Big Ridge Gold Corp Announces Completion of the Purchase of the Remaining 20% Interest in Its Hope Brook Gold Project

Rhea-AI Summary

Big Ridge Gold Corp (OTCQB: ALVLF) has completed the acquisition of the remaining 20% interest in the Hope Brook Gold Project from First Mining Gold Corp. The transaction involves a total consideration of C$3,000,000 in cash and 7,000,000 common shares of Big Ridge.

The acquisition was executed under the earn-in agreement dated April 5, 2021, and subsequently amended by the property purchase agreement dated July 6, 2025. The issued shares will be subject to a four-month hold period under Canadian securities laws. The company views this as a strategic milestone to maximize shareholder value as Hope Brook progresses toward an initial economic study.

Positive

• Acquisition of remaining 20% stake provides full ownership of Hope Brook Gold Project
• Strategic positioning for initial economic study advancement
• Complete control over project development and future decisions

Negative

• Significant cash outlay of C$3,000,000
• Dilution from issuance of 7,000,000 new common shares

Toronto, Ontario--(Newsfile Corp. - July 31, 2025) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ("Big Ridge" or the "Company") is pleased to announce that it has completed the acquisition from First Mining Gold Corp. ("First Mining") of the remaining 20% interest in its Hope Brook Gold Project for total consideration comprised of C$3,000,000 in cash and 7,000,000 common shares of Big Ridge. The acquisition was undertaken pursuant to the earn-in agreement dated April 5, 2021, between Big Ridge, First Mining and Coastal Gold Corp. as amended and superseded by the property purchase agreement dated July 6, 2025, among the parties.

The common shares issued to First Mining in connection with the acquisition shall be subject to a four month hold period under applicable securities laws in Canada.

Michael Bandrowski, President & CEO of the Company, commented: "Big Ridge is pleased to achieve this significant milestone, closing the purchase of the remaining 20% of the Hope Brook Gold Project positions the Company to maximize value for shareholders as Hope Brook advances toward an initial economic study."

Qualified Person

Paul Robinson, P. Geo., V.P. Exploration for Big Ridge, and a Qualified Person within the meaning of NI 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information contained in this news release.

About Hope Brook

The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 -1990) and conventional cyanidation milling methods (1989-1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of 78.8% in 1987 and a high of 85.9% in 1989. Government and company annual reports indicate that gold recoveries ranged between a low of 82.1% in 1994 and a high of 89.83% in 1996 following a change of ownership. Copper flotation produced a concentrate at approximately 22% Cu and 34.3 g/t Au for shipment in 1992.

Hope Brook hosts an Indicated gold resource totalling 16,190,000 tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and Inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on a 0.4 and 2.0 gram per tonne cut-off grades for open pit and underground resources respectively using a long-term gold price of US$1,750.

The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit is located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All the altered and mineralized sequences and the intruded dykes have been folded.

Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation.

About Big Ridge Gold Corp.

Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns a 100% interest in the Hope Brook Gold Project, located in Newfoundland and Labrador. Big Ridge also owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec.

Acknowledgement

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources' financial support of the Company's 2023 exploration programs through the Junior Exploration Assistance (JEA) Program.

For more details regarding the Company's projects, please visit our website at www.bigridgegold.com

ON BEHALF OF THE BOARD,

Mike Bandrowski,
President & CEO

Mike Bandrowski,
President & CEO
BIG RIDGE GOLD CORP.
18 King St. East, Suite 1400
Toronto, ON, M5C 1C4
Tel: 416-540-5480
Email: Mike@bigridgegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations, or beliefs regarding future events, and include, without limitation, statements with respect to Big Ridge's intentions with respect to various matters. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260792

FAQ

What is the total consideration Big Ridge Gold (ALVLF) paid for the remaining 20% of Hope Brook Gold Project?

Big Ridge Gold paid C$3,000,000 in cash and 7,000,000 common shares to First Mining Gold Corp for the remaining 20% interest.

When will the shares issued to First Mining Gold Corp be freely tradeable?

The shares will be subject to a four-month hold period under Canadian securities laws before becoming freely tradeable.

What is the next major milestone for Big Ridge Gold's Hope Brook Project?

The company is advancing the Hope Brook Gold Project toward an initial economic study.

Who approved the technical information in Big Ridge Gold's Hope Brook acquisition announcement?

Paul Robinson, P. Geo., VP Exploration for Big Ridge and Qualified Person under NI 43-101, reviewed and approved the technical information.

What agreements governed the Hope Brook Project acquisition by Big Ridge Gold?

The acquisition was governed by the earn-in agreement dated April 5, 2021, which was amended and superseded by the property purchase agreement dated July 6, 2025.