Gemdale Gold to Assign Isoneva Gold Property Option to Jesmond Capital

Gemdale Gold Inc. announced its agreement to assign the Isoneva Gold Property option to Jesmond Capital. WestGold Metals Corp. will transfer its rights to Jesmond, having secured an acquisition agreement. Gemdale continues as property operator under existing terms.

Completion depends on regulatory approvals, Jesmond's financing, and other conditions. Post-transaction, Gemdale remains the property's full owner until Jesmond fulfills its earn-in requirements. The underlying option agreement mandates Jesmond to expend C$2.4 million on exploration by June 2028.

Jesmond has the choice to pay Gemdale either C$1 million in cash or C$4 million in shares to exercise the option. Additional payouts hinge on specific resource findings. Once Jesmond meets obligations and exercises the option, they acquire full property interest, with a potential reduction in Gemdale's 2% net smelter returns royalty through payments.