Perth, Australia (ABN Newswire) – Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) announced that it has entered a non-binding Memorandum of Understanding (MoU) with Hazen Research Inc. a leading metallurgical processing provider, to formulate an agreement for toll processing of ore from Locksley’s Desert Antimony Mine in the United States.

HIGHLIGHTS

– Accelerates 100% U.S. Mine-to-Market Supply by establishing a scalable processing pathway to deliver American sourced and manufactured Antimony products to market

– Secures immediate processing capacity through a Tier 1 U.S. metallurgical and defence materials processing provider (Hazen Research Inc.)

– Advances key studies, including pilot plant design, commercial analysis and toll processing, supported by Rice University’s antimony processing research

– Produces representative product samples for qualification with U.S. industrial and defense off-takers, strengthening Locksley’s position as building a fully integrated, American sourced antimony supply chain, supported by EXIM and U.S. processing partnerships

– Engagement with Hazen Research Inc. supports U.S. government objectives to rebuild domestic critical minerals processing, aligning Locksley with White House and Department of Defense priorities for restoring American antimony production

This agreement provides a pathway to secure immediate processing capacity while pilot plant design, construction and associated commercial scale development studies continue concurrently.

The MoU provides a framework for cooperation on the following key operational workstreams:

– Validate process performance and recovery efficiency under semi-continuous or batch operating conditions

– Confirm metallurgical response and optimization of process parameters

– Generate representative product samples for chemical, physical, and environmental characterization

– Produce data to support the design criteria and economic evaluation for future pilot or commercial scale operations

– Toll treatment of ore during the ongoing pilot and commercial plant development phases

The execution of this MoU is aligned with the Company’s strategy to accelerate production timelines, de-risk early processing operations and advance the project toward commercialisation.

Danny George, COO of Locksley, commented:

‘We are pleased to formalise this MoU with Hazen Research Inc. after our recent collaboration casting a 100% American made ingot. This MoU represents an important step in de-risking our ore processing strategy and accelerating the path to revenue. By securing toll processing capacity in the United States, we can begin generating operational data and product while our pilot and commercial-scale plant development continues in parallel.

This approach allows us to maintain project momentum, optimise metallurgical performance, and provide early market supply, positioning the Company to deliver value to shareholders efficiently and safely. We look forward to working closely with Hazen Research Inc. as we progress towards full commercial operations. The U.S. Government’s clear prioritisation of domestic critical mineral production provides a strong backdrop for our accelerated execution. We are advancing with the right partners, the right timing and clear commercial intent.’

Advancing Multiple Concurrent Workstreams to Steady State Production

With successful validation of the 100% American made antimony ingot, as part of our execution strategy, Locksley Resources will now advance concurrent workstreams toward production, including toll processing, starter plant and commercial plant development.

Further to this, the Company’s executive team recently engaged in-person with U.S based Tier 1 engineering firms, EPCM contractors and execution partners to progress its project delivery strategy.

Concurrently with the toll production operation, the Company is also actively advancing the pilot/starter plant development, informed by the results of ongoing metallurgical test work.

These parallel workstreams are intended to accelerate the transition from pilot scale operations to commercial production, de-risking the development pathway and providing early operational insights to optimise future plant performance. This next phase will support offtake readiness and qualification for domestic supply contracts, further positioning Locksley as a pioneer in restoring America’s antimony production and processing capability.

The Company’s collaboration with Rice University continues in parallel, supporting the optimisation of hydrometallurgical extraction parameters and the development of antimony-based materials. Locksley’s Mojave Project represents one of the few known high-grade, primary antimony deposits located in continental U.S., offering a rapid path to production and a strategic alternative to Chinese controlled supply chains.

Next Steps:

The parties will now progress discussions to formalise definitive agreements for toll processing, with the aim of commencing operations in line with the project development schedule. With government backed financing, strategic U.S. processing partnerships with Hazen and Rice University, and a rapid development pathway in motion, Locksley is entering its most transformative phase. The Company is uniquely positioned to deliver one of the first fully American sourced antimony supply chains, advancing from mine validation to market readiness within an accelerated timeline.

