Mr. Saf Dhillon reports
TORRENT GOLD TO ACQUIRE SUNSET TUNGSTEN PROJECT
Torrent Gold Inc. has entered into a membership interest purchase agreement, dated Nov. 6, 2026, with Lamina Minerals LLC and Belle Morgan Ltd. Pursuant to the purchase agreement, the company proposes to acquire a series of 19 unpatented lode mining claims located in Hidalgo county, New Mexico, and commonly known as the Sunrise tungsten project.
In consideration for the project, the company has agreed to: (i) complete a cash payment of $100,000; (ii) issue 3.5 million common shares; and (iii) grant a 1.5-per-cent net smelter return royalty on commercial production from the project, to the vendors. The company will be entitled to purchase 0.75 per cent of the royalty, at any time within 10 years of closing, for a one-time cash payment of $1-million (U.S.).
The company is at arm's length from each of the vendors. No finders' fees or commissions are payable by the company in connection with completion of the transaction contemplated by the purchase agreement. The consideration shares will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
The transaction contemplated by the purchase agreement will constitute a major acquisition for the company in accordance with the policies of the Canadian Securities Exchange, on the basis that it is expected to comprise the majority of the operating assets of the company in the 12-month period following closing. As a result, completion of the transaction will be subject to the approval of the Canadian Securities Exchange. The transaction is not expected to result in a change of control for the company, within the meaning prescribed by the policies of the Canadian Securities Exchange, nor is it expected to result in any changes to the board of directors or management of the company.
About Torrent Gold Inc.
Torrent Gold is a mineral and natural resource exploration company that leverages its years of combined experience in capital markets and mining for acquisition and exploration during the resource commodity cycles.
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