(TheNewswire)

VANCOUVER, BC T heNewswire January 13, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) (‘Element79’, or the ‘Company’) is excited to announce that, in connection with its proposed spin out transaction, it has entered an arrangement agreement dated January 10, 2025 (the ‘ Arrangement Agreement ‘), with its majority owned subsidiary, Synergy Metals Corp. (‘ Synergy ‘), and that it has also entered into a merger agreement dated January 10, 2025 (the ‘ Merger Agreement ‘), with Synergy, Synergy’s wholly owned subsidiary, 1515041 B.C. Ltd. (‘ Synergy SubCo ‘), and 1425957 B.C. Ltd. (‘ 142 ‘), as further described below.

Arrangement

On July 17, 2023, the Company transferred all rights and data related to the ‘ Dale Property ‘, being 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, to its newly incorporated subsidiary, Synergy. In exchange for this transfer, the Company was issued 2,000,000 Class ‘A’ common voting shares in the capital of Synergy (‘ Synergy Shares ‘).

In anticipation of the reverse takeover of Synergy by 142 under the Merger Agreement, described below, the Arrangement Agreement has been entered by the Company, whereby 1,000,000 of the 2,000,000 Synergy Shares held by the Company will be distributed to the shareholders of the Company (the ‘ Company Shareholders ‘) on a pro-rata basis (the ‘ Spin-Out Arrangement ‘). In consideration for administrative support provided by the Company in connection with the arrangement transaction and Synergy’s proposed subsequent application to list on the Canadian Securities Exchange and pursuant to the Arrangement Agreement, Synergy will issue an additional 10,000 Synergy Shares to the Company, which will also be distributed to the Company Shareholders as part of the Spin-Out Arrangement. The Spin-Out Arrangement will be a court ordered arrangement under the Business Corporations Act (British Columbia), and will be subject to approval by the Company Shareholders, as well as the British Columbia Supreme Court. It is anticipated that the Company will publish and distribute an information circular in respect of the meeting of the Company Shareholders to be held to vote on the Spin-Out Arrangement.

The Company currently holds approximately 60.24% of the Synergy Shares, excluding the 10,000 Synergy Shares to be issued to the Company under the Arrangement Agreement, and following the completion of the proposed Spin-Out Arrangement the Company is anticipated to hold approximately 30.03% of the Synergy Shares, while the Company Shareholders will hold approximately 30.33% of the Synergy Shares.

Merger

Subsequent to the Spin-Out Arrangement, Synergy proposes to acquire all of the issued and outstanding common shares in the capital of 142 (‘ 142 Shares ‘) in exchange for an equivalent number of Synergy Shares by way of a three cornered amalgamation whereby Synergy SubCo and 142 will amalgamate under the provisions of the Business Corporations Act (British Columbia) (the ‘ Amalgamation ‘) to continue as one corporation pursuant to the terms of the Merger Agreement. As consideration for the 142 Shares, shareholders of the 142 Shares (‘ 142 Shareholders ‘) will receive, pursuant to the Merger Agreement, one Synergy Share for each 142 Share held.

Following completion of the Amalgamation under the Merger Agreement, the issued and outstanding Synergy Shares will be held (i) approximately 86.35% by the former 142 Shareholders (excluding participants in the Concurrent Financing (defined herein)), (ii) approximately 4.02% by the Company Shareholders, (iii) approximately 3.98% by the Company (iv) approximately 5.25% by other existing holders of Synergy Shares, and (v) 0.40% by participants in the Concurrent Financing. As such, the Amalgamation will constitute a reverse take over of Synergy by 142. Holders of warrants to purchase 142 Shares (‘ 142 Warrants ‘) will also receive one replacement warrant to purchase a Synergy Share for each 142 Warrant held. There are currently 21,000,000 142 Warrants outstanding.

The Amalgamation will be subject to approval by the 142 Shareholders, as well as Synergy (being the sole shareholder of Synergy SubCo). The Amalgamation’s closing will also be subject to 142’s completion of a private placement of 100,000 142 Shares at a price of $0.10 per 142 Share for gross proceeds of a minimum of $10,000, or an amount otherwise agreed by Synergy and 142 (the ‘ Concurrent Financing ‘). Upon completion of the Amalgamation, Synergy intends to make an application that the Synergy Shares be listed and posted for trading on the Canadian Securities Exchange.

The Company is expected to hold 1,000,000 Synergy Shares after the Amalgamation, all of which will be subject to escrow on the same terms of as insiders of Synergy after the Amalgamation.

