On August 22, 2024, Antler Gold Inc. provided an update on the status of the option agreement with Fortress Asset Management LLC regarding the Erongo Central Gold Project in Namibia. Previously announced on May 23 and 24, 2024, Antler Gold Namibia (Proprietary) Limited entered into a binding letter of intent with Fortress, allowing Fortress to acquire up to a 100% interest in the Project for total consideration of US$5.5 million and incurring US$6.0 million in exploration expenditures. Antler will retain a 2% net smelter return royalty and act as the operator for the Project during the three option periods.
The definitive option agreement was initially expected to be signed within 45 business days of the LOI execution, which was extended to September 16, 2024, by mutual agreement of the parties. Shareholder approval for the Transaction contemplated by the LOI was obtained at a meeting held on July 15, 2024. Antler is currently working with Fortress to finalize the definitive option agreement.
Antler Gold Inc. is a Canadian listed mineral exploration company focusing on acquiring and exploring mineral projects in Africa’s Top-Ranked Jurisdictions, with exposure to gold and Rare Earth Elements. The Company is continuously evaluating new opportunities to build a risk-diversified business model that offers short and long-term income generation and potential multiple returns from discovery processes.
This press release contains forward-looking information, including statements regarding the completion of the transaction subject to the LOI and future plans of Antler and its subsidiaries. Actual results may differ from the forward-looking information provided. Antler does not have an obligation to update forward-looking information, unless required by applicable securities laws. Additional information on risks and uncertainties can be found in filings made by Antler with Canadian securities regulators.
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