About Hazen Research Inc:

Hazen Research, Inc., headquartered in Golden, Colorado, is a leading independent research and development organisation renowned for its technical excellence and innovative capabilities in mineral processing and downstream refining. Established in 1961,

Hazen has over six decades of experience providing laboratory, pilot plant, and analytical services to the global minerals, metals, energy, and chemical sectors.

The company specialises in developing and optimising process flowsheets, including hydrometallurgical, pyrometallurgical, and electrometallurgical refining routes for both base and critical minerals.

About Locksley Resources Limited:

Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly prospective mineral region.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sample results, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.

Tottenham Project

Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation

Source:
Locksley Resources Limited

Contact:
Kerrie Matthews
Chief Executive Officer
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au

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Perth, Australia (ABN Newswire) – Red Mountain Mining Limited (ASX:RMX) (OTCMKTS:RMXFF), a Critical Minerals exploration and development company with active projects in Tier-1 Mining Districts in the United States and Australia, has announced the Company’s advanced progression towards a US Stock Exchange listing.

HIGHLIGHTS

– Red Mountain Mining has recently appointed a highly regarded US-based markets advisory team and is in the final stages of confirming a US Stock Market listing on the OTCQB under the US Stock Code ‘RMXFF’

– In 2024, over US$478 billion (AU$732 billion) in liquidity and volume flowed through the United States OTC Markets Group’s exchanges

– Red Mountain has secured multiple US antimony assets in Tier-1 mining districts since mid September 2025, with projects located adjacent to high value, major Antimony projects, including Perpetua Resources’ (NASDAQ:PPTA) Stibnite Project in Idaho and Trigg Minerals’ (ASX:TMG) Antimony Canyon Project in Utah

– Red Mountain has also made significant progress at its Armidale Antimony-Gold Project in the New England Orogen in New South Wales, the location of Larvotto Resources’ (ASX:LRV) Hillgrove project, which is Australia’s largest Antimony deposit and the target of a recent acquisition proposal by United States Antimony Corporation (NYSE:UAMY)

– Following highly encouraging inbound interest received from several US investment banks, the Red Mountain Board believes the planned US Stock Market listing provides a series of value accretive opportunities including:

o Providing US retail and institutional investors direct access to invest and trade in the Company’s shares on the OTCQB under the US Stock Code ‘RMXFF’

o Positioning RMXFF alongside US peers in the critical minerals sector, potentially further improving valuation metrics and attracting specialised US resources investors

o Improving Red Mountain’s current strong strategic alignment with the US Government’s dramatic push to secure a domestic supply of critical minerals, and better positioning the Company to benefit from strong US Federal financial support for critical mineral projects targeting antimony

– Red Mountain expects to confirm the ‘RMXFF’ listing date by next week

Red Mountain has recently appointed its US-based markets advisory team and is in the final stages of confirming a US Stock Market listing on the OTCQB under the US Stock Code ‘RMXFF’. Since mid-September 2025, Red Mountain has pursued an aggressive acquisition strategy, securing three US antimony assets in Tier-1 mining districts since mid-September 2025, with projects located adjacent to high value, major antimony projects, including Perpetua Resources’ (NASDAQ:PPTA) Stibnite Project in Idaho and Trigg Minerals’ (ASX:TMG) Antimony Canyon Project in Utah.

RMX has also made significant progress during 2025 within its Armidale Antimony-Gold Project in the New England Orogen in New South Wales, by demonstrating high-grade orogenic antimony mineralisation with associated gold at multiple prospects. RMX’s project hosts a similar style of mineralisation and is located within the same prospective geological province as of Larvotto Resources’ (ASX:LRV) (A$540m market cap) Hillgrove project, which is Australia’s largest Antimony deposit and the target of a recent acquisition proposal by United States Antimony Corporation (NYSE:UAMY) (A$1.5b market cap.).

US Government focused on building domestic Antimony supply

Presently, about 90% of global antimony production is controlled by China, Russia, and Tajikistan, which is creating significant supply risks for Western nations such as Australia and the US. Both countries currently have no producing antimony mines, despite the metal’s critical role in defence applications, including armament manufacture and semiconductor technologies. With China’s current export ban creating acute supply shortages and the antimony price recently reaching US$60,000 per tonne, the US Government has issued emergency declarations and mobilised unprecedented funding for domestic production.