Together, the Spin-Out Arrangement and the Amalgamation are intended to effect a reorganization of the Company’s current business into two separate corporate entities. The Company will maintain its business as a gold exploration company with the objective of exploring and ultimately developing gold projects in Peru and the USA, while Synergy will be an exploration Company focused on the Dale Property.

About Element79 Gold Corp.

Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the plan of arrangement spin-out process for its majority owned subsidiary, Synergy Metals Corp.

For further details on this announcement and the Company’s projects, please visit www.element79.gold

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains ‘forward ‐ looking information’ and ‘forward-looking statements’ under applicable securities laws (collectively, ‘forward ‐ looking statements’). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘forecast’, ‘potential’, ‘target’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’ and similar expressions) are not statements of historical fact and may be ‘forward ‐ looking statements’.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2025 TheNewswire – All rights reserved.

Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the ‘Company’, ‘Sona’) is pleased to announce that the now complete findings from our previously announced pre-clinical breast cancer and melanoma efficacy studies have been published in the peer-reviewed scientific journal, Frontiers in Immunology. This research article includes new follow-up data which provides a comprehensive analysis of the immunity activated by Sona’s Targeted Hyperthermia Therapy (‘THT’). The published manuscript titled, ‘Targeted Intra-tumoral Hyperthermia with Uniquely Biocompatible Gold Nanorods Induces a Strong Immunogenic Cell Death in Two Immunogenically ‘Cold’ Tumors’ is available online in electronic form (here) and will be in print in its upcoming issue of Frontiers in Immunology – Cancer Immunology and Immunotherapy. Frontiers in Immunology is a leading journal in its field, publishing rigorously peer-reviewed research across basic, translational and clinical immunology.

Sona’s proprietary, innovative technology uses the Company’s patented, biocompatible gold nanorods (‘GNRs’) to deliver precision, targeted, non-destructive hyperthermia therapy directly to cancers, thereby alleviating the systemic toxicity associated with most other cancer therapies. In this study, Sona’s team confirmed that its therapy causes cancer-specific cell death that activates a strong immune response by the body’s immune system. Of critical importance in Sona’s publication is the evidence that the ‘novel immunity’ generated by Sona’s THT is observed in cancers that are known to be completely resistant to modern immunotherapies.

Sona’s Chief Medical Officer, and the manuscript’s senior author, Dr. Carman Giacomantonio, commented, ‘I am extremely proud of my research team lead by Dr. Barry Kennedy, and the quality of the research we have produced. To be published in such a highly respected and rigorously peer-reviewed journal as Frontiers in Immunology is no small feat! In our studies, we’ve shown in industry standard, pre-clinical cancer models that Sona’s therapy can eliminate cancers by converting them from ‘cold’, immune unresponsive tumors, into ‘hot’ immunogenic tumors. In the many years I have been involved in cancer research and treatment, I have never seen a treatment trigger such a powerful immune response in otherwise ‘cold’ tumors and our data makes it clear that there was no meaningful immune response to standard immunotherapies without THT in these studies. Our publication in Frontiers in Immunology elevates our findings to an international level, giving us new audience with other leading cancer research laboratories and potential industry partners. Most importantly, this publication provides us with ‘proof-of-concept’, supporting the clinical trial protocols we are striving to launch in 2025.’

‘Our research appearing in a leading scientific journal is evidence of Sona delivering on our commitment to build a ‘mountain of data’ that will support our planned regulatory filings. Its findings motivate our team to press on, affirming our conviction that THT- immunotherapy will be highly effective in the clinical setting. While we continue to conduct research on other cancers, we are now also focused on delivering evidence through first-in-human clinical trials, both here and abroad, as quickly as possible. This peer-reviewed publication of successful treatment using Sona’s THT in melanoma and breast cancers provides the credibility necessary to help make that happen,‘ said David Regan, Chief Executive Office of Sona Nanotech.

About Sona Nanotech Inc.

Sona Nanotech is developing Targeted Hyperthermia, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona’s gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (42-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion – thus enabling drugs to reach all tumor compartments more effectively. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.

Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech’s gold nanorod particles are cetyltrimethylammonium (‘CTAB’) free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, and Sona’s preclinical and clinical study plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Not for distribution to United States newswire services or for dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236960

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (‘Forum’ or the ‘Company’) announces assay results from the remaining eight drill holes for the Tatiggaq anomaly completed as part of the 2024 exploration program on its 100% owned Aberdeen property in Nunavut, Canada. These drill holes were designed to test sub-parallel structures within the Tatiggaq gravity anomaly at significant step out intervals, demonstrating the large- scale potential of the project with the identification of a potential new zone 300 metres north of the Main Tatiggaq deposit. Drillhole TAT24-021 intersected 0.79% U3O8 over 0.1 m in a strong alteration zone with significant geochemical pathfinder elements at a depth of 221 metres.

