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Business Wire
2 days ago
- Business
- Business Wire
Great Quest Announces Extension of Final Tranche of Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSXV:GQ) ('Great Quest' or the 'Company') announces that it has received an extension from the TSX Venture Exchange (the 'Exchange') with respect to the duration of its previously announced non-brokered private placement (the 'Offering'). The outside date upon which final acceptance of the final tranche of the Offering (the 'Final Tranche') will be granted by the Exchange has been extended until August 29, 2025. The Company closed the first tranche of the Offering on July 14, 2025 and issued 11,560,000 common shares (the 'Shares') for gross proceeds of $289,000. The Offering consists of up to 20,000,000 Shares, at a price of $0.025 per Share. All of the Shares issued pursuant to the Offering will be subject to a four month and one day hold period from the date of issue. The Offering is subject to the approval of the Exchange. The net proceeds of the Offering will be used for costs associated with the Company's proposed reverse takeover transaction with Lotus Gold Corporation (the 'Transaction') and general working capital purposes. For further details regarding the Transaction please see the Company's press release dated May 14, 2025. The Company expects to close the Final Tranche on or about August 22, 2025. For further details regarding the Transaction, including the equity ownership that existing Great Quest shareholders will hold in the resulting issuer following completion of the Transaction, please see the Company's press release dated May 14, 2025. About Great Quest Great Quest Gold Ltd. is a Canadian mineral exploration company focused on developing high-potential gold and lithium projects in Namibia, Morocco, and Mali. The Company's flagship asset is the Damara Gold Project in Namibia, which includes the Khorixas, Omatjete, and Outjo projects, covering over 300,000 hectares. Khorixas has yielded high-grade grab samples up to 49.9 g/t Au, while Omatjete and Outjo present significant gold and lithium opportunities. In Mali, Great Quest is advancing the Sanoukou Gold Project, a 24 km 2 concession in the Kayes region. Great Quest Gold Ltd. is listed on the TSX Venture Exchange under the symbol GQ. ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST GOLD LTD. 'Jed Richardson' Chief Executive Officer and Executive Chairman Disclaimer for Forward-Looking Information This news release may contain forward-looking statements. These statements include statements regarding the Transaction, the Offering and the Final Tranche and use of proceeds and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Business Wire
31-07-2025
- Business
- Business Wire
Trigon Metals Announces Horizon to Advance US$2 Million Payment and Provides Exploration Update
TORONTO--(BUSINESS WIRE)--Trigon Metals Inc. (TSX-V: TM; OTCPK: PNZTF; FRA:TZU2) ('Trigon' or the 'Company') is pleased to announce that it has received the initial portion (US$1M) of the US$2M advance from Horizon Corporation Ltd. ('Horizon') ahead of August 4 th deadline and has notified the Company of its intention to advance the balance on or before August 4, 2025. The accelerated payment follows the successful Trigon shareholder vote on July 4, 2025, and demonstrates Horizon's commitment to closing the transaction in a timely manner. Please see Trigon's press release dated May 29, 2025 for further details regarding the sale of Trigon's interest in the Kombat Mine to Horizon. Strategic Shift to Exploration – Addana Drill Program Planned With the Company's transition away from production at the Kombat Mine, Trigon is sharpening its focus on its exploration assets, particularly in Morocco. A drill program is planned at the Addana Project, located in the established mining region of Morocco. The program will target high-priority mineralized zones beneath existing underground workings and is designed to confirm and expand on known copper mineralization. Initial drilling is budgeted at approximately US$350,000, and preparations are underway to mobilize field crews in the coming weeks. This marks the first phase of an exploration-driven strategy aimed at unlocking value from the Company's high-potential copper and silver assets. Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, ' We are pleased to see Horizon moving proactively to advance the first payment ahead of schedule. This show of confidence in the transaction provides us with the immediate financial flexibility to begin work at Addana. As we shift our focus toward exploration, we're excited about the prospects in Morocco and look forward to delivering results that support long-term value creation for our shareholders. ' Qualified Person The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, (400274/04), FSAIMM, the Company's 'qualified person' as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. About Trigon Metals Inc. Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling. Cautionary Notes This news release may contain forward-looking statements. These statements include statements regarding Horizon and the proposed sale of the Kombat Mine, the schedule of payments, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Addana Project, the prospectivity and mineralization at the Addana Project, the Company's exploration plan and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Business Wire