The majority of the available US Federal funding is being directed under White House led initiatives and includes opportunities such as:

– The Export-Import Bank (EXIM) Supply Chain Resiliency Initiative (SCRI), which will provide financing for international projects with signed long-term ‘off-take’ contracts with U.S. companies, providing these U.S. companies with access to critical minerals from partner countries.

– EXIM’s China and Transformational Exports Program (CTEP), which provides funding in strategic sectors like critical minerals to support American companies in projects that might otherwise be lost to China, aligning with the U.S.’s broader goals to boost supply chain resilience and national economic competitiveness.

– Defense Production Act Title III funding for strategic materials, which partners with U.S. private industry to mitigate gaps in the domestic supply chain through the use of grants, purchase commitments, loans, or loan guarantees.

An indication of the potential level of investment available to high quality projects is demonstrated by Locksley Resources’ (ASX:LKY,OTC:LKYRF) announcement this week that it had secured a Letter of Interest from EXIM indicating potential financing support of up to US$191 million for Locksley’s Mojave Antimony-REE Project in California.

On 21 October, the US President and Australian Prime Minister executed a Critical Minerals Framework agreement, through which the two governments have committed to spend at least US$1 billion each in the next six months as direct investment into a pipeline of critical minerals projects in in the US and Australia.

EXIM has also partnered with Export Finance Australia (EFA), to establish a streamlined pathway for businesses to approach both agencies and enable faster referrals and joint financing of eligible critical mineral transactions, known as the Single Point of Entry. Through this agreement, US and Australian businesses may now approach either EXIM or EFA and will receive streamlined access to both agencies’ financing support.

Red Mountain is already well placed to respond to these opportunities through continued successful progression of the Armidale Antimony-Gold Project, rapid exploration of three recently acquired highly prospective antimony-gold projects in Utah and Idaho, USA, and planned additional US antimony projects currently under consideration for acquisition. The Board strongly believes that the Company’s US Stock Market listing will provide Red Mountain with increased visibility to specialised US resources investors and provide a strong platform to directly benefit from US Federal financial support for critical mineral projects targeting antimony.

Red Mountain Utah Antimony Project, USA

In September, Red Mountain announced the acquisition of 87 claims within the Antimony Mining district east of the town of Antimony, Utah, USA. The Antimony Mining district was discovered in 1879 and produced high-grade Sb ores from multiple small-scale mines from 1880 to about 1908 and intermittently into the 1960s. RMX’s claims lie immediately along strike to the north and south of Trigg Minerals’ (ASX:TMG) Antimony Canyon Project (Figure 1*), which includes more than 30 small historical mine workings surrounding both Antimony Canyon and Drywash Canyon, approximately 6km north of the main prospect.

Antimony Mining District – Antimony Mineralisation

Antimony mineralisation within the Antimony Mining district is related to an approximately northsouth trending fault system, which is interpreted to represent fault splays related to the Paunsaugunt Fault. These faults are thought to have provided pathways for hydrothermal fluids from nearby volcanic centres to migrate upward towards favourable stratigraphic horizons, where antimony typically occurs as stibnite veins and stockwork zones sub-parallel to flat-lying stratigraphy. The dominant host for mineralisation at Antimony Canyon and Drywash Canyon is the Early Palaeocene Flagstaff Formation, which comprises carbonate-rich fluvial sandstone and conglomerate, with TMG’s recent exploration concluding that a brittle felsic volcaniclastic horizon within the Formation is the most prospective host unit, but that mineralisation is present at multiple stratigraphic levels, implying potential for both laterally and vertically extensive mineralisation. Channel sampling within and adjacent to historical workings by TMG at Antimony Canyon and Drywash Canyon delivered multiple samples with antimony contents in excess of 10% Sb and a best result of 1.5m at 33.2% Sbfrom the Stebenite Mine in Antimony Canyon.