Rick Mazur, CEO said, ‘Forum has the most advanced exploration property in the Thelon Basin right next door to an economically viable uranium deposit. This year’s drill program successfully expanded the footprint of our two basement-hosted discoveries, Tatiggaq and Qavvik and initiated our search for large unconformity contact-type deposits with drilling at the Ned, Ayra and Loki targets. With continued drilling of our numerous blue sky target areas and further resource delineation on the Aberdeen Project, we believe that a generational uranium mining district is unfolding.’

Dr. Rebecca Hunter, Forum’s VP, Exploration stated, ‘The objectives we had for the 2024 drilling at Tatiggaq were to expand within the proximal footprint but also to step out at significant intervals to identify potential new uranium zones. With this last series of holes, we intersected uranium mineralization outside of the current Tatiggaq deposit area. While the uranium intercept is small, this is significant as results from the other holes in the series included elevated levels of uranium and boron, an important pathfinder element for uranium mineralization in the Thelon Basin. We are encouraged for the potential of the area to host more zones of uranium mineralization to build the scale of the Tatiggaq deposit given half of the anomaly remains untested.’

ABERDEEN PROJECT – THELON BASIN – NUNAVUT

The Aberdeen Project consists of 950 square kilometres (2,460 square miles) of mineral claims in the Thelon Basin, located approximately 100 km west of Baker Lake, adjacent to the 127 million pound Kiggavik Project held by Orano/Denison/UEC*. The property was staked in 2021 by Forum and includes two preliminary discoveries: Tatiggaq and Qavvik which were made by Cameco, the previous operator. The previous operator drilled 135 holes totalling 36,100 metres, including 38 that were drilled into the Tatiggaq anomaly. Forum’s 2024 exploration program consisted of 30 diamond drill holes covering 6,962 meters. Figure 1 shows the 2024 drill hole locations and the main east-northeast structures (Thelon and Judge Sissons faults) as well as the numerous, sub-parallel subsidiary faults.

TATIGGAQ PROGRAM – TESTING SUB-PARALLEL STRUCTURES

Forum completed eight drill holes testing along the Tatiggaq Fault and subsidiary ENE-trending faults (A-F) to determine if there are additional mineralized zones or evidence of potential zones (Drill holes: TAT24-016 to TAT24-023). All eight drill holes intersected clay alteration and fault structures as well as elevated Boron, which is an important pathfinder element for uranium mineralization in the Thelon Basin. Maximum boron total digestion values of 967 ppm (TAT24-021), 792 ppm (TAT24-022), and 1,160 ppm (TAT24-023) were intersected. TAT24-021 also intersected elevated partial digestion values for Ag (23 ppm); As (151 ppm), Mo (4,200 ppm), and Zn (1,400 ppm), which are elements largely found very proximal to uranium mineralization in this area. Uranium mineralization was intersected in TAT24-021 and the intercept is as follows:

• TAT24-021 intersected 0.38% U3O8 over 0.3 m from 220.8 to 221.1 m including:
  • 0.79% U3O8 over 0.1 m (221.0 – 221.1 m)

TAT24-021 intersected strong clay alteration, as well as numerous fractures and breccias with abundant sooty sulphide and elevated radioactivity indicative of being potentially proximal to a mineralized zone. Elevated uranium was intersected in TAT24-017 (74 ppm); TAT24-019 (76 ppm); TAT24-020 (112 ppm) and TAT24-023 (87 ppm). These intersections coincided with increased fracturing, bleaching, sooty sulphide and clay alteration. TAT24-023 was attempting to follow-up on uranium mineralization intersected at TAT24-021 but was lost in strong clay alteration and will need to be retested. The northern part of the Tatiggaq anomaly has shown that it is highly anomalous in both uranium and boron and the entire northeast part of the anomaly was not tested in 2024. Future testing along of these fertile structures to the northeast, in particular the Tatiggaq Fault and the D Fault, could be prospective for additional zones. Figure 2 is a plan map showing the 2024 step out drill hole locations and the fault zones.

TATIGGAQ 2024 DRILL PROGRAM SUMMARY

Cameco drilled 38 holes on the Tatiggaq Main and West zones prior to Forum’s acquisition of the project by staking in 2021. Forum’s 2023 and 2024 drill programs were formulated to infill and extend areas within the inferred mineralization to commence development of a preliminary maiden resource. In total, Forum’s 2024 Tatiggaq exploration program consisted of 19 drill holes of which 11 were focused on the Main and West deposits and were designed to expand, infill and understand the resource within the proximal footprint of the existing discoveries. Eight drillholes tested sub-parallel structures at significant step out intervals and successfully identified a potential new zone 300 metres north of the Tatiggaq Main and West deposits.