30-07-2025
- Business
- Business Wire
Trigon Metals Reports Fourth Quarter Operational and Financial Results
TORONTO--(BUSINESS WIRE)--Trigon Metals Inc. (TSX-V: TM, OTCPK: PNTZF, FRA: TZU2) ('Trigon' or the 'Company') announces it has filed its financial statements for the year ended March 31, 2025 and details below the operational results for the quarter ending March 31, 2025. All amounts are expressed in U.S. dollars, unless otherwise stated. Highlights Copper Production of 310,190 pounds and silver production of 6,878 ounces in Q4 at the Kombat Mine, following operational suspension in January 2025. Net Income: $18.1 million for the quarter, or ($0.38) per share, largely due to reversal of impairments and stream restructuring gains. Adjusted EBITDA (1) was ($906,952), reflecting reduced output and continued care and maintenance of the Kombat Mine. Following the pause of mining operations announced on January 16, 2025, the Company has withdrawn all production, capex and exploration guidance. The Trigon management team is focused on completing the sale of its interests in the Kombat mine to Horizon, as set out below. Mining operations were suspended, with the majority of the onsite employees retrenched. Summary of the Events of Financial Q4 During the quarter ended March 31, 2025, Trigon produced 310,190 pounds of copper and 6,878 ounces of silver prior to halting operations at the Kombat mine due to flooding in January 2025. C1 cash cost was $7.50 per pound. The high cash cost per pound metric was due to the low copper production combined with low copper plant recovery. Revenue totaled $1.92 million, while adjusted EBITDA (1) was ($906,952). Net income was $18.1 million due to the reversal of prior impairments. Table 1: Operating and Financial Highlights OP = Open Pit UG = Underground (1)EBITDA, net income (loss) attributable to owners of the Company, income (loss) per share attributable to owners of the Company, net (cash), working capital, C1 cash cost, copper production are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management Discussion and Analysis for the three months ended June 30, 2024. Jed Richardson, CEO and Executive Chairman of Trigon, commented, ' This quarter was shaped by both significant operational challenges and transformative corporate developments. While the flooding at Kombat required us to place operations on care and maintenance, the signing of the definitive agreement to sell Trigon's interest in the mine saved the Company. It strengthens our financial position and allows us to focus our energy and capital on high-potential exploration projects in Morocco and Namibia. We thank our team for navigating this period with resilience and remain optimistic about Trigon's next chapter.' Sale of Trigon's Interest in the Kombat Mine On May 27, 2025, the Company signed a definitive agreement to sell its interest in the Kombat Mine to Kamino Mineral Ltd., an affiliate of Horizon Corporation (the 'Transaction'). The $24 million sale, payable over eight quarterly instalments, includes additional contingent payments tied to copper prices and mill expansion milestones. The Transaction is expected to provide Trigon with near-term liquidity and exposure to future upside at Kombat while redirecting strategic focus to its exploration assets. Private Placement In Q4, Trigon completed a non-brokered private placement in two tranches, raising gross proceeds of $2.53 million. Proceeds were used to fund corporate expenses and maintain the Kombat site during care and maintenance. Strategic Shift to Focus on Exploration Trigon is progressing its exploration campaigns at the Silver Hill and Addana projects in Morocco. The Company's technical team continues to evaluate extensive polymetallic vein systems with potential for near-surface, high-grade mineralization. Work continues at the Kalahari Copperbelt Project in Namibia, where Trigon holds an option to earn up to 70% of a highly prospective land package along strike from producing deposits. A total of $303,742 has been spent toward a $1 million exploration commitment. Qualified Person The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101. Non IFRS Measures The Company has included certain non-IFRS performance measures, namely working capital, C1 costs, EBITDA and Adjusted EBITDA throughout this document. In the mining industry, these are common non-IFRS performance measures but do not have a standardized meaning. As a result, these measures may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, we and certain investors use this information to evaluate the Company's performance and ability to generate cash, profits and meet financial commitments. Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As a result, these measures may not be comparable to similar measures presented by other companies. Further details of the financial results, the Q4 and year end financial statement and management discussion and analysis ('MD&A') are available under the Company's profile on SEDAR+ at Trigon Metals Inc. Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling. Cautionary Notes This news release may contain forward-looking statements. These statements include statements regarding the Company's mining operations, the financial results of the Company, the timing and results of mining activities, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Kombat mine, the restarting of the Kombat mine, the economic viability of the Kombat mine, the Company's ability to obtain financing, the Transaction, the Company's ability to complete the Transaction, the Company's ability to expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, planned capital expenditures, the prices of copper and silver, foreign currency exchange rates, and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Business Wire