Antimony Canyon and Drywash Canyon represent two eroded windows into the Flagstaff Formation through a thin (interpreted to be mostly <20m thick), but laterally extensive blanket of Quarternary alluvial and colluvial sedimentary cover (Figure 1*). However, north-south trending faults that provide fluid conduits for antimony-rich mineralising fluids and the Flagstaff Formation host stratigraphy are interpreted to extend beneath the Quaternary cover and into RMX’s tenements. RMX therefore believes that our Utah Antimony Project has high potential for discovery similar mineralisation to that seen at Antimony Canyon and Drywash Canyon.

Red Mountain Yellow Pine Antimony Project, Idaho, USA

In September, Red Mountain announced the acquisition of 29 claims, less than 2km southwest of Perpetua Resources’ (NASDAQ:PPTA) (TSE:PPTA) Stibnite Gold-Antimony Project in central Idaho, USA.

RMX’s Yellow Pine Antimony Project (Figure 2*) is located within the Stibnite Mining District, which was a major source of antimony in the first half of the 20th Century. Recorded production from the Yellow Pine and Hangar Flats deposits between 1932 and 1952 totalled 39,930 tonnes of Antimony.

These two deposits and the West End Deposit, which produced gold and silver from 1978 to 1997, collectively comprise the Proven and Probable Reserve of 104 Mt @ 1.33g/t Au and 0.06% Sb for 4.8Moz Au and 148Mlbs Sb for Perpetua’s Stibnite Project, which is the largest known antimony deposit in the USA. The rich endowment and exploration potential of the Stibnite District has also been recognised by Resolution Minerals (ASX:RML), whose Horse Heaven Antimony Project lies immediately west of Perpetua’s claims and approximately 5km north of RMX’s project area.

Antimony-gold-tungsten mineralisation in the Stibnite Mineral District

Antimony-gold-tungsten mineralisation in the Stibnite Mining District is structurally controlled along early Tertiary north-south striking regional scale faults and smaller northeast-striking splays and is hosted in the Cretaceous granitoids of the Idaho Batholith and adjacent Neoproterozoic to Paleozoic metasedimentary roof pendant rocks (Gillerman et al., 1992).

2017 geological mapping by the Idaho Geological Survey shows that RMX’s claims feature similar prospective geology to that seen within the Perpetua Resources’ Stibnite Project area, with folded Ordovician to Cambrian metasediments intruded by Idaho Batholith granite and cut by a major NNE trending Tertiary fault, with associated tectonic brecciation and evidence of historical small-scale mining activity (Figure 3*).

There is no evidence of modern exploration activity within RMX’s claims. However, reconnaissance mapping by RMX’s field crew has confirmed the presence of tectonic breccias within quartzite associated with the main NNE-trending fault (Figure 3*), which indicates that hydrothermal fluid circulation occurred along the structure. Red Mountain geologists also successfully located the two eastern historical workings mapped by the Idaho Geological Survey, which are small shallow pits that appear to be targeting brecciated quartz veins, most likely seeking gold and/or antimony.

Red Mountain Silver Dollar Antimony Project, Idaho, USA

In October, Red Mountain announced the acquisition of a further claims in central Idaho, covering 2 km2 with demonstrated historical antimony production. The Silver Dollar Antimony Project lies approximately 75km southeast of both RMX’s Yellow Pine Antimony Project, and Perpetua Resources’ Stibnite Gold-Antimony Project.

RMX’s Silver Dollar claims encompass four known alluvial gold and two antimony mineral occurrences, including the Silver Dollar Mine (Figure 4*), which features a 10m deep shaft sunk into fractured granodiorite in 1944, targeting a massive stibnite vein up to 1m thick.

Choate (1962) concluded that there was significant untested potential remaining for additional antimony, gold, silver, uranium and possibly mercury mineralisation, which is likely to occur as pods or shoots where secondary structures intersect each other and the main NNE-striking fault that cuts RMX’s Silver Dollar claims. To RMX’s knowledge, there has been no exploration over the prospect subsequent to Choate’s assessment.