Highlights of the program were:

• Tatiggaq Main – Another parallel lense of high-grade uranium was intersected extending the width to 35 metres and remains open to a greater thickness.

• Tatiggaq West – Drilling demonstrated lateral continuity and thickness to the west and remains open along strike and at depth.

• Tatiggaq North – A potential new zone 300 metres north of the Main Tatiggaq deposit with an intersection of 0.79% U3O8 over 0.1 m at 221 m depth. The northern part of the Tatiggaq anomaly has shown that it is highly anomalous in both uranium and boron. The entire northeast part of the anomaly is prospective along the fertile structures to the northeast, in particular the Tatiggaq Fault and the D Fault.

• Tatiggaq West Resampling – Forum resampled six historical uranium mineralized drill holes from the Tatiggaq West zone as these drill results were not filed publicly by the previous operator. These results now provide Forum with a complete mineralized assay database of the Tatiggaq West zone, and in concert with the public historical drill data and the drilling data from Forum’s 2023 and 2024 exploration programs, form the foundation for the development of an in-house resource at Tatiggaq.

Figure 1 Property map with the locations of the 2024 diamond drilling program on the Aberdeen Project. The drilling reported is within the Tatiggaq area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/236911_2fd986a3347e39f0_003full.jpg

Figure 2 The location of the 2024 Tatiggaq reconnaissance drilling with the main fault traces including the main Tatiggaq Fault and the subsidiary ENE-trending faults denoted A to F. Drill holes with elevated uranium and boron are shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/236911_2fd986a3347e39f0_004full.jpg

QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)

Forum implemented a robust QA/QC program for its 2024 drill program, expanding upon the program used in 2023. This sampling program was used in the resampling program as well. The 2024 QA/QC program utilized control samples comprising certified reference materials (CRMs), duplicates, and blank samples. CRMs were used to monitor laboratory accuracy in the analysis of mineralized and non-mineralized samples, duplicate samples were used to monitor analytical precision and repeatability at the preparation and analytical stages, and blank samples were used to monitor for cross contamination during preparation and analytical stages.

Control samples were inserted every 10^th sample, alternating between blank, duplicate, and uranium CRM. Duplicate samples alternated between field, coarse, and pulp duplicates. Three low grade uranium CRMs were alternated between: BL-4a (0.1248% U), DH-1a (0.2629% U), and BL-2a (0.426% U). A high-grade uranium CRM (BL-5; 7.09% U) was inserted into the sample sequence when counts exceeded 10,000 cps. Blanks and duplicates were inserted at a rate of 1-in-20 in non-mineralized holes. For mineralized holes, blanks, duplicates, and uranium CRMs were inserted at a rate of 1-in-30.

In addition to Forum’s QA/QC program, SRC Geoanalytical Laboratories (SRC) conducted an independent QA/QC program, and its laboratory repeats, non-radioactive laboratory standards (BSL18, BSM, BSH, DCB01), and radioactive lab standards (BL2A, BL4A, BL5, and SRCU02) were monitored and tracked by Forum staff.

For the resampling program the original sample intervals were identified from markers that still were present on the core boxes and quarter split samples were obtained from the remaining half split core that remained in the core boxes. The core was weathered and broken down in places due to the strong clay content in much of the mineralized intervals but it did not appear that any core was missing and it was in otherwise good condition.

ASSAYING AND ANALYTICAL PROCEDURES

Composite, Spot, and Assay samples were shipped to the ISO/IEC 17025: 2005 accredited SRC Geoanalytical Laboratories in Saskatoon for sample preparation and analysis.

Non-mineralized systematic and spot samples are dried, crushed, and pulverized for analysis by the ICP-MS Exploration Package for sandstone and basement (codes ICP-MS1 and ICP-MS2 respectively). This analytical package consists of three separate analyses of inductively coupled plasma – mass spectrometry (ICP-MS) and inductively coupled plasma – optical emission spectrometry (ICP-OES) on the partial and total digestions of an aliquot of sample pulp material. Partial digestion is completed via nitric and hydrochloric acids and total digestion is completed via hydrofluoric, nitric, and perchloric acids. The SRC implements several instrumental and analytical quality control procedures for this analytical package. Instrumental checks comprise two calibration checks and two calibration standards. Analytical quality control consists of one blank, two reference materials, and one pulp replicate (duplicate) in each group of 40 samples.

