Business
Hercules Metals Completes Closing of Share-Based Strategic Option Agreement with Barrick to Consolidate 73-Kilometres of Claims Around its Leviathan Copper Discovery in Idaho
Toronto, Ontario--(Newsfile Corp. - August 18, 2025) - Hercules Metals Corp. (TSXV: BIG) (O...
About this update from Hercules Metals Corp
[{"type":"text","content":"Hercules Metals Completes Closing of Share-Based Strategic Option Agreement with Barrick to Consolidate 73-Kilometres of Claims Around its Leviathan Copper Discovery in IdahoToronto, Ontario--(Newsfile Corp. - August 18, 2025) - Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) (\"Hercules\" or the \"Company\") is pleased to announce that, further to its news release on July 28, 2025, the Company has completed the closing (the \"Closing\") of a strategic option agreement (the \"Agreement\") between Hercules and its wholly-owned U.S. subsidiary, Anglo-Bomarc, U.S., Inc. (\"Anglo\"), and Barrick Gold Exploration Inc. (\"BGE\"), a wholly-owned U.S. subsidiary of Barrick Mining Corporation (NYSE: B) (TSX: ABX) (\"Barrick\"). For further details regarding the Agreement, please refer to the Company's press release dated July 28, 2025.Under the terms of the Agreement, Hercules can earn a 100% interest (the \"Option\") in over 74,000 acres of unpatented mining claims (the \"Olympus Claims\") surrounding the Company's Hercules property and its flagship Leviathan porphyry discovery in western Idaho (the \"Property\"). The Option, if exercised, would increase the Company's land position to over 100,000 acres in America's newest porphyry copper belt. In connection with the Closing and as the first payment under the terms of the Agreement, Hercules has issued 2,681,427 common shares of the Company (the \"Shares\") to Barrick at a price of $0.74587136, being the 5-day volume weighted average price (\"VWAP\") of the Shares on the TSX Venture Exchange (the \"TSXV\") prior to the issuance.Pursuant to the terms of the Agreement, the Company shall reimburse BGE for amounts paid to the United States Bureau of Land Management (the \"BLM\") for annual claim maintenance (the \"Claim Maintenance Payments\") and recorders for the applicable counties in which the Olympus Claims are located to record annual notices of intent to hold for each relevant assessment year (collectively, the \"Reimbursement Payments\"). The Company estimates the value of the annual Claim Maintenance Payments to be US$740,000 per year. As is the case for any transfer of real estate with a foreign investment component that meets the criteria set out in 31 C.F.R. Part 802, the Committee on Foreign Investment in the United States has jurisdiction to review the tr...