GFG Resources signs earn-in deal with Barrick on Pen Gold project in Ontario
Reuters2026/08/25 10:59- GFG Resources signed a definitive earn-in with Barrick for the 100%-owned Pen Gold Project in Ontario’s Timmins district.
- Barrick can earn 60% by paying CAD 1.2 million cash, funding CAD 17.68 million of work, delivering a 1.5 million-ounce NI 43-101 resource within six years.
- Minimum three-year spend set at CAD 4 million, including at least 5,000 meters of diamond drilling before the third anniversary.
- Cash includes CAD 420,000 on signing, followed by CAD 130,000 annually for six years.
- Barrick may lift its stake to 70% by funding a PEA, then to 80% by funding a feasibility study.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Euro: Downside risk persists toward 1.1550 against US Dollar – UOB
Middle East tensions escalate, Asian LNG spot prices rise to the highest level since December 2022
The sudden escalation of tensions in the Middle East and the supply disruption risks in the Strait of Hormuz have ignited the Asian LNG market: spot prices have surged to over a three-year high, doubling compared to pre-conflict levels. The high price has already forced Pakistan to cancel emergency purchases, exacerbating power shortages. Both Asia's energy bills and economic stability are now facing dual challenges.
TotalEnergies takes 40% stake, operatorship of Namibia’s Mopane oil discovery license PEL83
Goldman Sachs Pours Cold Water on Bullish Enthusiasm: Stock Market Returns Will Significantly Shrink in the Next 12 Months, Global Bond Sell-Off Is Sounding the Alarm
Investors who are bullish on the market may need to lower their expectations for next year, as Goldman Sachs strategists predict that stock market gains will slow down over the next 12 months.
Crypto prices
More