Samples with radioactivity over 500 CPS and indicated as assay samples were analysed using the ICP-MS Exploration Package (ICP-MS), ICP-OES (ICP1), and U₃O₈ Assay (U₃O₈ wt% Assay). The sample preparation procedures for ICP-MS and ICP1 are the same, and the U₃O₈ wt% assay uses an aliquot of sample pulp digested in hydrochloric and nitric acid followed by ICP-OES finish. This method is capable of detecting as low as 0.001 weight percent (wt%) U₃O₈. All Assay samples were also analysed for gold by fire assay using aqua regia with ICP-OES finish.

Boron analysis was conducted on all sample types and is completed by fusing an aliquot of sample pulp in a mixture of Na₂O₂ and NaCO₃, followed by ICP-OES. The SRC inserts a blank, an in-house reference material, and a replicate sample with each batch for analytical quality control and uses a 1000 ppm B commercial certified solution for equipment calibration.

Downhole Radiometric Probing Method

Of the 30 holes completed in 2024,18 were successfully radiometrically logged using a 2GHF-1000 Triple Gamma downhole probe sourced from Terraplus in Ontario, Canada. The probe measures natural gamma radiation every 10 cm along the length of the drill hole. The total count NaI, which reports in count per second, may not be directly or uniformly related to uranium grades and are only an indication of the presence of radioactive minerals.

*Source: The Kiggavik deposit is held by Orano (66.2%), Denison (16.9%) and Uranium Energy Corp. (16.9%). Kiggavik mineral resources are 127.3 million pounds Indicated mineral resource grading 0.55% U3O8 and 5.4 million pounds Inferred mineral resource grading 0.33% U3O8 as reported on the Denison Mines Ltd. Corporate Presentation dated November 2024, p. 23 on their website and the Orano 2023 Activities Report converted from tonnes U to pounds U3O8 and from %U to %U3O8. Cut-off grades and other assumptions, parameters and methods used to estimate resources are unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

Rebecca Hunter, Ph.D., P.Geo., Forum’s Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

ABOUT Forum Energy Metals

Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho. For further information: https://www.forumenergymetals.com.

This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard J. Mazur, P.Geo.
President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236911

HIGHLIGHTS

• Charger Zone: A significant gold target in Awalé’s portfolio, marking a transformative achievement in 2024 with some of the highest-grade intercepts in Africa in the last 12 months.

• BBM Zone and Trend: Successful delineation and expansion of a significant gold and copper target with district scale potential for growth.

• Financial Strength: Well-funded with nearly $10M on hand for 100%-owned property exploration and a robust partnership with Newmont.

• Strengthened Leadership: New additions to the Board and Management bring aligned focus, driving Awalé’s strategic growth and long-term shareholder value.

• District-Scale Potential: Awalé’s extensive land package is primed for discovery, supported by our iron oxide copper gold (IOCG) geological model, unlocking untapped opportunities across the region.

• 2025 Exploration Plan: Robust and comprehensive plan to continue de-risking BBM and Charger targets, and expand exploration focus across a broader regional scale to unlock the full potential of the Odienné project.

Vancouver, British Columbia–(Newsfile Corp. – January 13, 2025) – Awalé Resources Limited (TSXV: ARIC) (‘Awalé‘ or the ‘Company‘) is pleased to provide a review of its achievements in 2024 and share its outlook for the first half of 2025. This exciting phase includes commencing drilling on our 100%-owned Fremen property, continuing to de-risk the BBM and Charger targets, and expanding our exploration focus across a broader regional scale to unlock the full potential of the Odienné project. A follow-up update will be provided later in the year to review full-year progress and outline plans for the remainder of 2025.

‘On behalf of the Awalé team, I want to thank our investors for their support over the past year. With a solid balance sheet, a valued joint venture partner, and significant milestones achieved in 2024, we have established a strong foundation for an ambitious year ahead. Driven by a disciplined approach to exploration and discovery, we remain confident in our strategy and are steadfast in our commitment to unlocking the full potential of the Odienné project, delivering sustained value to our shareholders. Moreover, we take pride in fostering sustainable development and building meaningful partnerships in the communities where we operate, creating a lasting positive impact in the region,’ Commented Andrew Chubb, CEO of Awalé Resources.

View video of CEO Andrew Chubb and VP Exploration Andrew Smith discussing upcoming plans

2025 H1 Outlook

Awalé is committed to providing consistent and transparent updates throughout 2025. Our exploration efforts will prioritize key zones, leveraging innovative strategies to drive discovery and advance resource delineation, adding value to our shareholders and local stakeholders.

