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Ten-bagger Founders Metals grows stake in flagship project
Ten-bagger Founders Metals (TSXV:FDR) successfully completed all requirements under stage 2 of its option on the 20,000-hectare Antino gold project in Suriname, increasing its stake from 51 to 70 per cent
Antino has produced over 500,000 ounces of gold from surface and alluvial mining to date
Founders Metals stock has added 113.73 per cent year-over-year, more than doubling gold's approximately 45 per cent effort, and remains up by more than 1,000 per cent since 2022
Ten-bagger Founders Metals (TSXV:FDR) successfully completed all requirements under stage 2 of its option on the 20,000-hectare Antino gold project in Suriname, increasing its stake from 51 to 70 per cent.
According to Friday's news release, stage 2 saw Founders make cash payments of US$1.5 million, incur US$10 million in exploration expenses, issue 95,000 shares and produce a conceptual study similar to a preliminary economic assessment, all within two years of completing stage 1 of the agreement.
Founders may now either enter a joint venture with Nana Resources, one of the optionors, or proceed to stage 3, which will increase the company's stake to 75 per cent in exchange for incurring another US$10 million in exploration expenses and completing a bankable feasibility study.
The company's diligent exploration and development at Antino since optioning the project in 2022, including a steady stream of high-grade gold across numerous mineralized zones, has resulted in an over 1,000 per cent return to date, granting it ten-bagger status with ample room to run on the path to resource delineation.
Founders is progressing through a fully funded 60,000-metre drilling program at Antino in 2025. Leadership insights
'We are thrilled to formally exercise our right to acquire 70 per cent of Antino, further strengthening our position as the project's majority owner,' Colin Padget, Founders Metals' president and chief executive officer, said in a statement. 'Completing stage 2 is a major de-risking milestone and reflects our confidence in Antino's exceptional potential. Additionally, we are excited to provide a detailed update in the coming days on all major exploration targets. We remain committed to maximizing shareholder value as we continue advancing the Antino gold project's world-class potential through our 60,000 metre 2025 drill program.'
Founders Metals is a Canadian-based junior miner focused on its Antino gold project in Suriname, which has produced over 500,000 ounces of gold from surface and alluvial mining to date.
Founders Metals stock (TSXV:FDR) opened with a loss of 1.36 per cent trading at C$4.36. The stock has added 113.73 per cent year-over-year, more than doubling gold's approximately 45 per cent effort.
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