U.S. Gold sells Maggie Creek interest to Nevada Gold Mines for $2.75M cash plus potential royalty

U.S. GOLD CORP.

Upfront cash payment of $2.75 million from NGM for assignment of Maggie Creek earn-in agreement.
U.S. Gold retains a 0.5% NSR royalty on future production; NGM can buy back half for $500K; first $800K of royalties waived.
NGM (Barrick 61.5%, Newmont 38.5%) can earn 100% interest in the property under amended exploration agreement.
CEO states transaction allows focus on CK Gold Project and Keystone property, recovers more than investment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

U.S. GOLD CORP. entered into Assignment and Assumption Agreement with Nevada Gold Mines LLC, Orogen Royalties Inc., and Renaissance Exploration, Inc. valued at $2.75 million (effective 2022-11-09).

Action: entry
Agreement: asset purchase
Counterparty: Nevada Gold Mines LLC, Orogen Royalties Inc., and Renaissance Exploration, Inc.
Value: $2.75 million
Effective: 2022-11-09

Exact text from the filing

On November 9, 2022, U.S. Gold Corp. (“U.S. Gold” or the “Company”) entered into an Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”) with and among Orevada Metals, Inc., the Company’s indirectly wholly-owned subsidiary (“Orevada”), Nevada Gold Mines LLC (“NGM”), Orogen Royalties Inc. (“Orogen”) and Renaissance Exploration, Inc., a wholly-owned subsidiary of Orogen (“RenEx”) whereby Orevada assigned its interest in that certain Exploration Earn-In Agreement with RenEx, dated February 19, 2019 (the “Original Earn-In Agreement”), to NGM.

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Source: SEC EDGAR

accession 0001493152-22-032484

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