Key Zones and Targets

Fremen Target (100% Awalé)

• Overview: A new 3.5km-long target, 4km on strike from BBM discovery.
• Induced Polarisation (‘IP’) geophysics to commence in January 2025, with the aim to further delineate the BBM trend.
• 2000m of maiden reverse circulation (RC) drilling planned, with results expected from March 2025.

100% Awalé Permits

• Overview: 1,693km² untested ground, in the same geology as the four major Awalé discoveries.
• Activities: 2025 will see initial drilling on the Fremen target along with systematic early-stage target generation with mapping and geochemistry surveys and with airborne programs, including magnetic and radiometric surveys.

BBM Zone

• Overview: Drill, develop, and expand the higher-grade shoots within structurally controlled gold-copper mineralization. A broad IP survey to be completed over the BBM zone, targeting strike extents of the initial discovery zone.
• Diamond Drilling Plan: 7000m planned for the BBM zone, including 3000m within the discovery area.
• Timeframe: Diamond drilling started in Q4 2024 and is ongoing, with a regular flow of results expected from January 2025.

BBM Trend

• Overview: Newly identified targets, Boba and Fett, highlight the strike potential of the BBM trend.
• Activities: 150 line-km of IP geophysics is planned to cover over 10km of the BBM trend, followed by up to 7000m of RC drilling.
• Timeframe: IP survey scheduled for completion in January 2025, with RC drilling to follow in February 2025.
• Initial drill results are expected from April 2025.

Charger Zone

• Overview: Following up on the spectacular 2024 gold results; diamond drilling is planned to further delineate and expand this promising zone.
• Diamond Drilling Plan: 2000m planned to test the continuity of a new geology fold model and rapidly advance the volume potential of this target.
• Timeframe: Initial drilling has commenced in early January 2025, with results expected from February 2025.
• Drilling success will drive further diamond drilling in Q1.

Empire Zone

• Overview: Awalé’s first and significant gold discovery. Infill diamond drilling is planned, with the aim to bring the target back online for further expansion drilling and development.
• Drill results expected from March 2025.

Lando Target

• Overview: System drilling aims to test the full potential of the largest copper-gold-in-soil anomaly in the joint venture permit.
• Work Plan: Following an orientation pitting program in January 2025, a combination of reverse circulation and diamond drilling will commence in February 2025, with results expected from April 2025.

Odienné West Permit

• Overview: Known mineralized trends and geology are modelled to extend into the Odienné West permit, with early phase greenfield work expected to unlock exploration potential in an underexplored area.
• Activities: 2025 will see early-stage target generation, with mapping and geochemistry surveys along with airborne programs including magnetic, radiometric, and gravity gradient surveys. All exploration is fully funded by Newmont.

Technological and Operational Enhancements

• Portable PPB Lab: On-site deployment to accelerate assay turnaround times and improve decision-making efficiency.
• Geophysics: Comprehensive airborne and ground geophysical surveys to refine targeting across all key zones.

Other Initiatives

• Educational Content: Rolling out materials to explain the geology of Odienné, our targeting methodology, and broader district context.
• Stakeholder Engagement: Maintaining first-mover advantage by building trust and showcasing Awale’s vision for the region.

2024 HIGHLIGHTS

2024 was a pivotal year for Awalé marked by key leadership changes that aligned the Company with its strategic vision, efforts to strengthen the balance sheet and ensure financial stability, and significant progress at the Odienné project. These achievements have positioned Awalé as a leader in district-scale exploration, with a clear path toward resource delineation and new discoveries. Key highlights include:

• BBM Discovery – 4^th discovery at Odienné announced in January. BBM was a significant new greenfield discovery for the Company with excellent scope for rapid expansion.

• Highest-Grade Gold Intercepts in Africa – During the year, Charger delivered some of highest-grade intercepts in West Africa over the past 12 months, including 45.7 g/t Au over 32m in hole OEDD-83, 20 g/t Au over 29m in hole OEDD-88, and 14.7 g/t Au over 59m in OEDD-100. Ongoing drill program aims to test new hinge fold thesis, targeting extensions to both grade and volume.

• BBM Growing and Remains Open – 6,808m in 28 holes have confirmed the system is open at depth with the higher-grade core growing to 600m and remaining open. The BBM trend has now been expanded to over 15km, from 100%-owned Fremen target in the south to the newly identified Boba and Fett targets in the north.

• New Gold Footprint Discovery at 100%-Owned Fremen Target – In October, the Company announced that it uncovered a new and open 3.5km long > 37 parts per billion gold in termitaria footprint with a peak value of 1.3 g/t Au. The program was completed within Awalé’s 100%-owned Sienso permit next door to the BBM discovery, which lies 4km along strike to the northwest.