14-07-2025
- Business
- Business Wire
Great Quest Announces Closing of First Tranche of Non-Brokered Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSXV:GQ) ('Great Quest' or the 'Company') announces that it has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $289,000 (the 'First Tranche'). Pursuant to the First Tranche, the Company has issued 11,560,000 common shares of the Company (each, a 'Share'), at a price of $0.025 per Share. All of the Shares issued pursuant to the First Tranche are subject to a four month and one day hold period from the date of issue. The Company intends to close the final tranche (the 'Subsequent Tranche') of the private placement on or about July 25, 2025 for additional gross proceeds of approximately $211,000. The net proceeds of the First Tranche will be used for costs associated with the Company's proposed reverse takeover transaction with Lotus Gold Corporation (the 'Transaction'). Pursuant to the Transaction, the Shares shall be consolidated on a basis of one post-consolidation Share for every 30 pre-consolidation Share. For further details regarding the Transaction, including the equity ownership that existing Great Quest shareholders will hold in the resulting issuer following completion of the Transaction, please see the Company's press release dated May 14, 2025. The First Tranche is subject to the approval of the TSX Venture Exchange. In connection with the Private Placement, the Company paid cash finder's fees of $6,625 to eligible finders. About Great Quest Great Quest Gold Ltd. is a Canadian mineral exploration company focused on the development of African gold projects. The Company's flagship asset is the Sanoukou Gold Project, encompassing 24 km 2 located in the Kayes region to the West of Mali and developing the Tilemsi Phosphate Project a 1,206 km² parcel in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ. ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST GOLD LTD. 'Jed Richardson' Chief Executive Officer and Executive Chairman Disclaimer for Forward-Looking Information This news release may contain forward-looking statements. These statements include statements regarding the Transaction, the First Tranche and use of proceeds, the size and timing of the Subsequent Tranche and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Business Wire
16-06-2025
- Business
- Business Wire
Great Quest Announces Non-Brokered Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSXV:GQ) ('Great Quest' or the 'Company') announces that it intends to complete a non-brokered private placement for gross proceeds of up to $500,000 (the 'Private Placement'). The Private Placement will consist of up to 20,000,000 common shares of the Company (each, a 'Share'), at a price of $0.025 per Share. All of the Shares issued pursuant to the Private Placement will be subject to a four month and one day hold period from the date of issue. The net proceeds of the Private Placement will be used for costs associated with the Company's proposed reverse takeover transaction with Lotus Gold Corporation (the 'Transaction') and general working capital purposes. For further details regarding the Transaction please see the Company's press release dated May 14, 2025. The Company expects to close the Private Placement on or about July 11, 2025. The Private Placement is subject to the approval of the TSX Venture Exchange ('TSXV'). In connection with the Private Placement, the Company may pay finder's fees in accordance with the rules and policies of the TSXV. About Great Quest Great Quest Gold Ltd. is a Canadian mineral exploration company focused on developing high-potential gold and lithium projects in Namibia, Morocco, and Mali. The Company's flagship asset is the Damara Gold Project in Namibia, which includes the Khorixas, Omatjete, and Outjo projects, covering over 300,000 hectares. Khorixas has yielded high-grade grab samples up to 49.9 g/t Au, while Omatjete and Outjo present significant gold and lithium opportunities. In Mali, Great Quest maintains the Sanoukou Gold Project, a 24 km 2 concession in the Kayes region. Great Quest Gold Ltd. is listed on the TSX Venture Exchange under the symbol GQ. ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST GOLD LTD. 'Jed Richardson' Chief Executive Officer and Executive Chairman Disclaimer for Forward-Looking Information This news release may contain forward-looking statements. These statements include statements regarding the Transaction, the Private Placement and use of proceeds and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
