles Fury’s footprint in the Eeyou Istchee James Bay territory.

“The integration of QPM’s high-potential gold and critical minerals assets with Fury’s existing portfolio and strong financial position creates a more robust platform for exploration and growth.”

Trading of QPM shares on the TSX Venture Exchange and the Frankfurt Stock Exchange has been halted, with delisting expected by 30 April 2025. QPM will also seek to cease being a reporting issuer in Canada.

McMillan is serving as Fury’s Canadian legal advisor, while BCF Business Law is advising QPM.

QPM CEO and director Normand Champigny said: “Completing this transaction with Fury marks an exciting new chapter for QPM’s shareholders. With access to Fury’s strong leadership, financial resources and permitting expertise, we are confident in the enhanced ability to accelerate exploration efforts at Sakami and beyond.

“This combination validates the work accomplished to date and positions the assets for meaningful advancement, offering significant upside potential in today’s supportive gold market.”

“Fury Gold Mines acquires Québec Precious Metals” was originally created and published by Mining Technology, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.