• Financial Strength – The Company is well-funded with $10 million in cash, following an $11.5 million capital raise in April 2024, allocated to advance 100%-owned properties and partnership with Newmont, which is funding all exploration work on joint venture claims.

• Strengthened Leadership Team – Additions of Anthony Moreau and Karl Akueson to the Board of Directors, along with the appointment of Stephen Stewart as Chairman, as part of a strategic leadership transition. The management team further bolstered with the additions of Andrew Smith as VP Exploration, Ardem Keshishian as VP Corporate Development, and John Scott as Principal Geologist. At the request of the TSXV, the Company is clarifying Ardem Keshishian’s role as VP Corporate Development and not VP Corporate Development and Investor Relations.

• New Exploration Permit – In Q4, the Company was granted an exploration permit for PR-904 (‘Odienné West’), unlocking expanded opportunities within the emerging gold and copper district.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d’Ivoire, where the Company is focused on the Odienné Copper-Gold Project (‘Odienné‘ or the ‘Project‘), covering 2,489 km² across seven permits. This includes 796 km² in two permits held under the Awalé-Newmont Joint Venture (‘OJV’). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited (‘Newmont‘).

Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.

The Odienné project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.

Quality Control and Assurance

Analytical work for geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and stored at the Company’s field camps and put into sealed bags until collected by Intertek from the Company’s secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d’Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Qualified Person

The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company’s Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company’s Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.

AWALÉ Resources Limited
On behalf of the Board of Directors

‘Andrew Chubb’
Chief Executive Officer

The Company’s public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.

Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities laws (collectively ‘forward-looking statements’). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company’s presence in Côte d’Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236945

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to advise on the updated Cumberland gold camp drill target. This follows on from the integration of VRIFY AI into RUA’s extensive geological database and the consolidation of the Reefton Goldfield, an orogenic gold and antimony belt on the South Island of New Zealand.

Highlights: 

• The AI contribution is already paying dividends as the tool has accelerated the identification of and prioritization of our drill targets. 

• Prioritizing Cumberland gold camp comprising of 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. 

• Follow up target on historic Cumberland drill hole, GAL001 showing 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t). 

• Drilling contractor is being mobilized and the Company anticipates commencing drilling before the end of January.

The Company is expanding its 2025 exploration program to include the Cumberland gold camp, a historic gold camp 3kms south of Globe Progress Mine, which has produced over 1 million ounces of gold (historic production prior to 1950 of 424,000 ounces, and a further 665,000 ounces from 2007 – 2015 under OceanaGold).

Figure 1: Overview of the Reefton Goldfield.

To view an enhanced version of this graphic, please visit:
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EARLY WIN FROM Rua Gold’S AI INVESTMENT
The Cumberland target was identified by uncovering several exploratory holes drilled by OceanaGold 15 years ago, including hole GAL001, which had the following exceptional results on a well-defined quartz vein at shallow depth:

GAL001: 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t).

GAL001 was drilled down the vein, giving an exaggerated width but provides for a compelling and prospective target to follow up immediately.

Rua Gold has collated hundreds of thousands of data points from its recent Siren acquisition, historic workings and contemporary exploration on its multiple mine sites, and district wide geophysical data over the Reefton Goldfields. The ability to combine rapid data-mining of this information by VRIFY, in concert with Rua Gold’s extensive surface geochemistry and ultra-detailed UAV magnetics accumulated in the last 5 years, provides us with rapid feedback on a multi layered dataset, that now focusses our prospect ranking, and directly informs our drilling programs.

Simon Henderson, COO of Rua Gold, commented, ‘Consolidation of our holdings on the Reefton Goldfield provides a plethora of gold targets and historic deposits to examine. AI driven VRIFY provides a science data driven platform to assimilate the vast amount of data available, identify patterns and associations at lightning speed, and provide iterative feedback, constantly updating and adding value as the exploration process rolls out. We are excited by its early success in highlighting key areas such as Cumberland to prioritize our drill activity planned in 2025.’

Figure 2: VRIFY AI hotspot identification showing Cumberland-Gallant Prospect

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CUMBERLAND HISTORY

The Cumberland gold camp comprises 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. Historic production totaled 21,740oz gold at an average recovered grade of 26.1 g/t (see appendices).

Figure 3: Map showing Cumberland historic mine camp

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INITIAL DRILL TARGET

Based on the extensive surface exploration work and historical drilling, the Gallant lode in the Cumberland gold camp presents an exceptional high-grade target that has never seen significant exploration work:

• It has quartz veins outcropping on surface within an envelope of strong gold-arsenic anomalism.

