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Loyalist Exploration and Fulcrum Metals Announce Extension of Letter of Intent for Tully Gold Property Acquisition in the Timmins Mining District
Toronto, Ontario – TheNewswire – July 8, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce that the Company ha
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire – July 8, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce that the Company has extended the closing date of its arm’s length transaction with Fulcrum Metals Plc (“Fulcrum”) to acquire (the “Acquisition”) the Tully Gold property (the “Property”), located approximately 25 kilometres (“km”) northwest of Timmins, Ontario. The closing date has been amended to no later than September 30, 2025. The amendment agreement has added future consideration (as fully noted below in (d)) of $50,000 payable in cash or shares, at the sole discretion of Loyalist, upon Loyalist raising an additional $500,000 beyond the concurrent financing noted below (the “Additional Consideration”). The Property includes a historical mineral resource of 144,000 ounces gold (uncapped) reported by Francis Minerals Ltd., 2013). Tully Property Highlights: 458 hectare combined mining lease and mineral claims 25 km northeast of Timmins Historical resource estimate (uncapped) of: indicated 362,000 tonnes grading 8.70 g/t gold for 101,000 ounces (see table 1) inferred 186,000 tonnes 7.17 g/t gold for 43,000 ounces potential for expansion Completion of the Acquisition will result in a 100% ownership interest in 1 leased mining claim and 11 unpatented mining claims. These contiguous claims total 458 ha in area. In addition to the Additional Consideration, the consideration to Fulcrum for the acquisition of the Property consists of a cash payment of $500,000, the issuance of approximately 89,255,000 of Loyalist common shares (“Loyalist Shares”) (subject to adjustment, as more fully described below), and Fulcrum retaining a 2.0% Net Smelter Royalty (“NSR”), providing Loyalist with an option to buy-back one-half of the NSR for $1 million. Errol Farr, Loyalist’s President & Chief Executive Officer commented, “With the recent acquisition of the Company’s Loveland and Gold Rush properties, we are continuing our “Buy Timmins” strategy with the addition of the highly prospective Tully project. We thank the Fulcrum team for their agreement to the extension and belief that the assets that Loyalist is acquiring will create significant shareholder value over time.” Ryan Mee, Chief Executive Officer of Fulcrum, commented, “I am very pleased to announce the signing o...