Red Mountain Armidale Antimony-Gold Project, New South Wales, Australia

During 2025, Red Mountain has demonstrated high-grade orogenic antimony mineralisation with associated gold at multiple prospects within the Company’s Armidale Antimony-Gold Project (EL9732) in the Southern New England Orogen (SNEO) of northeast New South Wales, by demonstrating highgrade orogenic antimony mineralisation with associated gold at multiple prospects The SNEO is widely recognised as Australia’s premier antimony province, with 250 antimony mineral occurrences identified in the Geological Survey of NSW mineral occurrence database (Figure 5*).

Antimony occurs in hydrothermal quartz veins, breccias and stockworks, often with associated gold and/or tungsten mineralisation.

Red Mountain continues aggressive acquisition strategy

Red Mountain continues to aggressively seek further opportunities to expand its portfolio of high quality antimony projects in Tier 1 US mining jurisdictions, with a goal of building a portfolio of assets to leverage what is an unprecedented critical shortage of Western supply of the metal. Subject to the satisfactory completion of due diligence, the Company expects to announce further highly prospective acquisition/s in the near term.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/HNN6WCLS

About Red Mountain Mining Limited:

Red Mountain Mining Limited (ASX:RMX) is a mineral exploration and development company. Red Mountain has a portfolio of US, Canada and Australia projects in Critical Minerals and Gold. Red Mountain is advancing its Armidale Antimony-Gold Project in NSW, Utah Antimony Project in the Antimony Mining District of Utah, US, Fry Lake Gold Project and US Lithium projects.

Source:
Red Mountain Mining Limited

Contact:
Mauro Piccini
Company Secretary

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Perth, Australia (ABN Newswire) – Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) announced that strong progress has been made towards maiden drilling at its district-scale Sybella-Barkly project, where the Company is preparing to test high-impact rare earth and uranium targets.

Key Highlights

– Drilling contractors engaged to commence maiden drilling on the Sybella-Barkly project.

– ~3,000 metres of drilling over 80 drill holes are proposed targeting uranium and rare earth elements.

– Initial drilling will target district-scale sediment-hosted ionic clay rare earth potential. Soil sampling has confirmed widespread anomalism, including >600 ppm TREO, correlating with a laterally extensive flat lying AEM anomaly interpreted to be a granite derived clay unit.

o Program supported by $150,000 Queensland Government funding.

o Drilling will consist of approximately 45 holes for up to 1,600 metres.

– Weather permitting, second phase drilling will target paleochannel roll front uranium systems defined by AEM survey, directly along trend from the uranium-rich Sybella granite.

o Drilling will consist of approximately 35 holes for 1,400 metres.

– Land access agreements have been secured for Barkly Station with Ardmore Station agreement underway.

– Drill site preparations are complete and equipment staging in Mount Isa is underway, with drilling expected to commence within a week.

Managing Director, Pete Moorhouse commented:

‘We are pleased to be working with the team at United Drilling Services on our maiden program targeting these district-scale rare earth and uranium opportunities at our recently acquired Sybella Barkly project. Our first drill campaign will target shallow clay and sediment hosted rare earth elements. We then intend to move on to fence line drilling designed to assess the paleochannel architecture critical in unpicking the concept for shallow roll front uranium potential. This will be the first pass drilling ever completed on two exciting district scale concepts.

We are also commencing preparation works for a reverse circulation drilling program targeting hard rock REE potential, analogous to the Red Metal Sybella discovery, however this drilling will not commence until Q2 2026 On behalf of the Board, I would like to thank all those involved in pulling this program together in a professional manner under tight time constraints.’

Overview

The Company has secured drilling services from United Drilling Services to complete approximately 3,000 metres of drilling over 80 drill holes, refer figure 1*. Additionally, Basin is pleased to advise that it has executed a Conduct and Compensation Agreement (‘CCA’) with the Australian Cattle and Beef Company covering exploration for a 12-month period at Barkly Station. An additional agreement covering Ardmore Station is being prepared.

Preliminary field works have now commenced with all drill sites visited and pegged. Drilling will occur on existing station tracks and access roads, which are extensive and provide excellent first pass coverage of the targets without the need for significant disturbance.

Furthermore, equipment staging has commenced in Mount Isa in preparation for field mobilisation anticipated to occur within a week.

