Founders Metals (TSX-V:FDR) has completed the consolidation of its Antino Gold Project in Suriname while closing an approximate C$77 million ($77.42 million) investment from Gold Fields (NYSE:GFI).
Founders, which previously held a 70% interest in Antino, announced an agreement last month to acquire the remaining 30% from Suriname-based Nana Resources.
Under the transaction, Founders paid US$17 million ($23.9 million) cash and issued approximately 13.57 million common shares to Nana. The agreement also includes up to US$21 million in additional payments tied to project milestones.
The acquisition gives Founders a 100%, royalty-free interest in the district-scale property located within the Guiana Shield.
“With the closing of this transaction, Founders’ shareholders now hold a 100%, royalty-free interest in the entire 102,360-hectare Antino district,” Founders President and CEO Colin Padget says.
Exploration ramps up
Founders is currently undertaking a fully funded 70,000m drilling program at Antino, where it has made several discoveries since beginning exploration in 2023.
Historical surface and alluvial mining across the district has produced more than 500,000 ounces of gold, which Founders says demonstrates the presence of a robust mineralising system.
The company is seeking to establish a district-scale gold camp in southeastern Suriname, with exploration covering both known targets and greenfields opportunities across the broader Antino land package.
Gold Fields increases stake
Alongside the consolidation, Founders has closed the previously announced equity investment from Gold Fields.
The South African gold producer acquired around 14.14 million additional Founders shares at US$5.44 per share, increasing its ownership to 19.9%.
Immediately before the transaction, Gold Fields held approximately 14.49 million shares, representing about 12.5% of Founders’ outstanding share capital.
“Gold Fields’ decision to increase its position to 19.9% is a strong endorsement of Antino’s potential and leaves Founders well-funded to advance both our known targets and greenfields exploration across the district,” Padget says.
Founders Metals is a Canadian gold exploration company building a district-scale gold camp in southeastern Suriname.
Write to Jackson Chen at Mining.com.au
Image: Founders Metals
