Probe Gold has finalised the acquisition of the Bermont Claims, situated adjacent to its Monique gold deposit in Val-d'Or, Quebec, Canada, from Gestion Jadmine.

The agreement, announced in December 2024, grants Probe Gold a 100% interest in the property for $3m (C$4.3m), a deal comprising cash and shares, with additional milestone payments contingent on resource confirmation.

The transaction was settled with $1.5m in cash and the issuance of 894,432 consideration shares, priced at $1.677 each, based on the ten-day volume-weighted average price prior to the closing date.

An extra $1.5m milestone payment is tied to the delineation of a mineral resource of at least one million ounces of gold, as per the standards of National Instrument 43-101.

Gestion Jadmine, however, retains a 3.5% net smelter return (NSR) on the Bermont Claims, with Probe Gold retaining the option to purchase 2.5% of this NSR for $2.5m.

The consideration shares are subject to a four-month holding period.

The newly acquired property expands the potential strike length of the Monique gold deposit by 750m and includes ten contiguous claims within the Novador Development Project.

Historical drilling between 1945 and 2011 revealed high-grade zones in the Bermont and Adelemont areas, indicating a strong potential for additional gold resources and discoveries.

Probe Gold plans to conduct exploration and resource expansion drilling at the Bermont Claims as part of its 2025 programme.

Probe president and CEO David Palmer earlier said: “We are thrilled to announce the opportunity to acquire land directly along the trend of our multi-million-ounce resource at Monique.

“This acquisition not only enhances our exploration potential at Monique by 30%, it also unlocks the potential for higher-grade mineralisation and new discoveries, while expanding the available surface area for critical operational infrastructure.”