Sediment Hosted Potential

All upcoming drilling will target sediment hosted targets for uranium and REEs. The projects cover an extensive portion of the Sybella Batholith, deemed prospective for granite-hosted REE, as well as a significant landholding west of the Sybella, known as the Barkly Tablelands. The Barkly Tablelands are regarded as prospective for sediment-hosted mineralisation, refer figure 2*, and were surveyed with airborne electromagnetics (‘AEM’) by Summit Resources in February 2007 prior to its acquisition by Paladin Energy. Whilst numerous targets were identified, no drilling was completed at the time. Current drainage patterns data indicate that the sediments forming the Barkly Tablelands are sourced from the Sybella Batholith. While historical drilling in the region has focused on deeper base metal targets, phosphate potential and agricultural water bores, no drilling has targeted the uranium and rare earth potential.

Sediment and Ionic Clay Hosted REE Potential – District Scale Target

Results of surface geochemistry samples indicate significant mobilisation of rare earth elements into the Barkly Tablelands from the Sybella Batholith, which hosts Red Metal’s Sybella Discovery. Surface sediment samples form a regionally significant anomaly, refer figure 3*. The highest of these values are within catchments draining from the Sybella discovery.

The Summit Resources’ AEM survey not only outlines an interpreted extensive paleochannel network but also highlights a conductive layer within the Barkly Tablelands sediment package directly beneath this geochemical anomaly, approximately 12 metres thick from 20 to 32 metres depth with a footprint of over 1,000 km2. This conductive layer could represent a clay unit, produced from the extensive weathering of the Sybella granites and is prospective for clay-hosted REE, refer figure 4*.

Basin’s initial drilling will target this conductive horizon with air core drilling. An average hole depth of approximately 35 metres is anticipated.

Paleochannel Roll Front Uranium Potential – District Scale Target

The Summit Resources’ AEM survey identified a stacked sequence of paleochannels within the Barkly Tablelands, fed from the Sybella Batholith, refer figures 4 & 5*. This network is trending southerly, where no further AEM data exists.

Uranium content within the Sybella varies between the different phases of granites, as can be seen in the regional ternary radiometric image and supported by regional rock chip data, refer figure 5*.

Academic research also indicates that these ‘hot’ granites are the source for the Valhalla uranium deposits.

Furthermore, historical drilling recorded redox fronts, sandstone channels and impermeable cap rocks however no radiometric data was collected, and uranium was not assayed for.

Using the Sybella rocks that likely formed the source for the Valhalla deposits, Basin will target the potential for uranium to have also been mobilised from the Sybella granites, through the interpreted extensive paleochannel network, which appears to have suitable geological host characteristics.

Targeting work was completed by Summit Resources and Fugro to prioritise these interpreted channels.

Basin’s first pass aircore drilling program will look to confirm the characteristics of these interpreted channels. An initial 35 holes are proposed, with an average depth of 40 metres for a total of approximately 1,400 metres.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/87HMUYD4

About Basin Energy Ltd:

Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.

Source:
Basin Energy Ltd

Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449

Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317

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Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) is pleased to announce the closing of its previously announced ‘bought deal’ private placement, with Stifel Canada (the ‘Underwriter’) as sole underwriter and bookrunner, pursuant to which the Underwriter purchased 20,585,000 units of the Company (each, a ‘LIFE Unit’) at a price of C$0.70 per LIFE Unit, with a right to arrange for substituted purchasers, pursuant to the listed issuer financing exemption (‘LIFE Exemption’), for aggregate gross proceeds to the Company of C$14,409,500 including the full exercise of the Underwriter’s over-allotment option (the ‘Offering’).

Each LIFE Unit is comprised of one common share (each, a ‘Common Share‘) and one-half of one common share purchase warrant (each whole warrant, a ‘Warrant‘) of the Company. Each Warrant is exercisable to acquire one additional Common Share (each, a ‘Warrant Share‘) for a period of 36 months following the closing date of the Offering at an exercise price of C$1.00 per Warrant Share.

The net proceeds of the Offering are expected to be used to advance the Company’s exploration programs, including drilling at the Tahami South project and follow-up work on regional copper-gold and gold targets, as well as for general working capital.