• It has several exploratory holes drilled by OceanaGold 15 years ago, which include exceptional results on a well-defined quartz vein at shallow depth (Table 1).

• Core orientation clearly demonstrates that this intersection drilled down the quartz reef exaggerating its width.

• Geological modelling interprets the vein to be approximately 5m wide.

Table 1: Intercept from GAL001, calculated with a 1.5ppm Au cut-off and up to 3m internal dilution.

Note: true width of vein: 5m.

VRIFY’S AI PLATFORM

The Company has partnered with VRIFY to onboard VRIFY’s AI-assisted mineral discovery platform to accelerate discovery, reduce costs and further de-risk exploration.

In conjunction with the consolidation of the Reefton Goldfield in November 2024, the Company implemented the VRIFY AI tool. Early in the AI training phase, Cumberland was identified as a standout target. The VRIFY team has assimilated geochemistry, drilling and geophysical data on an unprecedented scale and accuracy over the whole district, processing over 84GB of data, +170,000 data points, actively informing our 2025 drill targets for quicker project advancement and de-risking our work programs.

Rua Gold’s data, unlocked through VRIFY’s Al-assisted mineral discovery platform. This AI-assisted data synthesis enabled Rua Gold to actively and effectively rank its 2025 drill targets, accelerating its project advancement and de-risking its work programs in a matter of minutes, a process that would have taken months, if performed manually.

ACCELERATED DISCOVERY

Rua Gold inherited thousands of data points from historic activity on its multiple mine sites and exploration work with the Reefton Goldfields. The ability to rapidly mine this existing data for new insights and targets, while incorporating recent work, provided real-time feedback through VRIFY’s platform to inform drilling programs.

SCALABILITY and COST SAVINGS

Rua Gold is just beginning and is confident that VRIFY will continue to add value by allowing for the analysis of larger datasets without increasing costs linearly.

HIGHER ACCURACY

VRIFY’s proprietary Al model reduces human error and identifies patterns that manual review might miss, increasing discovery potential.

QAQC HISTORIC DRILLING (MR 5093)

Rua Gold is treating the drill results as historic.

The QP has verified the data disclosed, including drill collar location, sampling and analytical information contained in the written disclosure,

1. Data was verified by examination of remaining core in the core-box; confirming intervals, core splitting and interval handling procedures and logged core descriptions matched original core logging.

2. Verified the core sampling and assay procedures by examining and confirming from the original assay certificates of SGS and ALS laboratories that the sample numbers recorded matched the sample intervals logged.

3. Verified from original assay certificates stated blanks and certified standards and duplicates were used and reported, and where deviations outside 2 standard deviations assays have been repeated.

4. Verified that suitable assay methodology for coarse gold was used by both laboratories SGS Reefton method FASC30T(screen fire assay) and ALS method Au-SCR22AA (screen fire assay).

5. The QP has verified in the zone of exceptionally high-grade gold values that gold is clearly visible in veinlets within a significant quartz vein.
   (c) The QP satisfactorily verified all data used in this disclosure.

The QAQC summarized from the OceanaGold report is as follows:

‘Diamond drill samples were generally taken over 1 m intervals and cut in half. Half the core was then sent to SGS or ALS. Some of the significant reef samples were analyzed at the ALS laboratory in Townsville for rapid processing and the rest were analyzed at the SGS laboratory in Westport. Due to the large amount of quartz reef drilled in the first part of the program, a screen fire technique was introduced at SGS (FAS30T).

ALS Townsville preformed 1 kg screen fire assays (Au-SCR22AA) along with a standard fire assay procedure (Au-AA26). Diamond core submissions included at the minimum one blank and two certified standards and at least two lab duplicates taken after coarse crushing of the sample. If both standard assays from the same hole returned assay values outside two standard deviations of the actual value, the laboratory was requested to re-assay the job. Assays from dispatches RD131025.1 and RD131106.1 showed significant deviation from standards and checks. These two batches were re-assayed (RD131025.1R and RD131106.1R respectively).

All assay data was imported into the Reefton project acQuire database directly from laboratory reports.’

Source: Anderson, T., 2014. MP 41164 Globe Progress annual technical report – 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.

ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

Technical Information

Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions; and the effects and benefits of the Transaction. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-Looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Appendices

Historic Production Cumberland Camp (Barry, 1993)

Source: Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.

Reference for historical grades and production:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.

Reference for Gallant assay results:
Anderson, T., 2014. MP 41164 Globe Progress annual technical report – 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.

Table 3: Collar for GAL001, historic drill hole.

Projection: New Zealand Transverse Mercator (NZTM) 2000.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236943