Sky Gold Corp. Transfers Star Lake Option to Gold X2

Sky Gold Corp. has announced a definitive agreement with Gold X2 Mining Inc. for the transfer of its interest in the Star Lake option. This property, located 60 kilometers west of Thunder Bay, Ontario, will be acquired by Gold X2 in stages, allowing Sky Gold to concentrate on its Nevada-based Evening Star project.

According to the agreement, Gold X2 will progressively earn up to 100% interest in the Star Lake claims. Stage 1 involves Gold X2 acquiring 50% by meeting certain financial and exploratory commitments by March 2026. Subsequently, Gold X2 can obtain 75% and eventually 100% interest under specific conditions, with no set time limit for the latter stages.

Upon final acquisition, the original local prospector retains a 2% NSR royalty, and Gold X2 can purchase it for $3 million. Minimum and advance royalty payments are scheduled from 2030 to 2033. Sky Gold will also issue shares to the local prospector tied to acquisition milestones.