Antler Gold Finalizes the Erongo Gold Project Agreement
HALIFAX, NOVA SCOTIA – (September 18, 2024) – Antler Gold Inc. (“Antler” or the “Company”) (TSX-V:ANTL) is pleased to announce that it has entered the definitive agreement (the “Definitive Agreement”) with Fortress Asset Management LLC (“Fortress”) for the Erongo Central Gold Project (the “Project”) in Namibia.
The previously announced binding letter of intent has now been superseded by the Definitive Agreement, under which Fortress can acquire from Antler Gold Namibia (Proprietary) Limited up to a 100% interest in the Project (the “Transaction”). Under the terms of the Definitive Agreement, Fortress will provide total consideration of US$5.5 million and an additional US$6.0 million for exploration expenditures on the Project over the term of the Definitive Agreement. Additionally, Antler will retain a 2% net smelter return royalty on the entirety of the Project, with no buyback provisions. Antler will act as the operator for the Project during the term.
Chris Drysdale, CEO of Antler, stated “Finalizing this agreement creates significant value for Antler Gold and our shareholders, positioning us to benefit from both near-term exploration outcomes and long-term production potential. Our Project Generation team has been diligently working, and we are eager to apply the same approach to future projects.”
