- Founders Metals (FDMIF, Financial) reaches significant milestone with the completion of a $10 million exploration expenditure.
- Ownership stake in the Antino Gold Project set to increase to 70% following the completion of Stage 2.
- Issued 2.95 million stock options and 1.38 million RSUs to insiders, vesting over three years.
Founders Metals Inc. (FDMIF) has successfully achieved a major milestone in the development of the Antino Gold Project in Suriname by completing the US$10 million exploration and development expenditure required for Stage 2 of its Option Agreement. This advancement paves the way for the company to increase its ownership stake in the project from 51% to 70% upon finalizing Stage 2 requirements.
To complete Stage 2, Founders Metals is set to make a US$1.5 million cash payment and issue 95,000 common shares. Additionally, an internal concept study, similar to a preliminary economic assessment, is expected to be delivered by the end of the month. The exploration results so far have surpassed expectations, offering insights into the project's potential economic value.
In line with its growth strategy, Founders Metals has also announced the granting of 2.95 million stock options at C$4.70 per share and 1.38 million Restricted Share Units (RSUs) to company insiders. Both the stock options and RSUs are designed to vest over a three-year period, further aligning the interests of the company's management and stakeholders.
