GGL Resources Corp. Updates on Gold Point Project Agreement

GGL Resources Corp. has provided an update on its earn-in agreement with Nelson Resources Limited (NES) regarding the Gold Point Project in Nevada. NES can potentially acquire up to a 90% interest in this high-grade gold-silver project. The agreement is pending TSX Venture Exchange acceptance and shareholder approval.

NES will first acquire a 25% interest in the project through a cash payment and share issuances totaling USD$191,617 and AUD$325,000 in value. Additionally, 1,094,166,666 performance rights will be issued, subject to specific conditions. A key term of the agreement includes a 2% net smelter returns royalty from which NES can buy back 50% for USD$1,000,000.

The earn-in agreement is divided into three stages, enabling NES to reach a 90% interest by 2028, contingent upon specific exploration expenditures and cash payments. If all conditions are met, a joint venture will be established with shared costs.