Welcome to our dedicated page for Pasofino Gold news (Ticker: EFRGF), a resource for investors and traders seeking the latest updates and insights on Pasofino Gold stock.
Pasofino Gold Limited (OTCQB: EFRGF; TSXV: VEIN) generates news primarily through developments at its Dugbe Gold Project in southern Liberia. As a Canadian-based mineral exploration company in the gold ore mining industry, Pasofino’s updates focus on exploration results, feasibility study work, project agreements, and corporate actions related to this large gold project.
News releases frequently cover technical milestones such as drilling programs at the Tuzon and Dugbe F deposits, exploration at additional prospects like Jadae East, Bukon Jedeh, and the DSZ target, and progress on feasibility study updates. The company reports on Mineral Resource Estimates, Mineral Reserve Estimates, and the work of independent consultants engaged to refine the project’s geology, mine plan, processing options, infrastructure, and environmental and social studies.
Investors following EFRGF news will also see disclosures about the 25-year Mineral Development Agreement with the Government of Liberia, including fiscal terms such as royalties, tax rates, fuel duty reductions, and the government’s 10% free carried interest. Some releases describe discussions with the Government of Liberia regarding overdue payments and alleged defaults under the MDA, as well as Pasofino’s intention to address these matters within the agreement’s consultation and cure mechanisms.
In addition, Pasofino issues news on corporate and capital markets activities, including the filing of audited financial statements, participation in investor conferences and webinars, and the engagement of Independent Trading Group Inc. to provide market-making services for its shares on the TSX Venture Exchange. For readers tracking EFRGF, this news page brings together exploration updates, feasibility study progress, regulatory and agreement-related developments, and corporate communications in one place.
Pasofino Gold (EFRGF) has entered into a binding Co-operation Agreement with its 50.8% shareholder Hummingbird Resources PLC (HUM) and Nioko Resources. The agreement includes a Board reconstitution with three HUM nominees and three Board nominees, and plans to terminate the company's shareholder rights plan.
The company will seek to raise approximately US$10 million in 2025 and US$15 million in 2026 to update the Dugbe Gold Project Feasibility Study and commence pre-construction activities. HUM has agreed to participate pro-rata as the lead order in these financings.
Key terms include terminating the current strategic review process, completing a revised Feasibility Study within 12 months, and a standstill period until October 31, 2026. The Dugbe Gold Project currently showcases 2.76Moz in reserves with a 3.5-year capex payback period and 14-year mine life.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating it will not permit any rights under the Rights Plan to become listed and exercisable before 5:00 p.m. (ET) on April 15, 2025.
A similar undertaking was provided to Hummingbird PLC, who in return agreed not to initiate any proceedings against Pasofino (including its directors, officers, or shareholders) before 5:00 p.m. (ET) on March 31, 2025. The company owns 100% of the Dugbe Gold Project through its wholly-owned subsidiary, subject to the Government of Liberia's 10% carried interest.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an important update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating that until March 31, 2025 at 5:00 p.m. (ET), or until the OSC revokes the undertaking, Pasofino will not activate any rights granted under the Rights Plan or allow such rights to become listed and exercisable.
The company, through its subsidiary, maintains 100% ownership of the Dugbe Gold Project, subject to the Government of Liberia's 10% carried interest.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) announced the resignation of two board directors, Mr. Dan Betts and Mr. Hill, who were nominees of Hummingbird Resources PLC. The company also disclosed that Nioko Resources 's acquisition of Hummingbird control on January 7, 2025, triggered a termination right for APG AUS NO 5 PTY regarding the Net Smelter Returns Royalty Deed.
If the Royalty Holder exercises their termination right within 6 months of receiving notice, Pasofino Liberia must pay a US$15 million termination fee within 9 months. Hummingbird and ARX Resources are jointly liable for this payment. Pasofino expects Nioko or Hummingbird to pay the fee since their actions triggered the termination right, though there's no guarantee of payment.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an important update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating it will not take any further steps to implement or facilitate the exercise of rights under the Rights Plan.
This undertaking remains in effect until either 5:00 p.m. (ET) on March 17, 2025 or until the OSC revokes it. The company, through its subsidiary, maintains 100% ownership of the Dugbe Gold Project (subject to the Government of Liberia's 10% carried interest).
Pasofino Gold (EFRGF) has announced that Nioko Resources has acquired control of Hummingbird Resources PLC through a subscription option completed on January 7, 2025. This acquisition is viewed by Pasofino's board as an indirect take-over bid of the company.
The board has determined that this acquisition triggers a flip-in event under Pasofino's shareholder rights plan, as Hummingbird owns over 50% of Pasofino's shares. As a result, shareholders (excluding Hummingbird) can exercise rights to acquire 629.92 Pasofino shares at C$0.1428 per share.
Additionally, Hummingbird has proposed replacing board members Dan Betts and Tom Hill with Geoff Eyre and Oumar Toguyeni, though formal resignation letters are pending. The company reports strong third-party interest in its Dugbe Gold Project, including potential partnerships and acquisitions, with CEO Brett Richards stating the current market valuation is significantly undervalued.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has announced its participation in the upcoming Prospector and Developers Association of Canada (PDAC) convention, scheduled for March 2nd - 5th, 2025, in Toronto, Ontario. CEO Brett A. Richards will be attending the four-day event, which will include meetings, networking opportunities, and presentations focused on the company's Dugbe Gold Project.