The Offering was made pursuant to the LIFE Exemption available under National Instrument 45-106 – Prospectus Exemptions, in each of the provinces of Canada, other than Québec. The LIFE Units were also offered and sold in certain offshore jurisdictions pursuant to available prospectus or registration exemptions in accordance with applicable laws. The LIFE Units issued to substituted purchasers under the LIFE Exemption are not subject to a statutory hold period pursuant to applicable Canadian securities laws.

In consideration for its services, the Underwriter received a cash commission equal to C$722,769.60 and was issued 1,118,208 broker warrants (each, a ‘Broker Warrant‘). Each Broker Warrant entitles the holder thereof to purchase one Common Share (each, a ‘Broker Share‘) for a period of 36 months following the closing date of the Offering at an exercise price of C$0.70 per Broker Share. An eligible finder also received a cash commission of $59,976.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, ‘U.S. Persons’ (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements.

About Quimbaya Gold Inc.

Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific gold mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.

Cautionary Note Regarding Forward-looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the Company’s intended use of the net proceeds of the Offering, the receipt of all necessary regulatory approvals, including the final acceptance of the Canadian Securities Exchange, any exercise of the Warrants and Broker Warrants, the Company’s exploration and development plans and the Company’s business objectives. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Quimbaya, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the Company’s exploration and other activities proceeding as expected; general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operating in foreign jurisdictions; future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Company’s ability to comply with environmental, health and safety laws; and other risks inherent in the mining industry. Although Quimbaya has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED 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/273125

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Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) is pleased to announce the closing of its previously announced ‘bought deal’ private placement, with Stifel Canada (the ‘Underwriter’) as sole underwriter and bookrunner, pursuant to which the Underwriter purchased 20,585,000 units of the Company (each, a ‘LIFE Unit’) at a price of C$0.70 per LIFE Unit, with a right to arrange for substituted purchasers, pursuant to the listed issuer financing exemption (‘LIFE Exemption’), for aggregate gross proceeds to the Company of C$14,409,500 including the full exercise of the Underwriter’s over-allotment option (the ‘Offering’).

Each LIFE Unit is comprised of one common share (each, a ‘Common Share‘) and one-half of one common share purchase warrant (each whole warrant, a ‘Warrant‘) of the Company. Each Warrant is exercisable to acquire one additional Common Share (each, a ‘Warrant Share‘) for a period of 36 months following the closing date of the Offering at an exercise price of C$1.00 per Warrant Share.

The net proceeds of the Offering are expected to be used to advance the Company’s exploration programs, including drilling at the Tahami South project and follow-up work on regional copper-gold and gold targets, as well as for general working capital.

The Offering was made pursuant to the LIFE Exemption available under National Instrument 45-106 – Prospectus Exemptions, in each of the provinces of Canada, other than Québec. The LIFE Units were also offered and sold in certain offshore jurisdictions pursuant to available prospectus or registration exemptions in accordance with applicable laws. The LIFE Units issued to substituted purchasers under the LIFE Exemption are not subject to a statutory hold period pursuant to applicable Canadian securities laws.

In consideration for its services, the Underwriter received a cash commission equal to C$722,769.60 and was issued 1,118,208 broker warrants (each, a ‘Broker Warrant‘). Each Broker Warrant entitles the holder thereof to purchase one Common Share (each, a ‘Broker Share‘) for a period of 36 months following the closing date of the Offering at an exercise price of C$0.70 per Broker Share. An eligible finder also received a cash commission of $59,976.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, ‘U.S. Persons’ (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements.

About Quimbaya Gold Inc.

Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific gold mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.

Cautionary Note Regarding Forward-looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the Company’s intended use of the net proceeds of the Offering, the receipt of all necessary regulatory approvals, including the final acceptance of the Canadian Securities Exchange, any exercise of the Warrants and Broker Warrants, the Company’s exploration and development plans and the Company’s business objectives. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Quimbaya, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the Company’s exploration and other activities proceeding as expected; general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operating in foreign jurisdictions; future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Company’s ability to comply with environmental, health and safety laws; and other risks inherent in the mining industry. Although Quimbaya has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED 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/273125

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