Business
Founders Metals Exercises Right to Increase Antino Ownership to 70%
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) - Founders Metals Inc. (TSXV: FDR...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders Metals Exercises Right to Increase Antino Ownership to 70%Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) (\"Founders\" or the \"Company\") is pleased to announce the successful completion of all Stage 2 requirements under its Option Agreement with Lawa Gold N.V. (\"Lawa\") and Nana Resources N.V. (\"Nana\"), as outlined on May 8, 2025. Completing Stage 2 increases Founders' ownership in the Antino Gold Project (\"Antino\" or \"Project\") to 70%. \"We are thrilled to formally exercise our right to acquire 70% of Antino, further strengthening our position as the Project's majority owner,\" said Founders' President and CEO, Colin Padget. \"Completing Stage 2 is a major derisking 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.\"Option Agreement DetailsStage 1 - 51% Ownership (Complete)Option to acquire an initial 51% interest in Antino within three years of a \"Commencement Date\" of September 18, 2023 by: making cash payments totaling $1,650,000 USD;incurring $6,000,000 USD in exploration expenses; andissuing 1,615,000 common shares (\"Shares\") of the Company Stage 2 - Additional 19% for a total of 70% Ownership (Complete)Option to acquire an additional 19% interest in the Project, for a total of 70%, within two years of completion of Stage 1 stage by: making cash payments totalling $1,500,000 USD;incurring $10,000,000 USD in exploration expenses;issuing 95,000 Shares; anddelivering to Nana, an internal concept study similar to a preliminary economic assessment of the Project by an independent qualified professionalUpon completion of Stage 2, Founders may either proceed with Stage 3 or decline and immediately enter a joint venture with Nana, which would otherwise begin after Stage 3 is complete. Stage 3 - Additional 5% for a total of 75% Ownership Option to acquire an additional 5% of the Project, for a total of 75%, within three years of completion of the Stage 2 by: incurring a minimum of $10,000,000 USD in exploration expenses; andcompleting a...