- Founders Metals Inc. (FDMIF, Financial) increases its stake in Antino Gold Project to 70% after fulfilling Stage 2 requirements of the Option Agreement with Lawa Gold and Nana Resources.
- The company spent $1.5 million USD in cash, $10 million USD on exploration, and issued 95,000 shares to complete this stage.
- Founders Metals plans a 60,000-meter drill program for the Antino project in 2025 with potential options to increase ownership to 75%.
Founders Metals Inc. (FDMIF) has successfully completed Stage 2 of its Option Agreement with Lawa Gold and Nana Resources, increasing its ownership in the Antino Gold Project from 51% to 70%. This milestone was reached through a series of strategic investments that included $1.5 million USD in cash payments, $10 million USD in exploration expenditures, the issuance of 95,000 shares, and the delivery of an internal concept study.
Previously, during Stage 1, Founders acquired an initial 51% ownership by investing $1.65 million USD in payments, $6 million USD on exploration, and issuing 1.615 million shares. The successful completion of Stage 2 marks a significant advancement in the company's exploration endeavors.
Colin Padget, CEO of Founders Metals, emphasized this development as a major derisking milestone, reflecting the company's confidence in the Antino project's potential. The company is gearing up for a 60,000-meter drill program in 2025 and has the option to further increase its stake to 75% by investing an additional $10 million USD in exploration and completing a bankable feasibility study for Stage 3.
Alternatively, Founders Metals may enter into a joint venture with Nana Resources if they choose not to pursue Stage 3. This strategic move aims to enhance shareholder value while advancing the exploration potential of the Antino Gold Project, located in the Guiana Shield, a region known for its rich mineral resources.
