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Term sheet for high grade gold project in Can...
Richmond Hill Resources Plc has entered into a binding term sheet to acquire the Martello Gold Project in Ontario, Canada, for a total consideration of up to £1.275 million. The acquisition involves an initial £775,000 satisfied by new ordinary shares and £200,000 in cash, with a further deferred cash consideration of up to £300,000 contingent on drilling and resource estimation. The project, located in a known gold district, boasts high-grade historic grab samples, including one assaying 1,050 g/t Au, and has existing drilling permits. This transaction is considered a related party transaction, with directors deeming the terms fair and reasonable for shareholders. Disclaimer*
About this update from Richmond Hill Resources Plc
18 December 2025 Richmond Hill Resources Plc (“Richmond Hill” or the “Company”) Term sheet for high grade gold project in Canada Richmond Hill Resources announces that it has entered into a binding term sheet (the “Term Sheet”) with Olerud Limited (the "Vendor") which sets out the indicative commercial terms pursuant to which it is proposed that the Company will enter into a sale and purchase agreement (the "Agreement") with respect to the Martello Gold Project, consisting of certain licences over prospective acreage in Ontario, Canada (the "Proposed Transaction"). Under the Term Sheet, Richmond will acquire the Martello Gold Project in Ontario, Canada, subject to entering the Agreement, the consideration will be satisfied by: £775,000 will be satisfied by the issue of new ordinary shares at a price to be agreed in the Agreement between the Company and Vendor. £200,000 in cash to be paid as follows: £100,000 on entering the Agreement; £50,000 to be paid on or before 31 October 2026; and £50,000 to be paid on or before 31 March 2027. Further deferred consideration of up to £300,000 in cash subject to completion of drilling and the Company obtaining a mineral resource estimate on the Martello Project. Highlights on the Martello Gold Project 100% proposed acquisition of the Martello Gold Project, Ontario 88 mining claims located within 4,241 hectaressituated in the Wabigoon Greenstone belt which includes numerous other reported gold deposits South East of Dryden Ontario, a well-known gold district Good availability of drill rigs and crews and other infrastructure Highway access to within 10km of the property, gravel roads within the property High grade historic grab samples including a grab sample of up to 1,050 g/t au Three historic mine shafts Drilling Permits in place A further announcement will be made in due course at the time of the Company entering into the Agreement with the Vendor. There can be no certainty that the Agreement will be entered into or that the Proposed Transaction will proceed as currently envisaged. Related Party Transaction James Ikin is the controller of the Vendor and also a substantial shareholder of the Company, therefore the entering into the Term Sheet by the Company is a "related party transaction" for the purposes of Rule 13 of the AIM Rules (the “Transaction”). The directors of the Company, all being independent of the...
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